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

Alnylam Pharmaceuticals / Equity Bottom-Up

<ul><li>Alnylam Pharmaceuticals Inc., a leader in genetic medicine, reported strong results for the fourth quarter and full year 2024, achieving significant financial milestones and robust pipeline advancements.</li><li>The company announced net product revenues exceeding $1.6 billion, representing a notable 33% growth from the previous year.</li><li>This performance was driven by the continued uptake of their therapeutics for hereditary transthyretin mediated (hATTR) amyloidosis and other rare diseases.</li></ul>

Alnylam Pharmaceuticals Inc., a leader in genetic medicine, reported strong results for the fourth quarter and full year 2024, achieving significant financial milestones and robust pipeline advancements.The company announced net product revenues exceeding $1.6 billion, representing a notable 33% growth from the previous year.This performance was driven by the continued uptake of their therapeutics for hereditary transthyretin mediated (hATTR) amyloidosis and other rare diseases.

Alnylam Pharmaceuticals: The Groundbreaking ATTR Amyloidosis Expansion That’s Turning Heads!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen Inc (BIIB US)</a> are the main candidates for deletion based on their current and previous-review ranking.</li>
<li>
<a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> is expected to be deleted from the index by June 2025 following its $35bn acquisition by <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/united-airlines-holdings-inc" target="_blank" data-smartkarma-citation="entities:15776:1" rel="noopener">United Airlines Holdings (UAL US)</a> and <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> are <em>currently</em> the main candidates for addition, thus the first in line to replace <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a>.</li>
</ul>



MongoDB (MDB US) and Biogen Inc (BIIB US) are the main candidates for deletion based on their current and previous-review ranking.

Ansys Inc (ANSS US) is expected to be deleted from the index by June 2025 following its $35bn acquisition by Synopsys Inc (SNPS US). 

United Airlines Holdings (UAL US) and Alnylam Pharmaceuticals (ALNY US) are currently the main candidates for addition, thus the first in line to replace Ansys Inc (ANSS US).


Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

<ul><li>Alnylam Pharmaceuticals demonstrated strong financial and operational performance in its Q3 2024 results, marking a significant phase of growth and expansion across its product and pipeline portfolios.</li><li>The company reported a 34% year-over-year increase in global net product revenue, totaling $420 million.</li><li>This growth is predominantly attributed to the robust performance of its TTR franchise, which alone generated $309 million, reflecting a 34% increase from the previous year.</li></ul>

Alnylam Pharmaceuticals demonstrated strong financial and operational performance in its Q3 2024 results, marking a significant phase of growth and expansion across its product and pipeline portfolios.The company reported a 34% year-over-year increase in global net product revenue, totaling $420 million.This growth is predominantly attributed to the robust performance of its TTR franchise, which alone generated $309 million, reflecting a 34% increase from the previous year.

Alnylam Pharmaceuticals: Pipeline Expansion In Neurodegenerative Diseases As A Pivotal Factor Driving Growth! - Major Drivers

Monolithic Power Systems, Inc / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> is a direct addition followed by <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. </li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> , <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna (MRNA US)</a> are amongst the prioritized constituents preventing eligible candidates from entering the index. </li>
</ul>



Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.

Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 

Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 


Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

Equity Long-Short Analyst

Pyari Menon

Clinuvel Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clinuvel-pharmaceuticals-limited" target="_blank" data-smartkarma-citation="entities:17714:1" rel="noopener">Clinuvel Pharmaceuticals (CUV AU)'s</a> Scenesse is the only approved erythropoietic protoporphyria (EPP) treatment. Patent protection and orphan drug status solidifies Clinuvel’s market position.</li>
<li>Clinuvel is expanding Scenesse's (afamelanotide) use and developing and testing additional products for clinical and photo-cosmetic use. </li>
<li>Profitability metrics and growth are solid and cash position strong to support R&amp;D for trials and new product development.</li>
</ul>



Clinuvel Pharmaceuticals (CUV AU)'s Scenesse is the only approved erythropoietic protoporphyria (EPP) treatment. Patent protection and orphan drug status solidifies Clinuvel’s market position.
Clinuvel is expanding Scenesse's (afamelanotide) use and developing and testing additional products for clinical and photo-cosmetic use. 
Profitability metrics and growth are solid and cash position strong to support R&amp;D for trials and new product development.


Clinuvel: A Big Future in Skin Disease Treatment

United States

Alnylam Pharmaceuticals Inc. is an early-stage therapeutics company. The Company is developing technology that can specifically and potently silence disease-causing genes.

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Alnylam Pharmaceuticals (ALNY US)

Alnylam Pharmaceuticals: The Groundbreaking ATTR Amyloidosis Expansion That’s Turning Heads!

Alnylam Pharmaceuticals Inc., a leader in genetic medicine, reported strong results for the fourth quarter and full year 2024, achieving...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

Ansys (ANSS) is expected to be deleted from Nasdaq100 by June 2025 following its acquisition by Synopsys (SNPS). United Airlines (UAL) and Alnylam...

Dimitris Ioannidis

Alnylam Pharmaceuticals: Pipeline Expansion In Neurodegenerative Diseases As A Pivotal Factor Driving Growth! - Major Drivers

Alnylam Pharmaceuticals demonstrated strong financial and operational performance in its Q3 2024 results, marking a significant phase of growth...

Baptista Research

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

Clinuvel: A Big Future in Skin Disease Treatment

Clinuvel is a strong investment due to its monopoly on the only approved EPP treatment (Scenesse), patent protection, orphan drug status, solid...

Pyari Menon

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52-week Range

Market Cap (USDm)

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Alnylam Pharmaceuticals: The Groundbreaking ATTR Amyloidosis Expansion That’s Turning Heads!

Alnylam Pharmaceuticals Inc., a leader in genetic medicine, reported strong results for the fourth quarter and full year 2024, achieving...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

Ansys (ANSS) is expected to be deleted from Nasdaq100 by June 2025 following its acquisition by Synopsys (SNPS). United Airlines (UAL) and Alnylam...

Dimitris Ioannidis

Alnylam Pharmaceuticals: Pipeline Expansion In Neurodegenerative Diseases As A Pivotal Factor Driving Growth! - Major Drivers

Alnylam Pharmaceuticals demonstrated strong financial and operational performance in its Q3 2024 results, marking a significant phase of growth...

Baptista Research

Nasdaq-100 December 2024 Forecasts: Monolithic Power & AppLovin It; Dollar Tree Needs Watering

​MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...

Dimitris Ioannidis

Clinuvel: A Big Future in Skin Disease Treatment

Clinuvel is a strong investment due to its monopoly on the only approved EPP treatment (Scenesse), patent protection, orphan drug status, solid...

Pyari Menon

MPWR and APP are the top candidates for inclusion with an average forecasted demand at nearly $2bn and 3.5 ADV, while DLTR and ILMN face a high...