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

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<li>
<a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.</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> is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.</li>
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<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> is <em>not </em>an expected deletion due to special ADR market cap treatment. <a href="https://www.smartkarma.com/entities/equinix-inc" target="_blank" data-smartkarma-citation="entities:17409:1" rel="noopener">Equinix Inc (EQIX US)</a> is <em>not </em>an expected addition because it is a REIT.</li>
</ul>



Palantir Technologies (PLTR US) is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.

Super Micro Computer (SMCI US) is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.

ARM Holdings (ARM US) is not an expected deletion due to special ADR market cap treatment. Equinix Inc (EQIX US) is not an expected addition because it is a REIT.


Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>Portfolio reshape mid-pivot—clean M&amp;A, messy pipeline. April and May arguably delivered the most significant portfolio reshape in Biogen’s recent history, accelerating the pivot from a declining MS franchise toward a diversified base spanning neurology, immunology, and rare disease.</li><li>In April, Biogen agreed to acquire TJ Biopharma’s Greater China rights to felzartamab, consolidating exclusive worldwide rights to the CD38-directed antibody in antibody-driven kidney disease.</li><li>May brought the close of the Apellis acquisition plus some clinical disappointments: CELIA Phase 2 results for diranersen (BIIB080), Biogen’s tau-targeting Alzheimer’s candidate; the failed Phase 2b LUMA readout for BIIB122, the Parkinson’s candidate partnered with Denali (NASDAQ: DNLI), which was subsequently discontinued; and the FDA review extension on the LEQEMBI IQLIK subcutaneous starting dose.</li></ul>

Portfolio reshape mid-pivot—clean M&amp;A, messy pipeline. April and May arguably delivered the most significant portfolio reshape in Biogen’s recent history, accelerating the pivot from a declining MS franchise toward a diversified base spanning neurology, immunology, and rare disease.In April, Biogen agreed to acquire TJ Biopharma’s Greater China rights to felzartamab, consolidating exclusive worldwide rights to the CD38-directed antibody in antibody-driven kidney disease.May brought the close of the Apellis acquisition plus some clinical disappointments: CELIA Phase 2 results for diranersen (BIIB080), Biogen’s tau-targeting Alzheimer’s candidate; the failed Phase 2b LUMA readout for BIIB122, the Parkinson’s candidate partnered with Denali (NASDAQ: DNLI), which was subsequently discontinued; and the FDA review extension on the LEQEMBI IQLIK subcutaneous starting dose.

BIIB: Reshaping Biogen; What the Latest Developments Tell Us About the 2027 Setup

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.

<ul><li>Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ Biopharma to acquire the latter’s exclusive rights to felzartamab in the Greater China region, thereby consolidating worldwide development and commercialization rights to the asset under one owner.</li><li>The transaction follows Biogen’s earlier acquisition of HI-Bio in 2024, which gave it rights to felzartamab outside Greater China, and it comes at a time when management is increasingly emphasizing late-stage pipeline execution as a bridge to offset erosion in the legacy multiple sclerosis franchise.</li><li>Under the agreement, TJ Biopharma is set to receive a $100 million upfront payment and could receive up to $750 million in commercial and sales milestones, alongside royalties on future net sales in Greater China.</li></ul>

Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ Biopharma to acquire the latter’s exclusive rights to felzartamab in the Greater China region, thereby consolidating worldwide development and commercialization rights to the asset under one owner.The transaction follows Biogen’s earlier acquisition of HI-Bio in 2024, which gave it rights to felzartamab outside Greater China, and it comes at a time when management is increasingly emphasizing late-stage pipeline execution as a bridge to offset erosion in the legacy multiple sclerosis franchise.Under the agreement, TJ Biopharma is set to receive a $100 million upfront payment and could receive up to $750 million in commercial and sales milestones, alongside royalties on future net sales in Greater China.

Biogen Buyout Bet On Felzartamab: A Hidden Blockbuster In The Making?

<ul><li>Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.</li><li>Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.</li><li>The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.</li></ul>

Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly above guidance, $3.3 billion in growth-product revenue, and a late-stage pipeline that management increasingly frames as the bridge to its next phase of expansion.Against that backdrop, Biogen’s March 31, 2026 agreement to acquire Apellis adds a new layer to that strategy.The proposed deal would bring in two commercialized complement medicines, EMPAVELI and SYFOVRE, for an upfront equity value of about $5.6 billion, plus contingent value rights tied to SYFOVRE sales milestones.

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!

<ul><li>2025 financial outperformance. Biogen ended 2025 with a strong quarter, with better-than-expected total revenue of $9.9 billion, up 2% Y/Y in reported and constant currency (CC) terms versus CC guidance of flat to increasing 1%.</li><li>2025 non-GAAP diluted EPS of $15.28 was above the guidance range of $14.50-15.00.</li><li>This outcome was despite the impact of 4Q25 IPR&amp;D charges of $222 million or $1.26/share compared with guidance of $1.25/share, reflecting the company’s aggressive growth in investment.</li></ul>

2025 financial outperformance. Biogen ended 2025 with a strong quarter, with better-than-expected total revenue of $9.9 billion, up 2% Y/Y in reported and constant currency (CC) terms versus CC guidance of flat to increasing 1%.2025 non-GAAP diluted EPS of $15.28 was above the guidance range of $14.50-15.00.This outcome was despite the impact of 4Q25 IPR&amp;D charges of $222 million or $1.26/share compared with guidance of $1.25/share, reflecting the company’s aggressive growth in investment.

BIIB: Strong 2026 EPS Guidance Surprise and a Catalyst-Rich Year Ahead

United States

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

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Biogen Inc (BIIB US)

Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

F1: 100%. All of the forecasts matched the index changes announced at the close of Friday 13 December. SMCI fell more than 11% in premarket trading...

Dimitris Ioannidis

BIIB: Reshaping Biogen; What the Latest Developments Tell Us About the 2027 Setup

Portfolio reshape mid-pivot—clean M&A, messy pipeline. April and May arguably delivered the most significant portfolio reshape in Biogen’s recent...

Water Tower Research

Biogen Buyout Bet On Felzartamab: A Hidden Blockbuster In The Making?

Biogen has recently taken a notable step in reshaping its immunology and nephrology profile by entering into a definitive agreement with TJ...

Baptista Research

Biogen Acquisition Shock: Why The $5.6B Apellis Deal Could Be A Game-Changer!

Biogen entered 2026 with a stronger operating backdrop than it had a year earlier, reporting fourth-quarter and full-year 2025 results slightly...

Baptista Research

BIIB: Strong 2026 EPS Guidance Surprise and a Catalyst-Rich Year Ahead

Biogen ended 2025 with a strong quarter, with better-than-expected total revenue of $9.9 billion, up 2% Y/Y in reported and constant currency (CC)...

Water Tower Research

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