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>Amgen has reignited investor interest in the obesity drug space with its latest update on MariTide, a GLP-1 agonist that could reshape the competitive dynamics currently dominated by Eli Lilly and Novo Nordisk.</li><li>In a Phase 2 study, MariTide helped patients maintain 17% to 18% weight loss into the second year—levels on par with current market leaders.</li><li>However, Amgen is positioning MariTide as a superior offering with a differentiated edge: the potential for less frequent dosing—monthly or even quarterly—compared to the weekly injections required for Lilly and Novo’s therapies.</li></ul>

Amgen has reignited investor interest in the obesity drug space with its latest update on MariTide, a GLP-1 agonist that could reshape the competitive dynamics currently dominated by Eli Lilly and Novo Nordisk.In a Phase 2 study, MariTide helped patients maintain 17% to 18% weight loss into the second year—levels on par with current market leaders.However, Amgen is positioning MariTide as a superior offering with a differentiated edge: the potential for less frequent dosing—monthly or even quarterly—compared to the weekly injections required for Lilly and Novo’s therapies.

Amgen’s Obesity Drug May Crush Novo Nordisk & Lilly With Just Four Shots A Year!

<ul><li>Amgen Inc. has taken a bold step into the oncology innovation frontier with its acquisition of UK-based Dark Blue Therapeutics, a private biotech firm advancing small molecule-targeted protein degraders, in a deal worth up to $840 million.</li><li>The move, announced on January 6, 2026, aims to expand Amgen’s investigational portfolio with a compound targeting MLLT1/3—two proteins implicated in the progression of acute myeloid leukemia (AML), one of the most aggressive blood cancers.</li><li>This acquisition underscores Amgen’s intensified focus on early-stage oncology assets that leverage novel therapeutic mechanisms.</li></ul>

Amgen Inc. has taken a bold step into the oncology innovation frontier with its acquisition of UK-based Dark Blue Therapeutics, a private biotech firm advancing small molecule-targeted protein degraders, in a deal worth up to $840 million.The move, announced on January 6, 2026, aims to expand Amgen’s investigational portfolio with a compound targeting MLLT1/3—two proteins implicated in the progression of acute myeloid leukemia (AML), one of the most aggressive blood cancers.This acquisition underscores Amgen’s intensified focus on early-stage oncology assets that leverage novel therapeutic mechanisms.

Amgen Quietly Acquires UK Biotech—Is This a Pipeline Power Play?

<ul><li>Amgen reported notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion.</li><li>The company's volume growth was strong at 14%, reflecting increasing demand for its medicines amidst declining selling prices in the industry.</li><li>Several key products, including Repatha, EVENITY, and TEZSPIRE, contributed to the growth, with 16 products achieving double-digit sales increases and 14 products surpassing $1 billion in annualized sales.</li></ul>

Amgen reported notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion.The company's volume growth was strong at 14%, reflecting increasing demand for its medicines amidst declining selling prices in the industry.Several key products, including Repatha, EVENITY, and TEZSPIRE, contributed to the growth, with 16 products achieving double-digit sales increases and 14 products surpassing $1 billion in annualized sales.

Amgen: Diversification Through Newer Blockbusters & A Strengthening Late-Stage Pipeline Rewriting Its Growth Story!

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

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.</li>
<li>Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.</li>
<li>Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.</li>
</ul>


CSPC Pharmaceutical’s NDA for Anbenitamab injection has been accepted in China. Phase 2 trial of Lead candidate of TransThera Sciences, Tinengotinib in combination with Fulvestrant for breast cancer got approval.
Samsung Biologics signed CMO contract worth $1.3B with a U.S.-based pharmaceutical company. Daiichi Sankyo reported positive clinical trial result for ifinatamab deruxtecan in SCLC.
Sun Pharmaceutical’s Halol facility is under import alert, resulting in the refusal of shipments from the facility into the U.S. Biocon inaugurates its first U.S. manufacturing facility in New Jersey.


APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures, and markets medicines for grievous illnesses. The Company focuses on human therapeutics and concentrates on innovating novel medicines based on cellular and molecular biology.

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Amgen (AMGN UW)

Amgen’s Obesity Drug May Crush Novo Nordisk & Lilly With Just Four Shots A Year!

Amgen has reignited investor interest in the obesity drug space with its latest update on MariTide, a GLP-1 agonist that could reshape the...

Baptista Research

Amgen Quietly Acquires UK Biotech—Is This a Pipeline Power Play?

Amgen Inc. has taken a bold step into the oncology innovation frontier with its acquisition of UK-based Dark Blue Therapeutics, a private biotech...

Baptista Research

Amgen: Diversification Through Newer Blockbusters & A Strengthening Late-Stage Pipeline Rewriting Its Growth Story!

Amgen reported notable financial results for Q3 2025 with revenue growth of 12% year-over-year, reaching $9.6 billion. The company's volume growth...

Baptista Research

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

APAC Healthcare Weekly (September 14)–CSPC Pharm, TransThera, Samsung Bio, Daiichi Sankyo, Sun Pharm

CSPC Pharma’s NDA for Anbenitamab injection has been accepted in China. TransThera got trial approval for lead candidate. Samsung Bio signed $1.3B...

Tina Banerjee

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