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

Bristol Myers Squibb Co / Equity Capital Markets

<ul><li>Bristol-Myers Squibb Company had a strong start to 2022 with the U.S.</li><li>FDA having approved the Camzyos or mavacanten, a first-class medicine for symptomatic obstructive HCM disease.</li><li>The company also received approval for Opdualag to treat unresectable or metastatic melanoma and thy have started a pivotal study for colorectal cancer.</li></ul>

Bristol-Myers Squibb Company had a strong start to 2022 with the U.S.FDA having approved the Camzyos or mavacanten, a first-class medicine for symptomatic obstructive HCM disease.The company also received approval for Opdualag to treat unresectable or metastatic melanoma and thy have started a pivotal study for colorectal cancer.

Bristol-Myers Squibb Company: A String Of FDA Approvals & Other Drivers

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> received FDA approval for its first product Carvykti in February as a fifth-line treatment of relapsed or refractory multiple myeloma.</li>
<li>Label expansion of Carvykti for earlier line of multiple myeloma treatments should expand addressable market, thereby increasing peak sales opportunity to $5 billion from initial expectation of $1.5 billion.</li>
<li>The U.S. Securities and Exchange Commission has added Legend to their delisting watchlist last week. The company needs to release required evidence by May 3 to stay listed.</li>
</ul>



Legend Biotech Corp (LEGN US) received FDA approval for its first product Carvykti in February as a fifth-line treatment of relapsed or refractory multiple myeloma.
Label expansion of Carvykti for earlier line of multiple myeloma treatments should expand addressable market, thereby increasing peak sales opportunity to $5 billion from initial expectation of $1.5 billion.
The U.S. Securities and Exchange Commission has added Legend to their delisting watchlist last week. The company needs to release required evidence by May 3 to stay listed.


Legend Biotech Corp (LEGN US): Carvykti Approval Is the Silver Lining Amid Uncertainty of Delisting

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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.</li>
<li>If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.</li>
<li>On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal</li>
</ul>


We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.
If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.
On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal


10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

Amplia Therapeutics Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amplia-therapeutics-ltd" target="_blank" data-smartkarma-citation="entities:19971:1" rel="noopener">Innate Immunotherapeutics (ATX AU)</a> is an Australian pharmaceutical company advancing a pipeline of focal adhesion kinase (FAK) inhibitors for cancer and fibrosis.</li>
<li>The company’s primary focus for 2022 is on initiating phase 2 clinical trials in pancreatic cancer and, in the second half of the year in lung fibrosis.</li>
<li>With latest quarter’s cash burn of AUD0.94 million and cash balance of AUD16.2 million, the company is well-positioned to fund its near-term R&amp;D activities.</li>
</ul>



Innate Immunotherapeutics (ATX AU) is an Australian pharmaceutical company advancing a pipeline of focal adhesion kinase (FAK) inhibitors for cancer and fibrosis.
The company’s primary focus for 2022 is on initiating phase 2 clinical trials in pancreatic cancer and, in the second half of the year in lung fibrosis.
With latest quarter’s cash burn of AUD0.94 million and cash balance of AUD16.2 million, the company is well-positioned to fund its near-term R&amp;D activities.


Innate Immunotherapeutics (ATX AU): 2022 Is Going to Be a Watershed Year

Simcere Pharmaceutical Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> reported an 11% y/y revenue growth to RMB5 billion, mainly driven by 54% y/y revenue growth from innovative pharmaceuticals.</li>
<li>However, gross margin contracted 160 basis point to 78.4%, reflecting pricing headwind. Heavy R&amp;D and selling and distribution expenses are taking toll on operating profit.</li>
<li>During 2021, Simcere has added six registered clinical trials for phase 3, two trails for phase 2, three trails for phase 1, and obtained 12 clinical trial approvals for drugs.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) reported an 11% y/y revenue growth to RMB5 billion, mainly driven by 54% y/y revenue growth from innovative pharmaceuticals.
However, gross margin contracted 160 basis point to 78.4%, reflecting pricing headwind. Heavy R&amp;D and selling and distribution expenses are taking toll on operating profit.
During 2021, Simcere has added six registered clinical trials for phase 3, two trails for phase 2, three trails for phase 1, and obtained 12 clinical trial approvals for drugs.


Simcere Pharmaceutical (2096 HK): Double-Digit Topline Growth; Margin Deteriorating Spoils the Party

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol Myers Squibb focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

Bristol-Myers Squibb Company: A String Of FDA Approvals & Other Drivers

Bristol-Myers Squibb Company had a strong start to 2022 with the U.S. FDA having approved the Camzyos or mavacanten, a first-class medicine for...

Baptista Research

Legend Biotech Corp (LEGN US): Carvykti Approval Is the Silver Lining Amid Uncertainty of Delisting

FDA approval of the company’s first drug Carvykti, with initial peak sales opportunity of $1.5 billion should be considered as a buy opportunity,...

Tina Banerjee

10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

10-year Treas yield $TNX is now testing 40-year downtrend resistance at 2.8-2.82%. If interest rates are to move lower, now would be the time,...

Vermilion Research

Innate Immunotherapeutics (ATX AU): 2022 Is Going to Be a Watershed Year

The company is scheduled to start two phase 2 trials for its lead asset, with first results expected in mid-2023. Investors, with high-risk...

Tina Banerjee

Simcere Pharmaceutical (2096 HK): Double-Digit Topline Growth; Margin Deteriorating Spoils the Party

Despite increasing contribution of innovative products, Simcere’s profitability is under pressure, reflecting pricing headwind. Elevated R&D and...

Tina Banerjee

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