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>Dynavax Technologies is rapidly emerging as a high-demand acquisition target amid a surge in strategic interest following its announced $2.2 billion all-cash acquisition by Sanofi at $15.50 per share.</li><li>Just days after the deal was made public, Dynavax disclosed that another unnamed bidder—referred to as “Party A”—had expressed interest in pursuing a transaction, sparking immediate speculation of a potential bidding war.</li><li>The company's rare combination of a highmargin, fast-growing commercial asset in HEPLISAV-B, a clinically validated and widely partnerable CpG 1018 adjuvant platform, and a relatively modest mid-cap valuation is drawing interest from both large pharmaceutical companies and infrastructure-like healthcare investors.</li></ul>

Dynavax Technologies is rapidly emerging as a high-demand acquisition target amid a surge in strategic interest following its announced $2.2 billion all-cash acquisition by Sanofi at $15.50 per share.Just days after the deal was made public, Dynavax disclosed that another unnamed bidder—referred to as “Party A”—had expressed interest in pursuing a transaction, sparking immediate speculation of a potential bidding war.The company's rare combination of a highmargin, fast-growing commercial asset in HEPLISAV-B, a clinically validated and widely partnerable CpG 1018 adjuvant platform, and a relatively modest mid-cap valuation is drawing interest from both large pharmaceutical companies and infrastructure-like healthcare investors.

Dynavax Sparks Bidding War: Why Big Pharma Can’t Ignore This Mid-Cap Vaccine Play!

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>The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.</li>
<li>The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.</li>
<li>Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.</li>
</ul>


The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.
The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.
Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.


S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

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

Clover Biopharmaceuticals / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. <div class="content-highlight">While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. </div>

Clover Biopharmaceuticals (CBL HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. 

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

<a href="https://www.smartkarma.com/entities/17582" target="_blank" data-smartkarma-citation="entities:17582:1">Immune Design Corp (IMDZ US)</a> is an emerging immuno-oncology company (based in Seattle, Washington) that is using its proprietary technology in various cancers like sarcomas and lymphomas. The company's common stock price has recently rebounded off the lows after strong institutional and insider buying, and encouraging clinical data from some product candidates.We see compelling value in Immune Design common stock at this level. Our first price target for the common stock is $20 (&gt;150% potential upside). There are several near-term catalysts that could provide upward boost to the stock price.

Immune Design Corp (IMDZ US) is an emerging immuno-oncology company (based in Seattle, Washington) that is using its proprietary technology in various cancers like sarcomas and lymphomas. The company's common stock price has recently rebounded off the lows after strong institutional and insider buying, and encouraging clinical data from some product candidates.We see compelling value in Immune Design common stock at this level. Our first price target for the common stock is $20 (&gt;150% potential upside). There are several near-term catalysts that could provide upward boost to the stock price.

New Long Position: 'Red Bull' like Immune Boost Against Cancer

<ul><li>Dynavax Technologies (DVAX) common stock plunged today after receiving a complete response letter (CRL) from FDA regarding its approval application for HEPLISAV-B vaccine. </li><li>We believe that the vaccine could still be approved by FDA despite at least 6-9 months of delay. The approval application is also under consideration in the E.U.</li><li>Dynavax's other products like SD-101 (immuno-oncology) continue to show promise. Astra Zeneca plans to start a phase 2 trial of DV1179 in asthma later this year.</li><li>A more restricted label, for example, in diabetes may be approved by FDA. We calculated the fair value for common stock=$16 with 50% market penetration in diabetes patients in the U.S.</li></ul>

Dynavax Technologies (DVAX) common stock plunged today after receiving a complete response letter (CRL) from FDA regarding its approval application for HEPLISAV-B vaccine. We believe that the vaccine could still be approved by FDA despite at least 6-9 months of delay. The approval application is also under consideration in the E.U.Dynavax's other products like SD-101 (immuno-oncology) continue to show promise. Astra Zeneca plans to start a phase 2 trial of DV1179 in asthma later this year.A more restricted label, for example, in diabetes may be approved by FDA. We calculated the fair value for common stock=$16 with 50% market penetration in diabetes patients in the U.S.

Contrarian Idea of the Day: Long Dynavax Technologies (DVAX US)

United States

Dynavax Technologies Corporation discovers, develops, and is seeking to commercialize products based on immunostimulatory sequences.  The Company is developing products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using approaches that alter immune system responses in specific ways.

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Dynavax Technologies (DVAX US)

Dynavax Sparks Bidding War: Why Big Pharma Can’t Ignore This Mid-Cap Vaccine Play!

Dynavax Technologies is rapidly emerging as a high-demand acquisition target amid a surge in strategic interest following its announced $2.2...

Baptista Research

S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

$SPX is testing important resistance in the 4165-4180 area, the same resistance level we were monitoring in early June before the market tumbled 13...

Vermilion Research

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

New Long Position: 'Red Bull' like Immune Boost Against Cancer

Immune Design Corp (IMDZ US) is an emerging immuno-oncology company (based in Seattle, Washington) that is using its proprietary technology in...

Dr. Bhavneesh Sharma, MD, MBA

Contrarian Idea of the Day: Long Dynavax Technologies (DVAX US)

Dynavax Technologies (DVAX) common stock plunged today after receiving a complete response letter (CRL) from FDA regarding its approval...

Dr. Bhavneesh Sharma, MD, MBA

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