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

Biomarin Pharmaceutical / Equity Bottom-Up

<ul><li>BioMarin Pharmaceutical Inc. delivered a robust performance in the third quarter of 2024, highlighting significant year-on-year growth across its product portfolio.</li><li>The company reported a record revenue of $746 million, which represents a 28% jump compared to the same period in 2023.</li><li>This upward trend was predominantly fueled by a 50% surge in VOXZOGO sales, a treatment for achondroplasia, thanks to increased market penetration in the U.S. and expansions into new geographical locations.</li></ul>

BioMarin Pharmaceutical Inc. delivered a robust performance in the third quarter of 2024, highlighting significant year-on-year growth across its product portfolio.The company reported a record revenue of $746 million, which represents a 28% jump compared to the same period in 2023.This upward trend was predominantly fueled by a 50% surge in VOXZOGO sales, a treatment for achondroplasia, thanks to increased market penetration in the U.S. and expansions into new geographical locations.

BioMarin Pharmaceutical Inc.: Enhancement of Enzyme Replacement Therapy (ERT) Portfolio

<ul><li>BioMarin Pharmaceutical Inc. reported a strong performance in its second quarter of 2024 earnings, achieving several milestones while continuing to refine its strategic priorities to enhance profitability and drive sustainable growth.</li><li>Beginning with the financial performance, BioMarin announced a 20% year-over-year growth in total revenues, reaching $712 million for the quarter.</li><li>This growth was notably driven by the robust demand for Voxzogo, which itself experienced a substantial 62% revenue increase to $184 million.</li></ul>

BioMarin Pharmaceutical Inc. reported a strong performance in its second quarter of 2024 earnings, achieving several milestones while continuing to refine its strategic priorities to enhance profitability and drive sustainable growth.Beginning with the financial performance, BioMarin announced a 20% year-over-year growth in total revenues, reaching $712 million for the quarter.This growth was notably driven by the robust demand for Voxzogo, which itself experienced a substantial 62% revenue increase to $184 million.

BioMarin Pharmaceutical Inc.: Enhanced Geographic Focus and Streamlined Operations for Roctavian Driving Our Optimism! - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

<ul><li>BioMarin Pharmaceutical Inc. reported strong financial results for Q1 2024, while implementing significant advances as part of the company's new corporate vision and strategy.</li><li>According to the firm, this is done in the interest of positively influencing patients' lives and generating value for shareholders, with several strategic initiatives currently underway.</li><li>Based on the company's R&D portfolio assessment, three assets were chosen to be accelerated based on their potential to transform patients and shareholder value.</li></ul>

BioMarin Pharmaceutical Inc. reported strong financial results for Q1 2024, while implementing significant advances as part of the company's new corporate vision and strategy.According to the firm, this is done in the interest of positively influencing patients' lives and generating value for shareholders, with several strategic initiatives currently underway.Based on the company's R&D portfolio assessment, three assets were chosen to be accelerated based on their potential to transform patients and shareholder value.

BioMarin Pharmaceutical Inc.: What Is Their Expected Revenue Growth After Ther Efforts Towards Streamlining Expenditure? - Major Drivers

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> is acquiring <a href="https://www.smartkarma.com/entities/karuna-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:28720:1" rel="noopener">Karuna Therapeutics Inc (KRTX US)</a> for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. </li>
<li>Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.</li>
<li>Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.</li>
</ul>



Bristol Myers Squibb Co (BMY US) is acquiring Karuna Therapeutics Inc (KRTX US) for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. 
Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.
Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.


Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

United States

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products.  The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

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Biomarin Pharmaceutical (BMRN US)

BioMarin Pharmaceutical Inc.: Enhancement of Enzyme Replacement Therapy (ERT) Portfolio

BioMarin Pharmaceutical Inc. delivered a robust performance in the third quarter of 2024, highlighting significant year-on-year growth across its...

Baptista Research

BioMarin Pharmaceutical Inc.: Enhanced Geographic Focus and Streamlined Operations for Roctavian Driving Our Optimism! - Major Drivers

BioMarin Pharmaceutical Inc. reported a strong performance in its second quarter of 2024 earnings, achieving several milestones while continuing...

Baptista Research

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

BioMarin Pharmaceutical Inc.: What Is Their Expected Revenue Growth After Ther Efforts Towards Streamlining Expenditure? - Major Drivers

BioMarin Pharmaceutical Inc. reported strong financial results for Q1 2024, while implementing significant advances as part of the company's new...

Baptista Research

Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BioMarin Pharmaceutical Inc.: Enhancement of Enzyme Replacement Therapy (ERT) Portfolio

BioMarin Pharmaceutical Inc. delivered a robust performance in the third quarter of 2024, highlighting significant year-on-year growth across its...

Baptista Research

BioMarin Pharmaceutical Inc.: Enhanced Geographic Focus and Streamlined Operations for Roctavian Driving Our Optimism! - Major Drivers

BioMarin Pharmaceutical Inc. reported a strong performance in its second quarter of 2024 earnings, achieving several milestones while continuing...

Baptista Research

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

BioMarin Pharmaceutical Inc.: What Is Their Expected Revenue Growth After Ther Efforts Towards Streamlining Expenditure? - Major Drivers

BioMarin Pharmaceutical Inc. reported strong financial results for Q1 2024, while implementing significant advances as part of the company's new...

Baptista Research

Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

​BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...