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Disclaimer

The following disclosures relate to my relationship with securities or issuers covered by this blog or in tweets, or through my employer.

ANALYST DISCLOSURES


I am an employee of Zacks Investment Research (ZIR) and Managing Director and Senior Biotechnology Analyst at Zacks Small-Cap Research (SCR). This blog is separate from ZIR and SCR, and investors should assume that personal opinions expressed on this blog or in my Twitter (@JNapodano) are in no way associated with that of my employer, ZIR unless otherwise specifically noted. A separate disclosure policy for Zacks SCR can be found on the SCR website, or via this link.

I, Jason Napodano, CFA, hereby certify that the view expressed on the blog or in my Twitter accurately reflect my personal views about the subject securities and issuers. I also certify that I receive no compensation from this blog or my Twitter, directly or indirectly, related to the recommendations or views expressed on this blog or from my employer, ZIR, on securities or issuers covered on this blog or comments made on my Twitter. I believe the information used for the creation of articles for this blog or tweets has been obtained from sources I considered to be reliable, but I can neither guarantee nor represent the completeness or accuracy of the information herewith. Such information and the opinions expressed on this blog or via Twitter are subject to change without notice. Investors should refer to the SCR website for my most up-to-date investment recommendation on securities and issuers covered through my employer, ZIR or SCR and not rely solely on this blog or my Twitter for information about subject companies.  

At times, I submit articles under Seeking Alpha's Premium or Pro programs, which pays on a per click or set rate per article. At times, I submit articles to PropThink, which pays me a set rate per article. I receive compensation from Google Adsense for advertising seen on this blog.

INVESTMENT BANKING, REFERRALS, AND FEES FOR SERVICE

I do not provide nor have I received compensation for investment banking services on the securities covered on this blog or via my Twitter. I do not expect to receive compensation for investment banking services from issues covered by this blog or via my Twitter. However, my employer, SCR or ZIR, may seek to provide referrals for a fee to investment banks. Zacks & Co., a separate legal entity from ZIR and SCR, and this blog, is, among others, one of these investment banks. Referrals may include securities and issuers noted on this blog or via my Twitter. Zacks & Co. may have paid referral fees to my employer, SCR, related to some of the securities and issuers noted on this blog or in my Twitter. From time to time, SCR pays investment banks, including Zacks & Co., a referral fee for research coverage. As Managing Director for SCR, I am privy to information on referrals between Zacks & Co. and SCR or ZIR.

SCR may have received compensation for non-investment banking services, and expects to receive additional compensation for non-investment banking services from securities or issuers reported on in this blog or on my Twitter. Non-investment banking services include investor relations services and software, investor targeting, financial database analysis, advertising services, brokerage services, advisory services, equity research, investment management, non-deal road shows, and attendance fees for conferences sponsored or co-sponsored by Zacks & Co., ZIR, or SCR. The fees for these services vary on a per client basis and are subject to the number of services contracted. Fees are paid to Zacks & Co. and/or ZIR. No fees are paid directly to me to provide any of the above services to issuers covered on this blog or via my Twitter. No fees are paid directly to SCR to provide specific recommendations with respect to investment research coverage. Not all securities or issuers covered on this blog or via my Twitter have investment banking or non-investment banking relationships with Zacks & Co, ZIR, or SCR.

ADDITIONAL INFORMATION

Additional information is available upon request. Articles and Tweets are based on information obtained from sources I believe to be reliable, but I cannot guarantee to be accurate nor do I purport to be complete. Because of individual objectives, articles or Tweets should not be construed as advice designed to meet the particular investment needs of any investor. Investing involves risk, and investment in biotechnology stocks involves significant risk. Investors should be aware of these risks and consult a certified financial planner (CFP) before making investment decisions. I am not a CFP. By visiting this blog or my Twitter, investors understand and assume full responsibility for this disclaimer. Any opinions expressed on this blog or via my Twitter are subject to change without notice. Reports or Tweets are not to be construed as an offer or solicitation of an offer to buy or sell the securities mentioned herein.

RATING & RECOMMENDATION

I use the following rating system for securities covered on the blog and for reports published for SCR:

 - Buy: I expect the stock to go higher.
 - Outperform: I believe the risk / reward is favorable.
 - Hold: I expect the stock to trend side ways.
 - Neutral: I believe the risk / reward is balanced.
 - Sell: I think the stock is going lower.
 - Underperform: I believe the risk / reward is unfavorable.

Often, reports or articles will have target prices. I do my best to fully explain how these targets are derived. Ratings or price targets reported on Twitter are associated with articles found or linked within this blog, or through research reports distributed by my employer, SCR. A rough estimate of the distribution for securities covered on this blog is: Buy/Outperform- 75%, Hold/Neutral- 20%, Sell/Underperform 5%.

To learn more about me, visit the About Me tab above.

Jason Napodano, CFA