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>AbCellera Biologics has suddenly become one of biotech’s most closely watched names after its experimental menopause treatment, ABCL635, delivered positive Phase 2 results and sent the stock surging 34% in a single session.</li><li>The candidate met its primary efficacy endpoints, with a single dose significantly reducing both the frequency and severity of moderate-to-severe hot flashes by week four versus placebo.</li><li>Patients also reported better sleep and broader improvements in how they felt, while all 92 participants completed the study without discontinuing because of side effects.</li></ul>

AbCellera Biologics has suddenly become one of biotech’s most closely watched names after its experimental menopause treatment, ABCL635, delivered positive Phase 2 results and sent the stock surging 34% in a single session.The candidate met its primary efficacy endpoints, with a single dose significantly reducing both the frequency and severity of moderate-to-severe hot flashes by week four versus placebo.Patients also reported better sleep and broader improvements in how they felt, while all 92 participants completed the study without discontinuing because of side effects.

AbCellera Stock Exploded 34% On Its Menopause Drug—Could This Be Its Blockbuster Breakthrough?

Healthcare Analyst

Wilfred Yuen

Equity Capital Markets

Iambic Therapeutics / Equity Capital Markets

<ul>
<li>Founded in 2019 and backed by NVIDIA, Iambic is a technology and clinical-stage biotech company. S1 was filed on 21 September.</li>
<li>Iambic's value creation hinges on 1) its molecular superintelligence platform (flagship AI models Enchant/NeuralPLexer), 2) pipeline: partnered/wholly-owned programs including clinical-stage IAM1363 (Type2 HER2 inhibitor), 3) a growing roster of partnerships</li>
<li>1H26 collaboration revenue and net loss amounted to US$12.8m (vs. US$3.9m in 1H25) and US$50.2m, respectively. See inside for more on Iambic AI models and IAM1363 clinical data</li>
</ul>


Founded in 2019 and backed by NVIDIA, Iambic is a technology and clinical-stage biotech company. S1 was filed on 21 September.
Iambic's value creation hinges on 1) its molecular superintelligence platform (flagship AI models Enchant/NeuralPLexer), 2) pipeline: partnered/wholly-owned programs including clinical-stage IAM1363 (Type2 HER2 inhibitor), 3) a growing roster of partnerships
1H26 collaboration revenue and net loss amounted to US$12.8m (vs. US$3.9m in 1H25) and US$50.2m, respectively. See inside for more on Iambic AI models and IAM1363 clinical data


Iambic Tx IPO First-Read: AI Models Enchant/NeuralPLexer, IAM1363 (Type II HER2i), Partnerships

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio (MTB HK)</a>, an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million.</li>
<li>Metis has over 10 pipeline products, comprising 4 pre-clinical candidates, 3 clinical-stage products (MTS-201, MTS-105, MTS-109), 1 pre-NDA product (MTS-004) and 2 animal health products (PTS-201, PTS-101).</li>
<li>The investment case is bullish, driven by MTS-004's first-mover position, promising clinical-stage products, and strong licensing agreements.</li>
</ul>



Metis TechBio (MTB HK), an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million.
Metis has over 10 pipeline products, comprising 4 pre-clinical candidates, 3 clinical-stage products (MTS-201, MTS-105, MTS-109), 1 pre-NDA product (MTS-004) and 2 animal health products (PTS-201, PTS-101).
The investment case is bullish, driven by MTS-004's first-mover position, promising clinical-stage products, and strong licensing agreements.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Insilico Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine Cayman TopCo (ISM HK)</a> is looking to raise around US$293m in its upcoming Hong Kong IPO.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



InSilico Medicine Cayman TopCo (ISM HK) is looking to raise around US$293m in its upcoming Hong Kong IPO.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we look at the company’s past performance.


Insilico Medicine Pre-IPO - An Emerging AI-Enabled Drug Discovery Platform

Canada

AbCellera Biologics Inc. operates as a pharmaceutical company. The Company discovers and develops next generation therapeutic antibodies through combination of technologies including proprietary immunizations, microfluidics, high-throughput imaging, genomics, computation, and laboratory automation. AbCellera Biologics serves customers in Canada.

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AbCellera Biologics (ABCL US)

AbCellera Stock Exploded 34% On Its Menopause Drug—Could This Be Its Blockbuster Breakthrough?

AbCellera Biologics has suddenly become one of biotech’s most closely watched names after its experimental menopause treatment, ABCL635, delivered...

Baptista Research

Iambic Tx IPO First-Read: AI Models Enchant/NeuralPLexer, IAM1363 (Type II HER2i), Partnerships

NVIDIA-backed AI drug discovery Iambic Tx filed S1 last week. Our first-take: 1) its flagship AI models Enchant/NeuralPLexer, 2) clinical-stage...

Wilfred Yuen

Metis TechBio IPO: The Investment Case

Metis TechBio, an AI-driven nanomaterial platform technology company, is pre-marketing an HKEx IPO to raise US$300 million. In this note, I discuss...

Arun George

Insilico Medicine Pre-IPO - An Emerging AI-Enabled Drug Discovery Platform

Insilico is a global drug discovery & development company that leverages its proprietary AI platform, to identify & design early-stage drug...

Akshat Shah

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