Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Ascendis Pharma A/S manufactures pharmaceutical products. The Company produces products for the treatments of growth hormone deficiency, endocrinology, central nervous system disorders, infectious diseases, and diabetes.

<ul><li>On December 12, 2025, shares of Ascendis Pharma A/S spiked 8% in intraday trading, fueled by sudden market chatter suggesting the Danish rare disease biotech may be in the crosshairs of a potential acquirer.</li><li>With no confirmed bidder or public announcement to validate the speculation, investors and analysts were left parsing through the noise, weighing the potential strategic rationale for a deal.</li><li>At a market capitalization of $11.8 billion, Ascendis stands out with a growing commercial footprint anchored by its approved products SKYTROFA and YORVIPATH, a robust pipeline including TransCon CNP, and a long-term vision aimed at €5 billion in annual revenue by 2030.</li></ul>

On December 12, 2025, shares of Ascendis Pharma A/S spiked 8% in intraday trading, fueled by sudden market chatter suggesting the Danish rare disease biotech may be in the crosshairs of a potential acquirer.With no confirmed bidder or public announcement to validate the speculation, investors and analysts were left parsing through the noise, weighing the potential strategic rationale for a deal.At a market capitalization of $11.8 billion, Ascendis stands out with a growing commercial footprint anchored by its approved products SKYTROFA and YORVIPATH, a robust pipeline including TransCon CNP, and a long-term vision aimed at €5 billion in annual revenue by 2030.

Ascendis Pharma Just Popped 8%—Is a Multi-Billion-Dollar Acquisition Brewing?

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul>
<li>Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.</li>
<li>Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.</li>
<li>In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.</li>
</ul>


Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026 – Corcel has raised £3 mm of new equity at a price of 0.35 p per share from two blue chip new investors.
Following the raise, Corcel’s cash balance is expected to reach ~£6 mm by YE25.
In addition, Sintana Energy will pay Corcel ~US$2 mm in cash upon closing the acquisition of a 5% interest in KON‑16.


Genmab A/S operates as a biotechnology company. The Company specializes in development of antibody therapeutics for the treatment of cancer. Genmab serves customers worldwide.

<ul>
<li>Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&amp;A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.</li>
<li>The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.</li>
<li>This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.</li>
</ul>


Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&amp;A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.
The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.
This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.


Genmab: How Its Combined Pipeline, Royalties & M&A Strategy Could Potentially Unlock A SOLID Upside!

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>Callable bonds have reached levels where I now recommend selling.</li><li>While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.</li><li>In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Callable bonds have reached levels where I now recommend selling.While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex instruments.In the latest Bonds &amp; Bold: Callable Bonds a Lottery Ticket? I moved from buy to neutral and I wrote that if callables performed another 7-10bp then one should sell them. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>I described inBonds &amp; bold last week how the value in Danish bonds appeared from different countries.</li><li>The conclusion was that US investors would be able to achieve a reasonable pickup when purchasing Danish callables against US treasuries and US MBS.</li><li>The figures we have received this morning show that the foreign share in October was increasing, so my guess would be that the purchases primarily come from US investors.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

I described inBonds &amp; bold last week how the value in Danish bonds appeared from different countries.The conclusion was that US investors would be able to achieve a reasonable pickup when purchasing Danish callables against US treasuries and US MBS.The figures we have received this morning show that the foreign share in October was increasing, so my guess would be that the purchases primarily come from US investors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Investor distribution for October confirms that value looks good from abroad

Denmark
Insights on Denmark

Ascendis Pharma Just Popped 8%—Is a Multi-Billion-Dollar Acquisition Brewing?

On December 12, 2025, shares of Ascendis Pharma A/S spiked 8% in intraday trading, fueled by sudden market chatter suggesting the Danish rare...

Baptista Research

AUCTUS ON FRIDAY - 12/12/2025

Corcel (CRCL LN)C; Target price of 1.40p per share: Equity raise from blue chip new investors bolsters balance sheet ahead of busy 2026

Auctus Advisors

Genmab: How Its Combined Pipeline, Royalties & M&A Strategy Could Potentially Unlock A SOLID Upside!

The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29,...

Baptista Research

Bonds & bold: Sell callables bonds!

While further tightening remains possible, current OAS levels fail to adequately compensate for the fundamental risks inherent in these complex...

Nordea

Investor distribution for October confirms that value looks good from abroad

The conclusion was that US investors would be able to achieve a reasonable pickup when purchasing Danish callables against US treasuries and US MBS.

Nordea