AI Analysis

Log in to generate an AI summary for this stock.

Log in to generate a MOAT report for this stock.

Log in to generate an earnings report for this stock.

Log in to generate an operating leverage report for this stock.

Log in to generate a management report for this stock.

Log in to generate a valuation report for this stock.

Theravance Biopharma Inc

$17.03 -$1.12 (-6.17%)
NASDAQ · 14 Sep 2026 20:00 UTC
Previous Close
$17.01
Day Range
$17.01$17.05
Year Range
$13.08$21.03
Market Cap
882.64M
AVG Volume
561.18K
Trailing/Forward PE
16.01/9.13
PEG ratio
-0.45
Dividend Yield
-
Next Earnings Date
2026-11-10
Primary Exchange
NASDAQUS
Revenue (USD)
020M40M60M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Revenue (USD) by quarter
PeriodRevenue (USD)
26 Q220.73M
26 Q117.7M
25 Q445.89M
25 Q319.99M
25 Q226.2M
25 Q115.39M
24 Q418.75M
24 Q316.87M
24 Q214.26M
24 Q114.5M
Net Income (USD)
-20M020M40M60M80M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Net Income (USD) by quarter
PeriodNet Income (USD)
26 Q2-5.9M
26 Q1-4.93M
25 Q461.02M
25 Q33.62M
25 Q254.84M
25 Q1-13.58M
24 Q4-15.53M
24 Q3-12.7M
24 Q2-16.53M
24 Q1-11.66M
Operating Income (USD)
-20M-10M010M20M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Operating Income (USD) by quarter
PeriodOperating Income (USD)
26 Q2-604K
26 Q1-5.85M
25 Q417.57M
25 Q3-6.46M
25 Q2-2.73M
25 Q1-14.43M
24 Q4-9.2M
24 Q3-10.84M
24 Q2-15.71M
24 Q1-11.21M
EBITDA (USD)
-25M025M50M75M100M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH EBITDA (USD) by quarter
PeriodEBITDA (USD)
26 Q2839K
26 Q1-5.63M
25 Q475.16M
25 Q3-1.91M
25 Q274.28M
25 Q1-13.08M
24 Q4-7.6M
24 Q3-8.85M
24 Q2-12.33M
24 Q1-9.34M
Cash Flows (USD)
-100M0100M200M300M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Cash Flows (USD) by quarter
PeriodCash Flows (USD)
26 Q2-8.88M
26 Q173.28M
25 Q4-6.07M
25 Q3-6.51M
25 Q2208.04M
25 Q143.04M
24 Q4-1.09M
24 Q3-5.21M
24 Q2-4.45M
24 Q1-1.11M
EPS (USD)
-0.500.511.524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH EPS (USD) by quarter
PeriodEPS (USD)
26 Q2-0.11
26 Q1-0.1
25 Q41.15
25 Q30.07
25 Q21.08
25 Q1-0.27
24 Q4-0.31
24 Q3-0.26
24 Q2-0.34
24 Q1-0.24
Expenses (USD)
010M20M30MR&DSG&ACapex24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Expenses (USD) by quarter
PeriodExpenses (USD)
26 Q218.89M
26 Q123.55M
25 Q426.83M
25 Q38.11M
25 Q210.52M
25 Q111.45M
24 Q428.07M
24 Q39.28M
24 Q29.99M
24 Q19.06M
Cash & Debt (USD)
0100M200M300M400MCashLong Term DebtShort Term Debt24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Cash & Debt (USD) by quarter
PeriodCash & Debt (USD)
26 Q2387.66M
26 Q1394.67M
25 Q4315.36M
25 Q3329.68M
25 Q2338.8M
25 Q1130.85M
24 Q488.35M
24 Q391.36M
24 Q296.08M
24 Q199.97M
Debt ratios
-7.5-5-2.502.524 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Debt ratios by quarter
PeriodDebt ratios
26 Q2-5.1
26 Q1-2.26
25 Q4-1.78
25 Q3-5.52
25 Q2-6.53
25 Q11.98
24 Q41.01
24 Q31.26
24 Q21.47
24 Q11.49
Margins
0%25%50%75%100%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Margins by quarter
PeriodMargins
26 Q293.04%
26 Q1100%
25 Q496.72%
25 Q359.42%
25 Q259.95%
25 Q125.58%
24 Q449.59%
24 Q345.06%
24 Q230.18%
24 Q138.16%
Return on Capital
-10%0%10%20%30%24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Return on Capital by quarter
PeriodReturn on Capital
26 Q2-2.04%
26 Q1-1.7%
25 Q420.57%
25 Q31.55%
25 Q224.39%
25 Q1-8.18%
24 Q4-8.85%
24 Q3-6.84%
24 Q2-8.53%
24 Q1-5.69%
Shares Outstanding
020M40M60M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Shares Outstanding by quarter
PeriodShares Outstanding
26 Q251.67M
26 Q151.28M
25 Q450.87M
25 Q350.52M
25 Q250.18M
25 Q149.71M
24 Q449.31M
24 Q349.04M
24 Q248.75M
24 Q148.28M
Book Value Per Share (USD)
024624 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Book Value Per Share (USD) by quarter
PeriodBook Value Per Share (USD)
26 Q25.61
26 Q15.67
25 Q45.83
25 Q34.61
25 Q24.48
25 Q13.34
24 Q43.56
24 Q33.79
24 Q23.97
24 Q14.24
Total Assets (USD)
0200M400M600M24 Q124 Q224 Q324 Q425 Q125 Q225 Q325 Q426 Q126 Q2
TBPH Total Assets (USD) by quarter
PeriodTotal Assets (USD)
26 Q2469.77M
26 Q1472.31M
25 Q4485.57M
25 Q3415.46M
25 Q2426.04M
25 Q1343.58M
24 Q4354.16M
24 Q3356.11M
24 Q2362.03M
24 Q1371.31M
Employee Count
01002003004002016201720182019202020212022202320242025
TBPH Employee Count by quarter
PeriodEmployee Count
202590
202497
202399
2022111
2021158
2020359
2019316
2018363
2017340
2016316
PE Ratio
0204060med 7.55Mar 23Jul 23Oct 23Nov 25Feb 26Jun 26Sep 26
TBPH PE Ratio by quarter
PeriodPE Ratio
Sep 2616.35
Sep 2616.33
Sep 2616.4
Aug 2616.37
Aug 2616.33
Aug 2616.29
Aug 267.58
Jul 267.55
Jul 267.55
Jul 267.58
Jul 267.58
Jul 267.58
Jun 267.89
Jun 267.42
Jun 267.45
Jun 267.29
May 267.19
May 267.33
May 267.26
May 267.62
May 268.07
Apr 267.91
Apr 268.28
Apr 267.85
Apr 267.7
Mar 267.24
Mar 2624.67
Mar 2623.72
Mar 2623.36
Feb 2631.42
Feb 2633.85
Feb 2633.62
Feb 2635.26
Jan 2632.61
Jan 2634.85
Jan 2634.45
Jan 2632.78
Jan 2631.25
Dec 2532.44
Dec 2532.35
Dec 2531.28
Dec 2531.94
Nov 2534.95
Nov 2531.82
Nov 2529.94
Nov 2556.8
Oct 2556.45
Oct 2554.99
Oct 2554.91
Oct 2553.87
Oct 2555.49
Sep 2554.18
Sep 2553.45
Sep 2555.06
Sep 2553.72
Aug 2553.45
Aug 2553.56
Aug 2550.64
Nov 230.64
Oct 230.59
Oct 230.59
Oct 230.59
Oct 230.6
Sep 230.56
Sep 230.59
Sep 230.59
Sep 230.64
Sep 230.64
Aug 230.62
Aug 230.63
Aug 230.65
Aug 230.71
Jul 230.7
Jul 230.69
Jul 230.7
Jul 230.73
Jun 230.74
Jun 230.77
Jun 230.76
Jun 230.79
Jun 230.8
May 230.79
May 230.81
May 230.81
May 230.88
Apr 230.84
Apr 230.89
Apr 230.92
Apr 230.84
Mar 230.84
Mar 230.81
Mar 230.79
Mar 230.79
Mar 230.78
Feb 230.88
Feb 230.93
Feb 230.92
Feb 230.95
Jan 230.97
Jan 230.99
Free Cash Flow Yield
-20%0%20%40%med 23.78%Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TBPH Free Cash Flow Yield by quarter
PeriodFree Cash Flow Yield
Sep 265.89%
Sep 265.9%
Sep 265.87%
Aug 265.88%
Aug 265.9%
Aug 265.91%
Aug 2630.96%
Jul 2631.08%
Jul 2631.08%
Jul 2630.96%
Jul 2630.96%
Jul 2630.96%
Jun 2629.73%
Jun 2631.61%
Jun 2631.49%
Jun 2632.17%
May 2632.63%
May 2632.01%
May 2632.31%
May 2630.81%
May 2627.92%
Apr 2628.48%
Apr 2627.21%
Apr 2628.68%
Apr 2629.27%
Mar 2631.09%
Mar 2633.63%
Mar 2634.97%
Mar 2635.52%
Feb 2626.41%
Feb 2624.51%
Feb 2624.68%
Feb 2623.53%
Jan 2625.45%
Jan 2623.81%
Jan 2624.09%
Jan 2625.31%
Jan 2626.55%
Dec 2525.58%
Dec 2525.65%
Dec 2526.52%
Dec 2525.98%
Nov 2523.74%
Nov 2526.08%
Nov 2527.71%
Nov 2533.07%
Oct 2533.28%
Oct 2534.16%
Oct 2534.21%
Oct 2534.87%
Oct 2533.85%
Sep 2534.67%
Sep 2535.15%
Sep 2534.11%
Sep 2534.97%
Aug 2535.15%
Aug 2535.07%
Aug 2537.1%
Aug 255.64%
Aug 255.96%
Jul 255.89%
Jul 255.77%
Jul 255.75%
Jul 255.83%
Jun 255.79%
Jun 256.11%
Jun 256.08%
Jun 255.77%
May 257.09%
May 256.98%
May 257.06%
May 25-2.68%
May 25-2.32%
Apr 25-2.47%
Apr 25-2.79%
Apr 25-2.87%
Apr 25-2.85%
Mar 25-2.61%
Mar 25-2.56%
Mar 25-2.61%
Mar 25-2.53%
Feb 25-2.68%
Feb 25-2.69%
Feb 25-2.61%
Feb 25-2.7%
Jan 25-2.68%
Jan 25-2.4%
Jan 25-2.92%
Jan 25-2.86%
Jan 25-2.7%
Dec 24-2.62%
Dec 24-2.62%
Dec 24-2.54%
Dec 24-2.54%
Nov 24-2.71%
Nov 24-2.65%
Nov 24-2.64%
Nov 24-2.2%
Nov 24-2.38%
Oct 24-2.3%
Price to Sales
68101214med 8.11Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TBPH Price to Sales by quarter
PeriodPrice to Sales
Sep 268.44
Sep 268.43
Sep 268.46
Aug 268.45
Aug 268.43
Aug 268.41
Aug 267.91
Jul 267.88
Jul 267.88
Jul 267.91
Jul 267.91
Jul 267.91
Jun 268.24
Jun 267.74
Jun 267.77
Jun 267.61
May 267.5
May 267.65
May 267.58
May 267.95
May 267.95
Apr 267.79
Apr 268.16
Apr 267.74
Apr 267.58
Mar 267.14
Mar 269.01
Mar 268.67
Mar 268.53
Feb 2611.48
Feb 2612.36
Feb 2612.28
Feb 2612.88
Jan 2611.91
Jan 2612.73
Jan 2612.58
Jan 2611.97
Jan 2611.42
Dec 2511.85
Dec 2511.82
Dec 2511.43
Dec 2511.67
Nov 2512.77
Nov 2511.62
Nov 2510.94
Nov 259.59
Oct 259.53
Oct 259.28
Oct 259.27
Oct 259.09
Oct 259.37
Sep 259.14
Sep 259.02
Sep 259.29
Sep 259.07
Aug 259.02
Aug 259.04
Aug 258.55
Aug 258.77
Aug 258.3
Jul 258.4
Jul 258.57
Jul 258.61
Jul 258.49
Jun 258.55
Jun 258.1
Jun 258.14
Jun 258.57
May 256.98
May 257.08
May 257.01
May 256.88
May 257.94
Apr 257.47
Apr 256.6
Apr 256.43
Apr 256.46
Mar 257.07
Mar 257.19
Mar 257.07
Mar 257.3
Feb 257.26
Feb 257.23
Feb 257.46
Feb 257.22
Jan 257.28
Jan 258.12
Jan 256.66
Jan 256.81
Jan 257.22
Dec 247.44
Dec 247.44
Dec 247.67
Dec 247.67
Nov 247.18
Nov 247.35
Nov 247.39
Nov 247.03
Nov 246.51
Oct 246.72
EV/EBITDA
051015med 8.35Sep 25Nov 25Jan 26Mar 26May 26Jul 26Sep 26
TBPH EV/EBITDA by quarter
PeriodEV/EBITDA
Sep 267.75
Sep 267.74
Sep 267.79
Aug 267.77
Aug 267.74
Aug 267.71
Aug 263.85
Jul 263.83
Jul 263.83
Jul 263.85
Jul 263.85
Jul 263.85
Jun 264.11
Jun 263.73
Jun 263.75
Jun 263.62
May 263.54
May 263.65
May 263.6
May 263.88
May 264.57
Apr 264.44
Apr 264.73
Apr 264.4
Apr 264.28
Mar 263.92
Mar 268.49
Mar 267.95
Mar 267.75
Feb 2612.32
Feb 2613.7
Feb 2613.57
Feb 2614.5
Jan 2613
Jan 2614.27
Jan 2614.04
Jan 2613.09
Jan 2612.22
Dec 2512.9
Dec 2512.85
Dec 2512.24
Dec 2512.62
Nov 2514.33
Nov 2512.55
Nov 2511.48
Nov 2510.01
Oct 259.91
Oct 259.48
Oct 259.46
Oct 259.15
Oct 259.62
Sep 259.24
Sep 259.03
Sep 259.5
Sep 259.11
Aug 259.03
Aug 259.06
Aug 258.21
Price/Operating Cashflow
05101520med 3.6Jun 25Aug 25Nov 25Jan 26Apr 26Jul 26Sep 26
TBPH Price/Operating Cashflow by quarter
PeriodPrice/Operating Cashflow
Sep 2616.98
Sep 2616.96
Sep 2617.03
Aug 2617
Aug 2616.96
Aug 2616.92
Aug 263.23
Jul 263.22
Jul 263.22
Jul 263.23
Jul 263.23
Jul 263.23
Jun 263.36
Jun 263.16
Jun 263.17
Jun 263.11
May 263.06
May 263.12
May 263.09
May 263.25
May 263.58
Apr 263.51
Apr 263.67
Apr 263.49
Apr 263.42
Mar 263.22
Mar 262.97
Mar 262.86
Mar 262.81
Feb 263.78
Feb 264.08
Feb 264.05
Feb 264.25
Jan 263.93
Jan 264.2
Jan 264.15
Jan 263.95
Jan 263.76
Dec 253.91
Dec 253.9
Dec 253.77
Dec 253.85
Nov 254.21
Nov 253.83
Nov 253.6
Nov 253.02
Oct 253
Oct 252.92
Oct 252.92
Oct 252.87
Oct 252.95
Sep 252.88
Sep 252.84
Sep 252.93
Sep 252.86
Aug 252.84
Aug 252.85
Aug 252.69
Aug 2517.6
Aug 2516.66
Jul 2516.86
Jul 2517.19
Jul 2517.27
Jul 2517.04
Jun 2517.15
Jun 2516.24
Jun 2516.34
Jun 2517.19
May 2514
May 2514.21
May 2514.06
Price to Book
2345med 2.99Dec 24Apr 25Jul 25Nov 25Feb 26Jun 26Sep 26
TBPH Price to Book by quarter
PeriodPrice to Book
Sep 263.04
Sep 263.03
Sep 263.05
Aug 263.04
Aug 263.03
Aug 263.03
Aug 262.99
Jul 262.98
Jul 262.98
Jul 262.99
Jul 262.99
Jul 262.99
Jun 263.11
Jun 262.93
Jun 262.94
Jun 262.87
May 262.83
May 262.89
May 262.86
May 263
May 262.88
Apr 262.82
Apr 262.95
Apr 262.8
Apr 262.75
Mar 262.59
Mar 263.11
Mar 262.99
Mar 262.95
Feb 263.96
Feb 264.27
Feb 264.24
Feb 264.45
Jan 264.11
Jan 264.39
Jan 264.34
Jan 264.13
Jan 263.94
Dec 254.09
Dec 254.08
Dec 253.95
Dec 254.03
Nov 254.41
Nov 254.01
Nov 253.78
Nov 253.29
Oct 253.27
Oct 253.19
Oct 253.18
Oct 253.12
Oct 253.22
Sep 253.14
Sep 253.1
Sep 253.19
Sep 253.11
Aug 253.1
Aug 253.1
Aug 252.93
Aug 253.45
Aug 253.26
Jul 253.3
Jul 253.37
Jul 253.38
Jul 253.34
Jun 253.36
Jun 253.18
Jun 253.2
Jun 253.37
May 252.74
May 252.79
May 252.76
May 252.52
May 252.91
Apr 252.74
Apr 252.42
Apr 252.36
Apr 252.37
Mar 252.59
Mar 252.64
Mar 252.59
Mar 252.68
Feb 252.47
Feb 252.46
Feb 252.54
Feb 252.46
Jan 252.48
Jan 252.77
Jan 252.27
Jan 252.32
Jan 252.46
Dec 242.53
Dec 242.53
Dec 242.61
Dec 242.61
Nov 242.44
Nov 242.5
Nov 242.51
Nov 242.25
Nov 242.08
Oct 242.15
Theravance Biopharma Inc
TBPH
Stockpicker

Video analysis: TBPH

All videos

No video analysis for this stock yet. Request one from our team.

Your email is used only to follow up on this request. We do not add you to marketing lists. Privacy Policy

News: TBPH

Theravance Bio (TBPH) Up 0.8% Since Last Earnings Report: Can It Continue?

zacks.com · 9 Sep 2026

Theravance Bio (TBPH) Up 0.8% Since Last Earnings Report: Can It Continue?

Theravance Bio (TBPH) reported earnings 30 days ago. What's next for the stock?

Theravance Biopharma (NASDAQ:TBPH) Stock Price Crosses Above Fifty Day Moving Average   – Time to Sell?

defenseworld.net · 9 Sep 2026

Theravance Biopharma (NASDAQ:TBPH) Stock Price Crosses Above Fifty Day Moving Average – Time to Sell?

Theravance Biopharma, Inc. (NASDAQ: TBPH - Get Free Report)'s share price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $16.95 and traded as high as $17.10. Theravance Biopharma shares last traded at $17.06, with a volume of 251,659 shares changing hands. Analyst Upgrades and Downgrades

Empowered Funds LLC Purchases Shares of 55,463 Theravance Biopharma, Inc. $TBPH

defenseworld.net · 18 Aug 2026

Empowered Funds LLC Purchases Shares of 55,463 Theravance Biopharma, Inc. $TBPH

Empowered Funds LLC acquired a new position in Theravance Biopharma, Inc. (NASDAQ: TBPH) during the undefined quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 55,463 shares of the biopharmaceutical company's stock, valued at approximately $900,000. Empowered Funds LLC owned 0.11% of Theravance

TBPH Stock Alert: Halper Sadeh LLC is Investigating Whether Theravance Biopharma, Inc. is Obtaining a Fair Price for its Shareholders

gurufocus.com · 15 Aug 2026

TBPH Stock Alert: Halper Sadeh LLC is Investigating Whether Theravance Biopharma, Inc. is Obtaining a Fair Price for its Shareholders

Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Theravance Biopharma, Inc. (NASDAQ: TBPH) to Zymeworks Inc. for $17.00 per share.Hal

TBPH Stock Alert: Halper Sadeh LLC is Investigating Whether Theravance Biopharma, Inc. is Obtaining a Fair Price for its Shareholders

businesswire.com · 15 Aug 2026

TBPH Stock Alert: Halper Sadeh LLC is Investigating Whether Theravance Biopharma, Inc. is Obtaining a Fair Price for its Shareholders

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating the sale of Theravance Biopharma, Inc. (NASDAQ: TBPH) to Zymeworks Inc. for $17.00 per share. Halper Sadeh encourages Theravance shareholders to click here to learn more about their rights and options or contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or sadeh@halpersadeh.com or zhalper@halpersadeh.com. The investigation concerns whether Theravance and its board of directors violat.

TBPH Meets Q2 Earnings Estimates, to be Acquired by Zymeworks

zacks.com · 11 Aug 2026

TBPH Meets Q2 Earnings Estimates, to be Acquired by Zymeworks

Theravance's Q2 earnings match estimates. Cost cuts and a $929 million Zymeworks deal follow ampreloxetine's discontinuation.

Theravance Biopharma, Inc. Reports Second Quarter 2026 Financial Results and Provides Corporate Update

prnewswire.com · 10 Aug 2026

Theravance Biopharma, Inc. Reports Second Quarter 2026 Financial Results and Provides Corporate Update

Previously announced acquisition by Zymeworks expected to close in second half of 2026 YUPELRI ® Collaboration Revenue increased 11% year-over-year 1, from $18.7 million to $20.7 million, driven by continued Net Sales growth and improved operating leverage Organizational restructuring and cost reduction initiatives delivered 35% reduction in operating expenses year-over-year (excluding restructuring and transaction costs) Q2 2026 TRELEGY net sales, reported by GSK, of approximately $1.0 billion; high confidence in achieving the $100 million 2026 milestone payment 2 Quarter-end cash balance of $388 million and no debt DUBLIN, Aug. 10, 2026 /PRNewswire/ -- Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH) today reported financial and operational results for the second quarter of 2026. "During the second quarter, we entered into a definitive agreement to be acquired by Zymeworks, marking the culmination of a comprehensive strategic review process and what we believe achieves the greatest value for Theravance Biopharma shareholders," said Rick E Winningham, Chief Executive Officer of Theravance Biopharma.

Theravance Biopharma, Inc. $TBPH Shares Acquired by Dimensional Fund Advisors LP

defenseworld.net · 8 Aug 2026

Theravance Biopharma, Inc. $TBPH Shares Acquired by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP boosted its holdings in Theravance Biopharma, Inc. (NASDAQ: TBPH) by 14.5% in the undefined quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 983,615 shares of the biopharmaceutical company's stock after purchasing an additional 124,658 shares during

Similar companies

Disclaimer: The historical data presented on this platform is provided by Financial Modeling Prep. Stock Picker is a platform for informational purposes only and does not provide financial advice. Users are encouraged to conduct their own research and consult with a qualified financial advisor before making investment decisions.