Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/circadian-technologies-ltd" target="_blank" data-smartkarma-citation="entities:13546:1" rel="noopener">Opthea Ltd (OPT AU)</a> completed enrollment in two Phase 3 trials for sozinibercept in wet AMD. Topline data from these trials are expected by mid-2025.</li>
<li>During FY24, Opthea raised $295M to extend runway through topline data readouts of Phase 3 clinical trials. Further, in July, Opthea raised $38M through retail entitlement offer.</li>
<li>Although Opthea is well-funded through mid-2025, any fund requirement beyond that period will be easier to meet amid lower interest rate scenario.</li>
</ul>



Opthea Ltd (OPT AU) completed enrollment in two Phase 3 trials for sozinibercept in wet AMD. Topline data from these trials are expected by mid-2025.
During FY24, Opthea raised $295M to extend runway through topline data readouts of Phase 3 clinical trials. Further, in July, Opthea raised $38M through retail entitlement offer.
Although Opthea is well-funded through mid-2025, any fund requirement beyond that period will be easier to meet amid lower interest rate scenario.


Opthea (OPT AU): Getting Closer to Commercialization of First Drug; Fund Raising Adds to Confidence

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.</li>
<li>ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.</li>
<li>U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.</li>
</ul>


Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.
ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.
U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.


APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 28th (reported today) which has an  aggregated short interest worth USD 23.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT.</li>
<li>We highlight short interest changes in Commonwealth Bank Of Australia, James Hardie Industries, Westpac, Suncorp, ANZ, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 28th (reported today) which has an  aggregated short interest worth USD 23.9bn.
We tabulate league table for top short by value and short as multiple of ADT.
We highlight short interest changes in Commonwealth Bank Of Australia, James Hardie Industries, Westpac, Suncorp, ANZ, Macquarie.


ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia, James Hardie Industries

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 14th (reported today) which has an aggregated short interest worth USD22.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 14th (reported today) which has an aggregated short interest worth USD22.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.


ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 2 changes for the S&amp;P/ASX100 Index, 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and 16 adds/ 8 deletes for the S&amp;P/ASX300 Index.</li>
<li>The two big surprises are the inclusion of <a href="https://www.smartkarma.com/entities/guzman-y-gomez-limited" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (GYG AU)</a> and <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a> in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX300 Index.</li>
<li>The adds to the indices have outperformed the deletes over the last few months and there could be profit-taking in the next few days.</li>
</ul>


There are 2 changes for the S&amp;P/ASX100 Index, 3 changes for the S&amp;P/ASX 200 (AS51 INDEX) and 16 adds/ 8 deletes for the S&amp;P/ASX300 Index.
The two big surprises are the inclusion of Guzman Y Gomez (GYG AU) and Yancoal Australia (YAL AU) in the S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX300 Index.
The adds to the indices have outperformed the deletes over the last few months and there could be profit-taking in the next few days.


S&P/​​​​ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed

Australia

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

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Opthea Ltd (OPT AU)

Opthea (OPT AU): Getting Closer to Commercialization of First Drug; Fund Raising Adds to Confidence

Opthea has completed the production of three consecutive commercial-scale drug substance batches required for the validation of the manufacturing...

Tina Banerjee

APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Daiichi got EU approval for Enhertu. Kaken Pharma signed inlicensing deal, while ABL stuck outlicensing deal. Sun Pharma's Leqselvi is now free to...

Tina Banerjee

ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia, James Hardie Industries

We analyzed ASX short interest report for the past week and highlight short interest changes in Commonwealth Bank Of Australia, James Hardie...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

We analyzed ASX short interest report for the past week and highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed

The index rebalances at the close today. Stocks have moved a lot over the last couple of weeks since announcements and some positioning will be...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Opthea (OPT AU): Getting Closer to Commercialization of First Drug; Fund Raising Adds to Confidence

Opthea has completed the production of three consecutive commercial-scale drug substance batches required for the validation of the manufacturing...

Tina Banerjee

APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Daiichi got EU approval for Enhertu. Kaken Pharma signed inlicensing deal, while ABL stuck outlicensing deal. Sun Pharma's Leqselvi is now free to...

Tina Banerjee

ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia, James Hardie Industries

We analyzed ASX short interest report for the past week and highlight short interest changes in Commonwealth Bank Of Australia, James Hardie...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

We analyzed ASX short interest report for the past week and highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.

Ke Yan, CFA, FRM

S&P/​​​​ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed

The index rebalances at the close today. Stocks have moved a lot over the last couple of weeks since announcements and some positioning will be...

Brian Freitas

S&P/ASX Index Rebalance (Sep 2024): Two Big Surprises; Positioning Is Mixed