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>Exelixis, Inc. reported mixed results for the third quarter of 2025, reflecting both achievement and challenges in its ongoing operations.</li><li>For the period ending October 3, 2025, Exelixis demonstrated a continued strong financial performance, driven primarily by its cabozantinib franchise.</li><li>Cabozantinib experienced robust growth in both U.S. and global markets, with U.S. net product revenues growing 14% year-over-year to $543 million.</li></ul>

Exelixis, Inc. reported mixed results for the third quarter of 2025, reflecting both achievement and challenges in its ongoing operations.For the period ending October 3, 2025, Exelixis demonstrated a continued strong financial performance, driven primarily by its cabozantinib franchise.Cabozantinib experienced robust growth in both U.S. and global markets, with U.S. net product revenues growing 14% year-over-year to $543 million.

Exelixis Is Focusing On Neuroendocrine Tumors — But Is a $100 Million Windfall Next?

<ul><li>Exelixis' second quarter 2025 financial results highlight both significant achievements and ongoing challenges for the biotechnology company.</li><li>Revenue growth and product development are key aspects to consider when forming an investment thesis.</li><li>In terms of financial performance, Exelixis reported total revenue of $568 million, with the cabozantinib franchise contributing $520 million.</li></ul>

Exelixis' second quarter 2025 financial results highlight both significant achievements and ongoing challenges for the biotechnology company.Revenue growth and product development are key aspects to consider when forming an investment thesis.In terms of financial performance, Exelixis reported total revenue of $568 million, with the cabozantinib franchise contributing $520 million.

Exelixis Inc.: The Advancement in Early Clinical Pipeline & Other Major Drivers!

<ul><li>Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.</li><li>The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.</li><li>The global net product revenue for the cabozantinib franchise was approximately $680 million.</li></ul>

Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.The global net product revenue for the cabozantinib franchise was approximately $680 million.

Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?

<ul><li>Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.</li><li>The company's total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.</li><li>For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.</li></ul>

Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.The company's total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.

Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!

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>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

United States

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of small-molecule therapeutics for the treatment of cancer and other serious diseases.  The Company is building a portfolio of compounds it believes could become pharmaceutical products.  Exelixis has strategic alliances with pharmaceutical and biotechnology companies.

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Exelixis Inc (EXEL US)

Exelixis Is Focusing On Neuroendocrine Tumors — But Is a $100 Million Windfall Next?

Exelixis, Inc. reported mixed results for the third quarter of 2025, reflecting both achievement and challenges in its ongoing operations. For the...

Baptista Research

Exelixis Inc.: The Advancement in Early Clinical Pipeline & Other Major Drivers!

Exelixis' second quarter 2025 financial results highlight both significant achievements and ongoing challenges for the biotechnology...

Baptista Research

Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?

Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that...

Baptista Research

Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!

Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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