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 delivered robust financial and operational performance in 2025, highlighted by significant achievements in their commercial and research initiatives.</li><li>The company reported nearly $3 billion in net product revenues, an 81% increase from the previous year, driven primarily by the successful launch of AMVUTTRA for treating ATTR cardiomyopathy.</li><li>This achievement underscores Alnylam's strong market position in RNAi therapeutics as they met or exceeded their ambitious P5x25 goals, achieving GAAP profitability for the full year.</li></ul>

Alnylam Pharmaceuticals delivered robust financial and operational performance in 2025, highlighted by significant achievements in their commercial and research initiatives.The company reported nearly $3 billion in net product revenues, an 81% increase from the previous year, driven primarily by the successful launch of AMVUTTRA for treating ATTR cardiomyopathy.This achievement underscores Alnylam's strong market position in RNAi therapeutics as they met or exceeded their ambitious P5x25 goals, achieving GAAP profitability for the full year.

Alnylam Pharmaceuticals’ Collaboration Engine—How Roche

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.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<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> just became eligible for S&amp;P500 following positive earnings released on 30 October 2025.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top 5 addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
<li>Top 3 addition candidates for S&amp;P500 are <a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH</a>, <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">FIX</a> and <a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">PSTG</a> with the next inclusion expected by the end of November following the Omnicom-Interpublic $13bn acquisition.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US) just became eligible for S&amp;P500 following positive earnings released on 30 October 2025.
The company's market cap and other eligibility metrics are estimated to place it among the top 5 addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.
Top 3 addition candidates for S&amp;P500 are CRH, FIX and PSTG with the next inclusion expected by the end of November following the Omnicom-Interpublic $13bn acquisition.


Alnylam Pharmaceuticals (ALNY US): On Track for S&P500 Inclusion Following Positive Earnings

<ul><li>Alnylam Pharmaceuticals' third quarter of 2025 highlighted a significant period of growth and strategic execution for the company.</li><li>This growth is seen across various aspects of their business model, including commercial performance, pipeline advancements, and financial outcomes.</li><li>However, it is also a period marked by substantial commitments to future success, which carry their own set of risks and uncertainties.</li></ul>

Alnylam Pharmaceuticals' third quarter of 2025 highlighted a significant period of growth and strategic execution for the company.This growth is seen across various aspects of their business model, including commercial performance, pipeline advancements, and financial outcomes.However, it is also a period marked by substantial commitments to future success, which carry their own set of risks and uncertainties.

Alnylam Pharmaceuticals: Its Advancement of ALN-6400 Hemostatic Program & Other Major Drivers

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).</li>
<li>We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"</li>
</ul>


We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"


New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

<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

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’ Collaboration Engine—How Roche

Alnylam Pharmaceuticals delivered robust financial and operational performance in 2025, highlighted by significant achievements in their...

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