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.

Equity Capital Markets

Jacobio Pharmaceuticals / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1588148D CH)</a> is a clinical-stage pharma company focusing on the in-house discovery and development of innovative oncology therapies. Jacobio’s strategy of “drugging the undruggable” is based on developing clinical-stage small-molecule drug candidates to modulate enzymes by binding to their allosteric sites. Jacobio is backed by Qiming Venture Partners, Hillhouse Capital, LAV, <a href="https://www.smartkarma.com/entities/center-laboratories-inc" target="_blank" data-smartkarma-citation="entities:10778:1" rel="noopener">Center Laboratories (4123 TT)</a> and CICC Capital Management. The Series C+ round in February 2020 raised $26.0 million at a post-money valuation of $455 million. <div class="content-highlight">Jacobio is seeking to raise $300 million through a Hong Kong IPO. Jacobio is one of the few Chinese biotechs which have licensed out their drug candidates to leading global pharma companies such as <a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a>. Jacobio claims to have discovered several drug candidates with the potential to be among the first few market entrants in their respective drug classes globally. Overall, we believe that Jacobio’s clinical assets are attractive. </div>

Jacobio Pharmaceuticals (1588148D CH) is a clinical-stage pharma company focusing on the in-house discovery and development of innovative oncology therapies. Jacobio’s strategy of “drugging the undruggable” is based on developing clinical-stage small-molecule drug candidates to modulate enzymes by binding to their allosteric sites. Jacobio is backed by Qiming Venture Partners, Hillhouse Capital, LAV, Center Laboratories (4123 TT) and CICC Capital Management. The Series C+ round in February 2020 raised $26.0 million at a post-money valuation of $455 million. Jacobio is seeking to raise $300 million through a Hong Kong IPO. Jacobio is one of the few Chinese biotechs which have licensed out their drug candidates to leading global pharma companies such as Abbvie Inc (ABBV US). Jacobio claims to have discovered several drug candidates with the potential to be among the first few market entrants in their respective drug classes globally. Overall, we believe that Jacobio’s clinical assets are attractive. 

Jacobio Pharma IPO Initiation: Drugging the Undruggable

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Jacobio Pharmaceuticals Group is a pre-revenue pharmaceutical company focused on “drugging the undruggable” targets to treat cancer. The company's pipeline is cutting edge and early stage, but comes with relatively high risk. A license and collaboration agreement with multinational <a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a> provides validation and non-dilutive funding. The management team is experienced and accomplished. The venture investors are credible; and the patent estate has a long life.This Insight provides an overview of the business, including some initial thoughts on valuation. We will provide an update with more definitive views on valuation in a future Insight.

Jacobio Pharmaceuticals Group is a pre-revenue pharmaceutical company focused on “drugging the undruggable” targets to treat cancer. The company's pipeline is cutting edge and early stage, but comes with relatively high risk. A license and collaboration agreement with multinational Abbvie Inc (ABBV US) provides validation and non-dilutive funding. The management team is experienced and accomplished. The venture investors are credible; and the patent estate has a long life.This Insight provides an overview of the business, including some initial thoughts on valuation. We will provide an update with more definitive views on valuation in a future Insight.

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

With the S&amp;P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of the uptrends that began in March... see charts below. Therefore, we continue to have a bullish outlook and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Health Care and Materials: Biotech, Large-Cap, Biotech, Mid-Cap, Gold, Western Hemisphere, Small-Cap, and Silver, Platinum.

With the S&amp;P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of the uptrends that began in March... see charts below. Therefore, we continue to have a bullish outlook and we believe the path of least resistance remains higher. In today’s report we highlight attractive Groups and stocks within Health Care and Materials: Biotech, Large-Cap, Biotech, Mid-Cap, Gold, Western Hemisphere, Small-Cap, and Silver, Platinum.

U.S. Equity Strategy: Bullish Outlook Intact

Akeso Biopharma Inc / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (1495016D CH)</a> is a clinical-stage biopharmaceutical company with aims to address global unmet medical needs in oncology, immunology and other therapeutic areas. Amid the extreme market volatility, it is braving the moribund IPO market by pre-marketing a Hong Kong IPO to raise $200-300 million. <div class="content-highlight">Akesobio has strong pedigree due to a combination of credible pre-IPO investors and partnerships with leading pharma companies. The four core drug candidates which target an array of indications are AK104 (PD-1/CTLA-4), penpulimab (AK105) (PD-1), AK101 (IL-12/IL-23) and ebronucimab (AK102) (PCSK9). Overall, we believe that most of the key products have good prospects.</div>

Akeso Biopharma Inc (1495016D CH) is a clinical-stage biopharmaceutical company with aims to address global unmet medical needs in oncology, immunology and other therapeutic areas. Amid the extreme market volatility, it is braving the moribund IPO market by pre-marketing a Hong Kong IPO to raise $200-300 million. Akesobio has strong pedigree due to a combination of credible pre-IPO investors and partnerships with leading pharma companies. The four core drug candidates which target an array of indications are AK104 (PD-1/CTLA-4), penpulimab (AK105) (PD-1), AK101 (IL-12/IL-23) and ebronucimab (AK102) (PCSK9). Overall, we believe that most of the key products have good prospects.

Akesobio IPO Initiation: The Tough Get Going

S&amp;P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance in 2015-2016 at 2,130-2,200. The 2,346 level would make a lot of sense, however there is nothing that says we can’t be down 35% (coinciding with the 2,130-2,200 level) or more from the highs. Ultimately, COVID-19 is holding the market hostage and it likely will stay that way until the virus spread diminishes.

S&amp;P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance in 2015-2016 at 2,130-2,200. The 2,346 level would make a lot of sense, however there is nothing that says we can’t be down 35% (coinciding with the 2,130-2,200 level) or more from the highs. Ultimately, COVID-19 is holding the market hostage and it likely will stay that way until the virus spread diminishes.

S&P 500 Technical Appraisal and Support Levels

United States

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

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Amgen Inc (AMGN US)

Jacobio Pharma IPO Initiation: Drugging the Undruggable

Jacobio is seeking to raise $300 million through a Hong Kong IPO. Overall, we believe that Jacobio’s clinical assets are attractive.

Arun George

Jacobio Pharma: Focus on Novel Targets

An in-depth overview of the proposed listing of Jacobio Pharmaceuticals using a framework that touches on the science, market opportunity,...

Kemp Dolliver, CFA

U.S. Equity Strategy: Bullish Outlook Intact

With the S&P 500 breaking above the June highs and the Russell 2000 bullishly inflecting topside a ~1-month base, it signals a continuation of...

Vermilion Research

Akesobio IPO Initiation: The Tough Get Going

Akeso Biopharma Inc (1495016D CH) is a clinical-stage biopharmaceutical company with aims to address global unmet medical needs in oncology,...

Arun George

S&P 500 Technical Appraisal and Support Levels

S&P 500 Potential Support Levels. Current logical support levels we are monitoring include the December 2018 low of 2,346 and prior resistance...

Vermilion Research

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