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

<ul><li>Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts.</li><li>The company, which specializes in the ENHANZE drug delivery technology, reported robust second-quarter earnings, with total revenue hitting $231 million, showing a growth that aligns with the company's full-year expectations of 13% to 22%.</li><li>Notably, royalty revenues increased by 12%, reaching $125 million.</li></ul>

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts.The company, which specializes in the ENHANZE drug delivery technology, reported robust second-quarter earnings, with total revenue hitting $231 million, showing a growth that aligns with the company's full-year expectations of 13% to 22%.Notably, royalty revenues increased by 12%, reaching $125 million.

<ul><li>Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.</li><li>Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).</li><li>With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.</li></ul>

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

<ul><li>Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading differentiating drug delivery technologies ENHANZE and Auto-Injectors, as well as the commercial products XYOSTED and Hylenex.</li><li>For 2023, the company delivered a 26% year-over-year increase in total revenue to $829 million and recorded a $448 million high in royalty revenue, indicating a 24% rise year-over-year.</li><li>Adjusted EBITDA also experienced an increase of 19% to $426 million and non-GAAP diluted earnings per share growth of 25% to $2.77 for the full year 2023.</li></ul>

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading differentiating drug delivery technologies ENHANZE and Auto-Injectors, as well as the commercial products XYOSTED and Hylenex.For 2023, the company delivered a 26% year-over-year increase in total revenue to $829 million and recorded a $448 million high in royalty revenue, indicating a 24% rise year-over-year.Adjusted EBITDA also experienced an increase of 19% to $426 million and non-GAAP diluted earnings per share growth of 25% to $2.77 for the full year 2023.

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

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>Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).</li>
<li>The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.</li>
<li>If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership</li>
</ul>


Semiconductors (SMH,SOXX,NVDA,AVGO) have been leadership since late-2022, but they're extended and starting to see profit taking as market participants rotate into other laggard areas of the market (especially Energy).
The question is whether this new trend lasts a few days, or if this is the start of longer-term trend.
If there will be any lasting rotation away from Technology/semiconductors, SPX and QQQ would need to break strong short-term supports at 5370-5380 and $468-469, respectively. Until then, Tech/semis remain leadership


Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.</li>
<li>Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.</li>
<li>Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  </li>
</ul>



Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  


Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

United States

Halozyme Therapeutics, Inc. is a biopharmaceutical company developing products for the diabetes, cancer, dermatology and drug delivery markets. The Company's platform technology is based on recombinant human hyaluronidase plus additional enzymes. Halozyme applies its technology to its proprietary programs and to partnerships with pharmaceutical companies.

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Halozyme Therapeutics (HALO US)

Halozyme Therapeutics Inc.: New Launches

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts. The company, which specializes in...

Baptista Research

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and...

Baptista Research

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading...

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Halozyme Therapeutics Inc.: New Launches

Halozyme's recent quarterly performance underscored a strong trajectory in its financial and operational fronts. The company, which specializes in...

Baptista Research

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! - Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and...

Baptista Research

Halozyme Therapeutics: Initiation Of Coverage - A Solid Pipeline Supporting Future Growth! - Major Drivers

Halozyme Therapeutics Inc. showcased a strong financial and operating result in the fourth quarter and full year of 2023, fueled by leading...

Baptista Research

Rotation Is the Lifeblood of a Bull Market; Still Bullish; Supports at SPX 5370-5380, QQQ $468-469

Rotation is the Lifeblood of a Bull Market; Bullish Outlook Intact; Expecting Short-term Support at $SPX 5370-5380 and $QQQ $468-469 (20-day MAs...

Vermilion Research

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

​Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...

Tina Banerjee

Alteogen modifies license agreement with Merck, granting exclusive global rights for ALT-B4 for pembrolizumab for an upfront payment of $20M and...