TLV Recap-Week ended Jan. 10

Jan 13, 2025

We share weekly updates with investors on stocks in the four Israel-country exchange-traded funds.

Arcturus Therapeutics (ARCT), up 3.04% for week ended Jan. 10,

Arcturus Therapeutics (ARCT) said Jan. 6 it started dosing patients with cystic fibrosis and ornithine transcarbamylase deficiency in phase 2 multiple ascending dose studies in December 2024.
Patients in the phase 2 cystic fibrosis study are expected to get daily treatments of ARCT-032 over a 28-day period, according to the company.
Patients with ornithine transcarbamylase deficiency will receive five intravenous infusions of ARCT-810 over two months and the first participant in the US received 0.5 milligrams per kilogram dose in December.
The company expects phase 2 interim data for both programs in H1.

Check Point Software Technologies (CHKP), down 2.01%

Cantor Fitzgerald started coverage of Check Point Software Technologies with a neutral rating, $200 price target.
Analysts have an average rating of overweight and mean price target of $201.46, according to FactSet.

Gilat Satellite Networks (GILT), up 1.62%

Gilat Satellite Networks (GILT) said Jan. 6 that it received $9 million in orders from what it said were major satellite operators.
The orders for satellite communications platforms SkyEdge IV and SkyEdge II-c equipment and services are scheduled for delivery in the next 12 months, Gilat said Monday in a statement.

On Jan. 7, the company said that it closed the acquisition of Stellar Blu Solutions, a SATCOM terminal solutions provider, valued at $98 million in cash.
Gilat expects annual revenues from Stellar Blu to range between $120 million and $150 million in 2025, driven by strong backlog.
It added that the acquisition is expected to be accretive to its non-GAAP results in 2025.
Gilat said it used a new $100 million secured credit line from HSBC Bank USA and Bank Hapoalim to fund the acquisition, drawing $60 million of the total at closing. The remaining $40 million will be used for potential earn-out payments.
Additionally, the company said the total consideration for the acquisition could increase by up to $147 million in cash, contingent upon achieving operational and strategic milestones over the next two years.

InMode (INMD), down 5.47%

InMode (INMD) said Jan. 8 that it now expects Q4 revenue to be in the range of $97.0 million to $97.5 million, and 2024 revenue to be in the range of $394.0 million to $394.5 million.
The full-year estimate has been lowered from previous guidance of $410 million to $420 million issued in October. Previous Q4 guidance was not available.
Analysts surveyed by FactSet expect Q4 and 2024 revenue of $114.2 million and $411.2 million respectively.
InMode said its preliminary Q4 and 2024 results "reflect stronger-than-expected headwinds in the aesthetics industry," which it said is compounded by "broader macroeconomic challenges."
The company said it expects 2025 revenue to be in the range of $395 million to $405 million. Analysts polled by Capital IQ are looking for $421.4 million.

Innoviz Technologies (INVZ), down 1.69%

Innoviz Technologies (INVZ) said Jan. 7 that it has developed new autonomous driving sensor technologies running on Nvidia's (NVDA) DRIVE AGX Orin platform.
The company said its collaboration with Nvidia allows for real-time processing and understanding of a vehicle's environment for object detection, classification and tracking.
Innoviz Chief Executive Omer Keilaf said the innovations will "ensure safer and more reliable systems" for driver assistance and self-driving capabilities.

Nova (NVMI), up 5.89%

Citigroup upgraded Nova to buy from neutral, and adjusted its price target to $240 from $226.
Industry analysts have an average rating of overweight and mean price target of $243.20, according to analysts polled by FactSet.

OPKO Health (OPK), up 1.03%

OPKO Health (OPK) said on Jan. 7 that its ModeX Therapeutics subsidiary launched phase 1 clinical trials for an Epstein-Barr virus vaccine candidate in partnership with Merck (MRK).
The first participant was dosed in the MDX2201 study, which will assess safety and tolerability in up to 200 healthy adults, ModeX said Tuesday in a statement, and this stage triggers an undisclosed cash milestone payment to ModeX from Merck.
The vaccine candidate targets multiple viral proteins to stimulate immunity against EBV, which causes infectious mononucleosis and is linked to various cancers and multiple sclerosis.

Payoneer Global (PAYO), down 2.95%

Wolfe downgraded Payoneer Global to peer perform from outperform, on Jan. 8
Analysts have an average rating of overweight and mean price target of $12.71, according to FactSet.

SentinelOne (S), down 0.36%

Cantor Fitzgerald initiates SentinelOne at an overweight rating with a $30 price target
Analysts have an average rating of overweight and mean price target of $30.07, according to FactSet.

SolarEdge Technologies (SEDG), down 1.21%

SolarEdge Technologies (SEDG) said Jan. 6 it has signed safe harbor agreements with several residential solar installation and financing companies in the US, in addition to announcing its second sale of tax credits it received as a US-based manufacturer of solar power equipment.
The safe harbor agreements will allow the company's partners to qualify for domestic content bonus tax credits for using SolarEdge inverters, power optimizers and batteries produced from its facilities in Texas and Florida. The new deal covers deliveries expected to take place throughout 2025, the company said.
SolarEdge also did not say how much it received through the sale of Section 45X tax credits, which were authorized in August 2022 by the US Congress as part of the Inflation Reduction Act.
In November, SolarEdge said it generated about $40 million in funding, after first accounting for discounts and fees, from the sale of inverters it produced during H1 2024.
The more recent sale will comprise tax credits it received during Q3 2024, the company said.
Also on Jan. 6, the company disclosed plans to reduce its yearly costs by as much as $11 million, including cutting 400 jobs and limiting discretionary spending.

On Jan 8, Citigroup downgraded SolarEdge to sell from neutral, adjusting its price target to $9 per share from $12.
Analysts have an average rating of hold and mean price target of $13.72, according to FactSet.

Varonis Systems (VRNS), up 0.18%

Cantor Fitzgerald initiated Varonis Systems at an overweight with a $60 price target.
Analysts have an average rating of overweight and mean price target of $60.17, according to FactSet.

TLV Strategist