Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.</li>
<li>In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. </li>
<li>We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.</li>
</ul>


Shares of Moderna Inc (MRNA US) underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.
In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. 
We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.


Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In 3Q24, <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> reported operating loss of KRW40B, compared with operating loss of KRW20B in 2Q24 mainly due to anemic gross profit margin and higher SG&amp;A expenses.</li>
<li>The company is expected to report sequentially better performance in 4Q24 on favorable product mix. Varicella vaccine export is expected to increase, while Sanofi vaccine distribution revenue is showing uptrend.</li>
<li>Commencement of global phase 3 trial of SK Bioscience-Sanofi’s next-generation pneumococcal conjugate vaccine, PCV21 will lay the foundation for the company’s next level of growth.</li>
</ul>


In 3Q24, SK Bioscience (302440 KS) reported operating loss of KRW40B, compared with operating loss of KRW20B in 2Q24 mainly due to anemic gross profit margin and higher SG&amp;A expenses.
The company is expected to report sequentially better performance in 4Q24 on favorable product mix. Varicella vaccine export is expected to increase, while Sanofi vaccine distribution revenue is showing uptrend.
Commencement of global phase 3 trial of SK Bioscience-Sanofi’s next-generation pneumococcal conjugate vaccine, PCV21 will lay the foundation for the company’s next level of growth.


SK Bioscience (302440 KS): Operating Loss Widened in 3Q; What Lies Ahead

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> secures 60% stake in IDT Biologika, a global CDMO company with state-of-the-art manufacturing facilities in Germany, for KRW339B ($244M). The valuation seems reasonable.</li>
<li>The transaction paves the way for SK bioscience to strengthen its global presence, notably in Europe and the U.S., and to diversify its business by expanding into bulk drug substances.</li>
<li>Based on the existing CDMO contracts, IDT Biologika’s outlook remains positive. SK bioscience aims to more than double its revenue and stabilize operating profit margins at 20%+.</li>
</ul>



SK Bioscience (302440 KS) secures 60% stake in IDT Biologika, a global CDMO company with state-of-the-art manufacturing facilities in Germany, for KRW339B ($244M). The valuation seems reasonable.
The transaction paves the way for SK bioscience to strengthen its global presence, notably in Europe and the U.S., and to diversify its business by expanding into bulk drug substances.
Based on the existing CDMO contracts, IDT Biologika’s outlook remains positive. SK bioscience aims to more than double its revenue and stabilize operating profit margins at 20%+.


SK Bioscience (302440 KS): Acquiring Majority Stake in IDT Biologika- A Step Toward ‘Globalization’

<ul>
<li>A new COVID variant JN.1 is spreading fast. WHO has classified JN.1 as “variant of interest” due to its “rapidly increasing spread.” Thus far, JN.1 has not caused severe infection.</li>
<li>Symptoms of JN.1 may not be as mild as Omicron variants. If JN.1 becomes deadlier and more infectious, diagnostics and vaccine players are going to be benefitted primarily.</li>
<li>In this insight we have discussed two Asian vaccine companies and one diagnostic company, which should be kept in the watchlist.</li>
</ul>


A new COVID variant JN.1 is spreading fast. WHO has classified JN.1 as “variant of interest” due to its “rapidly increasing spread.” Thus far, JN.1 has not caused severe infection.
Symptoms of JN.1 may not be as mild as Omicron variants. If JN.1 becomes deadlier and more infectious, diagnostics and vaccine players are going to be benefitted primarily.
In this insight we have discussed two Asian vaccine companies and one diagnostic company, which should be kept in the watchlist.


New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

United States

Novavax, Inc. is a clinical stage biotechnology company. The Company creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary virus-like particle (VLP) technology.

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Novavax (NVAX US)

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

SK Bioscience (302440 KS): Operating Loss Widened in 3Q; What Lies Ahead

SK Bioscience reported reported operating loss of KRW40B versus operating loss of KRW20B in 2Q24. However, performance is expected to improve in...

Tina Banerjee

SK Bioscience (302440 KS): Acquiring Majority Stake in IDT Biologika- A Step Toward ‘Globalization’

SK Bioscience secures 60% stake in IDT Biologika, a global CDMO company with state-of-the-art manufacturing facilities in Germany, for KRW339B...

Tina Banerjee

New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

A new COVID variant, JN.1, is spreading rapidly and has been classified as a "variant of interest" by WHO. If it becomes deadlier, vaccine and...

Tina Banerjee

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Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

Our analysis suggests that Moderna may boost share buyback and announce dividend payments in 2022 as cash pile will exceed $20 billion

Andrei Zakharov

SK Bioscience (302440 KS): Operating Loss Widened in 3Q; What Lies Ahead

​SK Bioscience reported reported operating loss of KRW40B versus operating loss of KRW20B in 2Q24. However, performance is expected to improve in...

Tina Banerjee

SK Bioscience (302440 KS): Acquiring Majority Stake in IDT Biologika- A Step Toward ‘Globalization’

SK Bioscience secures 60% stake in IDT Biologika, a global CDMO company with state-of-the-art manufacturing facilities in Germany, for KRW339B...

Tina Banerjee

New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

​A new COVID variant, JN.1, is spreading rapidly and has been classified as a "variant of interest" by WHO. If it becomes deadlier, vaccine and...

Tina Banerjee

SK Bioscience reported reported operating loss of KRW40B versus operating loss of KRW20B in 2Q24. However, performance is expected to improve in...

A new COVID variant, JN.1, is spreading rapidly and has been classified as a "variant of interest" by WHO. If it becomes deadlier, vaccine and...