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

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>We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral</li>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here</li>
<li>Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200</li>
</ul>


We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200


Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Simcere Pharmaceutical Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.</li>
<li>The company intends to apply 90% of the net proceeds for the R&amp;D-related expenditures. For context, Simcere has over 60 R&amp;D pipelines of innovative drugs.</li>
<li>Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.   </li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.
The company intends to apply 90% of the net proceeds for the R&amp;D-related expenditures. For context, Simcere has over 60 R&amp;D pipelines of innovative drugs.
Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.   


Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene (6160 HK)</a> reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.</li>
<li>In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.</li>
<li>BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.</li>
</ul>



BeiGene (6160 HK) reported 2Q25 revenues of $1.3B, up 42% YoY (1H25 Revenue: $2.4B, up 45%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 2Q25, U.S. sale of Brukinsa was $684M, up 43% YoY. For three consecutive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $583M in 2Q25.
BeiGene now expects 2025 revenue to be in the range of $5.0–5.3B (up 29–39% YoY) compared to the previous revenue guidance of $4.9–5.3B.


BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Ascentage Pharma Group Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ascentage-pharma-group-inter" target="_blank" data-smartkarma-citation="entities:27824:1" rel="noopener">Ascentage Pharma Group Corp (6855 HK)</a> announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.</li>
<li>The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.</li>
<li>The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.</li>
</ul>



Ascentage Pharma Group Corp (6855 HK) announced the placement of 22M shares for subscription at HK$68.6 per share, representing 8% discount to last trading price before announcement.
The company intends to use the net proceeds for commercialization efforts, global clinical development to advance the core pipeline candidates and for infrastructure and working capital to strengthen global operations.
The launch of lisaftoclax in China followed by eventual approval olverembatinib in US would be the near-term triggers for the company.


Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

United States

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including multiple sclerosis, parkinson's, and alzheimer's disease.

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AbbVie (ABBV UN)

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

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

Simcere Pharmaceutical is placing 120M shares at the price of HK$12.95 per share. The company intends to apply 90% of the net proceeds for the R&D...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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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

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

Simcere Pharmaceutical is placing 120M shares at the price of HK$12.95 per share. The company intends to apply 90% of the net proceeds for the R&D...

Tina Banerjee

BeiGene (6160 HK): Brukinsa Extend Lead in US, Robust Pipeline, Positive Guidance Revision

Beigene announced positive topline results from Phase 1/2 study of sonrotoclax, a next-generation and potentially best-in-class investigational...

Tina Banerjee

Ascentage Pharma (6855 HK): Placement Priced Reasonably; Pipeline Leads to Niche Market Opportunity

​Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...

Tina Banerjee

Ascentage Pharma is placing 22M shares at HK$68.6/share, 8% discount to last trading price. Proceeds will fund commercialization efforts and...