Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> has been granted priority review by the FDA for its second Alzheimer’s disease drug candidate, lecanemab. Approval is expected in Q1 2023.</li>
<li>Lecanemab could become the first anti-amyloid antibody to obtain full approval for Alzheimer's disease in the U.S. Eisai is aiming for submission of lecanemab in Japan and EU this fiscal.   </li>
<li>Anticancer agent Lenvima is the largest selling drug of Eisai. Revenue from Lenvima increased 44% in FY22. The drug has taken top share in hepatocellular carcinoma market.</li>
</ul>



Eisai Co Ltd (4523 JP) has been granted priority review by the FDA for its second Alzheimer’s disease drug candidate, lecanemab. Approval is expected in Q1 2023.
Lecanemab could become the first anti-amyloid antibody to obtain full approval for Alzheimer's disease in the U.S. Eisai is aiming for submission of lecanemab in Japan and EU this fiscal.   
Anticancer agent Lenvima is the largest selling drug of Eisai. Revenue from Lenvima increased 44% in FY22. The drug has taken top share in hepatocellular carcinoma market.


Eisai Co (4523 JP): Trying Another Luck for Alzheimer’s Disease; Strengthening Presence in Oncology

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>A bear market bounce is underway after the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) found support at their respective downtrend channels, a possibility we discussed last week.</li>
<li>Still, until the S&amp;P 500, QQQ, and IWM can break above their various downtrends, we remain bearish, and believe investors should be using rallies to reduce overall exposure.</li>
<li>This 1-week rally has the NDX(QQQ) testing resistance at its falling wedge pattern; a break above $297 would likely mean this bear market bounce has another 2-4 weeks of upside.</li>
</ul>


A bear market bounce is underway after the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) found support at their respective downtrend channels, a possibility we discussed last week.
Still, until the S&amp;P 500, QQQ, and IWM can break above their various downtrends, we remain bearish, and believe investors should be using rallies to reduce overall exposure.
This 1-week rally has the NDX(QQQ) testing resistance at its falling wedge pattern; a break above $297 would likely mean this bear market bounce has another 2-4 weeks of upside.


Signs of Disinflation?; Commodities Deteriorating; Another Bear Market Bounce; Pharma/Biotech Buys

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).</li>
<li>There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.</li>
<li>The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.</li>
</ul>


We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).
There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.
The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.


Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

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 Capital Markets

<ul><li>Biogen’s failure of its Alzheimer’s drug, Aduhelm has led to a CEO change with the company looking for a successor to CEO Michael Vounatsos.</li><li>The company’s MS business generated $1.6 billion in revenue, including Ocrevus royalties in the last quarter and has been performing fairly well.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Biogen’s failure of its Alzheimer’s drug, Aduhelm has led to a CEO change with the company looking for a successor to CEO Michael Vounatsos.The company’s MS business generated $1.6 billion in revenue, including Ocrevus royalties in the last quarter and has been performing fairly well.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

<ul><li>Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic entry.</li><li>In light of several recent challenges, the company announced that it would implement cost-cutting measures expected to save approximately $500 million annually.</li><li>Given its recent weak performance, we give the company an 'Underperform' rating with a revised target price.</li></ul>

Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic entry.In light of several recent challenges, the company announced that it would implement cost-cutting measures expected to save approximately $500 million annually.Given its recent weak performance, we give the company an 'Underperform' rating with a revised target price.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Biogen Inc (BIIB US)

Eisai Co (4523 JP): Trying Another Luck for Alzheimer’s Disease; Strengthening Presence in Oncology

Eisai is expected to receive FDA approval for its second Alzheimer’s disease drug, lecanemab in Q1 2023. The company is also aiming for submission...

Tina Banerjee

Signs of Disinflation?; Commodities Deteriorating; Another Bear Market Bounce; Pharma/Biotech Buys

A bear market bounce is underway after the SPX, QQQ, and IWM found support at their respective downtrend channels. Until these indexes can break...

Vermilion Research

Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys

We remain bearish as long as the 6-8 month downtrends remain intact on the SPX, NDX (QQQ), and RUT (IWM). Bounce potential given SPX, QQQ, and IWM...

Vermilion Research

Biogen Inc.: Financial & Price Forecasts

Biogen’s failure of its Alzheimer’s drug, Aduhelm has led to a CEO change with the company looking for a successor to CEO Michael Vounatsos. The...

Baptista Research

Biogen Inc.: Financial & Price Forecasts

Biogen witnessed a 4% year over year drop in its top-line in the last quarter as Tecifidera revenue continued to erode in the U.S. due to generic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)