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>Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.</li><li>This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.</li><li>The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.</li></ul>

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator specializing in macrocyclic peptides.This move signals Biogen's intensified push into the immunology space, a significant pivot from its traditional focus on neuroscience.The deal gives Biogen early access to a platform designed to develop oral treatments for autoimmune and inflammatory conditions—categories currently dominated by injectable therapies.

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

<ul><li>Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.</li><li>The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.</li><li>The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.</li></ul>

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio's pressures while harnessing new growth avenues primarily through its launch products.The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul><li>Biogen's second-quarter 2025 results present a mixed picture regarding its financial and operational performance.</li><li>The company reported overall revenue growth driven largely by the increasing demand for its newer products, despite continued challenges in its core multiple sclerosis (MS) business.</li><li>The new product launches, such as VUMERITY, LEQEMBI, ZURZUVAE, and SKYCLARYS, showed significant sequential sales growth.</li></ul>

Biogen's second-quarter 2025 results present a mixed picture regarding its financial and operational performance.The company reported overall revenue growth driven largely by the increasing demand for its newer products, despite continued challenges in its core multiple sclerosis (MS) business.The new product launches, such as VUMERITY, LEQEMBI, ZURZUVAE, and SKYCLARYS, showed significant sequential sales growth.

Biogen’s Alzheimer’s Breakthroughs: Could AHEAD 3-45 Redefine Early Treatment?

<ul><li>Biogen Inc. provided a mixed set of results in its first quarter of 2025, revealing both opportunities for its growing portfolio and challenges with its traditional business lines.</li><li>Starting with the positives, the company has made significant strides with its newer products, contrasting its historically dominant but declining multiple sclerosis (MS) portfolio.</li><li>The newer products, including rare disease drugs like ZURZUVAE, LEQEMBI, and VUMERITY, now account for approximately 45% of Biogen’s product revenue.</li></ul>

Biogen Inc. provided a mixed set of results in its first quarter of 2025, revealing both opportunities for its growing portfolio and challenges with its traditional business lines.Starting with the positives, the company has made significant strides with its newer products, contrasting its historically dominant but declining multiple sclerosis (MS) portfolio.The newer products, including rare disease drugs like ZURZUVAE, LEQEMBI, and VUMERITY, now account for approximately 45% of Biogen’s product revenue.

Biogen Inc.: The Game-Changing Subcutaneous LEQEMBI Might Just Be Its Single-Biggest Future Growth Catalyst!

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company products address diseases such as multiple sclerosis, non-hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

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Biogen (BIIB UW)

Biogen's $50 Million Immunology Power Move: Are Oral Peptides The Future?

Biogen Inc. has made headlines with its latest strategic maneuver: a $50 million research partnership with Dayra Therapeutics, a biotech innovator...

Baptista Research

Biogen’s Alzheimer’s Bet: Can the EVOKE Trial Redefine the Future of Neurology?

Biogen's third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth...

Baptista Research

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

Walmart’s move from NYSE to Nasdaq positions it as the largest forecasted inclusion in Nasdaq100 for the December 2026 review, attracting...

Dimitris Ioannidis

Biogen’s Alzheimer’s Breakthroughs: Could AHEAD 3-45 Redefine Early Treatment?

Biogen's second-quarter 2025 results present a mixed picture regarding its financial and operational performance. The company reported overall...

Baptista Research

Biogen Inc.: The Game-Changing Subcutaneous LEQEMBI Might Just Be Its Single-Biggest Future Growth Catalyst!

Biogen Inc. provided a mixed set of results in its first quarter of 2025, revealing both opportunities for its growing portfolio and challenges...

Baptista Research

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