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 Capital Markets

<ul><li>Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic entry.</li><li>In light of several recent challenges, the company announced that it would implement cost-cutting measures expected to save approximately $500 million annually.</li><li>Given its recent weak performance, we give the company an 'Underperform' rating with a revised target price.</li></ul>

Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic entry.In light of several recent challenges, the company announced that it would implement cost-cutting measures expected to save approximately $500 million annually.Given its recent weak performance, we give the company an 'Underperform' rating with a revised target price.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The short-term bullish reversal discussed last week is officially underway now that the S&amp;P 500 has reclaimed its 200-day MA, but we are not yet out of the woods.</li>
<li>We discuss what we are watching to determine whether this is just an oversold bounce that resolves lower, or if the S&amp;P 500 is headed back to all-time highs.</li>
<li>The prior two trading days appears to be the start of a short-term mean reversion, where beaten down growth areas (ARKK, software, biotech, etc.) are outperforming.</li>
</ul>


The short-term bullish reversal discussed last week is officially underway now that the S&amp;P 500 has reclaimed its 200-day MA, but we are not yet out of the woods.
We discuss what we are watching to determine whether this is just an oversold bounce that resolves lower, or if the S&amp;P 500 is headed back to all-time highs.
The prior two trading days appears to be the start of a short-term mean reversion, where beaten down growth areas (ARKK, software, biotech, etc.) are outperforming.


Not Out Of The Woods; SPX Back Above The 200-Day MA; Growth Catching A Bid; Buying Energy, Biotech

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.</li>
<li>The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.</li>
<li>Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.</li>
</ul>


We have a Negative view on this nearly 3 trillion won rights offering by Samsung Biologics.
The expected price of the rights offering is 599,000 won which is 18.9% below current share price and would represent about 7% shares dilution.
Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at more than 100% higher than Biogen's valuation multiples.


Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a> has denied its acquisition talk with <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen Inc (BIIB US)</a>. With its current controversies, Biogen does not seem to be an attractive bet.</li>
<li>The company is poised for strong growth in 2022, driven by its massive capacity expansion plans and portfolio diversification toward high-growth areas like cell &amp; gene therapies and mRNA business.  </li>
<li>With an increasing order backlog resulting from consistent contract win and expanding customer base, Samsung Biologics has strong revenue visibility.</li>
</ul>



Samsung Biologics Co., (207940 KS) has denied its acquisition talk with Biogen Inc (BIIB US). With its current controversies, Biogen does not seem to be an attractive bet.
The company is poised for strong growth in 2022, driven by its massive capacity expansion plans and portfolio diversification toward high-growth areas like cell &amp; gene therapies and mRNA business.  
With an increasing order backlog resulting from consistent contract win and expanding customer base, Samsung Biologics has strong revenue visibility.


Samsung Biologics (207940 KS): Well-Positioned to Leap Forward Without Biogen Deal

Vigil Neuroscience / Equity Capital Markets

<ul>
<li>Clinical-Stage biotech company, <a href="https://www.smartkarma.com/entities/vigil-neuroscience-inc" target="_blank" data-smartkarma-citation="entities:35125:1" rel="noopener">Vigil Neuroscience Inc (VIGL US)</a> plans to offer 7 million shares at a price range of $15 to $17 per share in its upcoming IPO.</li>
<li>The company is expected to price the IPO on January 6 and trade on January 7 on NASDAQ under the ticker symbol VIGL.</li>
<li>The company developing antibody therapies for neurodegenerative diseases. Its lead candidate VGL101 is in phase 1 clinical trial, with topline data expected in H2 2022.</li>
</ul>


Clinical-Stage biotech company, Vigil Neuroscience Inc (VIGL US) plans to offer 7 million shares at a price range of $15 to $17 per share in its upcoming IPO.
The company is expected to price the IPO on January 6 and trade on January 7 on NASDAQ under the ticker symbol VIGL.
The company developing antibody therapies for neurodegenerative diseases. Its lead candidate VGL101 is in phase 1 clinical trial, with topline data expected in H2 2022.


Vigil Neuroscience (VIGL US) IPO: Early-Stage First-Of-Its-Class Pipeline Makes It a Risky Bet

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company products address diseases such as multiple sclerosis, non-hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

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Biogen (BIIB UW)

Biogen Inc.: Financial & Price Forecasts

Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic...

Baptista Research

Not Out Of The Woods; SPX Back Above The 200-Day MA; Growth Catching A Bid; Buying Energy, Biotech

The short-term bullish reversal that we referenced last week is officially underway now that the S&P 500 has reclaimed its 200-day MA, but we are...

Vermilion Research

Samsung Biologics: Rights Offering of 3 Trillion Won to Acquire Remaining Stake in Samsung Bioepsis

Despite the long-term positive prospects of consolidating results from Samsung Bioepsis, we believe the acquisition price was a bit too high at...

Douglas Kim

Samsung Biologics (207940 KS): Well-Positioned to Leap Forward Without Biogen Deal

Without Biogen acquisition deal, Samsung Biologics is well-positioned for strong growth on the back of its massive capacity expansion plan amid a...

Tina Banerjee

Vigil Neuroscience (VIGL US) IPO: Early-Stage First-Of-Its-Class Pipeline Makes It a Risky Bet

The company plans to raise $112 million through its IPO. Vigil is a clinical-stage biotech company, whose lead drug candidate has just entered into...

Tina Banerjee

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