Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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

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<li>Fortrea's second quarter 2024 earnings elucidate a blend of progression and challenges in its trajectory as an independent pure-play Clinical Research Organization (CRO).</li>
<li>Following the spin-off from its parent company, the organization targets both growth from biotechnology firms and expanded engagements with large pharmaceutical companies.</li>
<li>CEO Tom Pike articulated Fortrea's leveraging of its robust services across various clinical trial phases and several therapeutic areas to enhance its market position, but also acknowledged uncertainties in contracting with biotech firms that have skewed the company's book-to-bill ratio below the target of 1.2, marking it at just under 1 this quarter.</li>
</ul>


Fortrea's second quarter 2024 earnings elucidate a blend of progression and challenges in its trajectory as an independent pure-play Clinical Research Organization (CRO).
Following the spin-off from its parent company, the organization targets both growth from biotechnology firms and expanded engagements with large pharmaceutical companies.
CEO Tom Pike articulated Fortrea's leveraging of its robust services across various clinical trial phases and several therapeutic areas to enhance its market position, but also acknowledged uncertainties in contracting with biotech firms that have skewed the company's book-to-bill ratio below the target of 1.2, marking it at just under 1 this quarter.


Fortrea Holdings Inc.: Are They Improving Their Strategic Positioning in Clinical Phases?