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>Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance their operations.</li><li>The company's revenues for the quarter reached $476 million, marking a substantial 53% increase year-on-year and exceeding their January pre-announcement by $4 million.</li><li>This robust revenue growth is attributed to an increase in test volumes across their product lines, with a particular highlight on the 60% clinical volume growth of Signatera compared to the fourth quarter of 2023.</li></ul>

Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance their operations.The company's revenues for the quarter reached $476 million, marking a substantial 53% increase year-on-year and exceeding their January pre-announcement by $4 million.This robust revenue growth is attributed to an increase in test volumes across their product lines, with a particular highlight on the 60% clinical volume growth of Signatera compared to the fourth quarter of 2023.

Natera Inc.: Strong Execution in Revenue Per Test Powering Our Optimism!

<ul><li>Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations.</li><li>The company achieved a notable revenue increase, reaching $439.8 million, marking a 64% rise compared to the previous year.</li><li>This growth is largely attributed to robust performance across its testing portfolio, particularly within the oncology sector, where the company performed around 137,000 oncology tests, reflecting a substantial 54% year-over-year increase.</li></ul>

Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations.The company achieved a notable revenue increase, reaching $439.8 million, marking a 64% rise compared to the previous year.This growth is largely attributed to robust performance across its testing portfolio, particularly within the oncology sector, where the company performed around 137,000 oncology tests, reflecting a substantial 54% year-over-year increase.

Natera Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

<ul><li>Natera, Inc., during its Q1 2024 discussion, presented results that indicate robust financial and operational achievements alongside a renewed forward outlook reflecting the company's strong position in the genomic diagnostics market.</li><li>The company noted a significant increase in its revenue and volume growth across its diversified operational segments, which include oncology, organ health, and women's health.</li><li>Notably, Natera, Inc. achieved a major corporate milestone by reaching cash flow breakeven in Q1, significantly ahead of schedule.</li></ul>

Natera, Inc., during its Q1 2024 discussion, presented results that indicate robust financial and operational achievements alongside a renewed forward outlook reflecting the company's strong position in the genomic diagnostics market.The company noted a significant increase in its revenue and volume growth across its diversified operational segments, which include oncology, organ health, and women's health.Notably, Natera, Inc. achieved a major corporate milestone by reaching cash flow breakeven in Q1, significantly ahead of schedule.

Natera Inc.: Why We Are Neutral Despite These 5 Massive Growth Drivers! - Financial Forecasts

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>Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.</li>
<li>A historic selloff has ensued and significant damage has been done as market dynamics have worsened.</li>
<li>Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.</li>
</ul>


Since late-February (2/25/25 Compass) we expected an 8-10% pullback to provide a buying opportunity. But that all changed in last week's Compass (4/1/25), when we downgraded our outlook to bearish/cautious.
A historic selloff has ensued and significant damage has been done as market dynamics have worsened.
Until we see some base-building process develop alongside improving market dynamics, we remain cautious and we continue to favor defensives as long as the SPX is below its 200-day MA.


S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

Adtalem Global Education  / Technical Analysis

<ul>
<li>As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.</li>
<li>We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."</li>
<li>Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.</li>
</ul>


As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.
We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."
Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.


S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

United States

Natera, Inc. operates as a diagnostics company. The Company provides preconception and prenatal genetic testing services. Natera also offers pre-implantation genetic diagnosis, aneuploidy screening, translocation, and single gene testing services.

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Natera Inc (NTRA US)

Natera Inc.: Strong Execution in Revenue Per Test Powering Our Optimism!

Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance...

Baptista Research

Natera Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations. The...

Baptista Research

Natera Inc.: Why We Are Neutral Despite These 5 Massive Growth Drivers! - Financial Forecasts

Natera, Inc., during its Q1 2024 discussion, presented results that indicate robust financial and operational achievements alongside a renewed...

Baptista Research

S&P 500 and Nasdaq 100 Testing Prior 2022 Highs; Still Bearish and Cautious

$SPX and Nasdaq 100 $QQQ Testing Prior 2022 Highs; Upgrading Health Care $XLV; Downgrading Transportation $IYT; Still Bearish and Cautious; Sell...

Vermilion Research

S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

S&P 500 $SPX Holding Above Prior Breakout Level Yet Again, as are most indexes $QQQ $ARKK $IJH $DJI $RSP; Market Dynamics Remain Risk-On; Bullish...

Vermilion Research

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