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. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its portfolio.</li><li>The company highlighted significant growth in both its top and bottom lines, primarily driven by the success of the cabozantinib franchise, demonstrating a robust market presence, especially in renal cell carcinoma (RCC).</li><li>Globally, net product revenues from the cabozantinib franchise, along with revenues from partnerships, showed significant increases, totaling $618 million for the quarter.</li></ul>

Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its portfolio.The company highlighted significant growth in both its top and bottom lines, primarily driven by the success of the cabozantinib franchise, demonstrating a robust market presence, especially in renal cell carcinoma (RCC).Globally, net product revenues from the cabozantinib franchise, along with revenues from partnerships, showed significant increases, totaling $618 million for the quarter.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Bicara Therapeutics / Equity Capital Markets

<ul>
<li>Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.</li>
<li>Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.</li>
<li>The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.</li>
</ul>


Bicara Therapeutics unveiled the terms of its IPO: a clinical-stage biotech company offers ~11.8M shares at the price range of $16.00-$18.00, implying a market cap of ~$800M at the midpoint.
Existing shareholders do not intend to sell shares in this offering and Bicara Therapeutics shares will list on the Nasdaq under the ticker symbol “BCAX”.
The biotech company is focused on patients with HPV-negative head and neck cancer, and I view Bicara's IPO valuation as attractive, with major catalysts coming up in 2025.


Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

<ul>
<li>Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.</li>
<li>The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.  </li>
<li>I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.</li>
</ul>


Bicara Therapeutics, a clinical-stage biotech company with focus on the treatment of patients with HPV-negative head and neck cancer, files for a $200M IPO.
The biotech firm was backed by Biocon Limited, India’s largest biopharmaceutical company, venture capital and investment firms, among others.  
I believe Bicara Therapeutics will succeed in its pivotal Phase 2/3 trial of their bifunctional antibody in combination with Keytruda (pembrolizumab) during 2025.


Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

<ul><li>Exelixis reported its first quarter 2024 financial results, underlining continued progress in its business across several fronts.</li><li>The company, known for its cabozantinib franchise, saw a modest growth in revenues, driven by sustained demand and expansion in the U.S. and global markets.</li><li>Additionally, Exelixis advanced in its pipeline development and corporate developments, maintaining a robust focus on enhancing standard of cancer care and providing value to shareholders.</li></ul>

Exelixis reported its first quarter 2024 financial results, underlining continued progress in its business across several fronts.The company, known for its cabozantinib franchise, saw a modest growth in revenues, driven by sustained demand and expansion in the U.S. and global markets.Additionally, Exelixis advanced in its pipeline development and corporate developments, maintaining a robust focus on enhancing standard of cancer care and providing value to shareholders.

Exelixis Inc.: Zanzalintinib Clinical Progression and Market Development Strategy! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q4FY24, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.</li>
<li>New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.</li>
<li>Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.</li>
</ul>


In Q4FY24, Cipla Ltd (CIPLA IN) posted 10% YoY revenue growth to INR61.6B. Despite surging R&amp;D expenditure, EBITDA increased 13% YoY to INR13B, leading to 54bps margin expansion to 21.4%.
New launches in U.S. and outperformance in the domestic market driven by chronic portfolio should drive the growth. For FY25, the company has guided for EBITDA margin of 24.5–25.5%.
Cipla shares soared 15% YTD. Last week, the promoters, Hamied family sold 2.5% stake in the company for ~INR26B, igniting a rally in share price.


Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

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 Inc.: Expansion Of Cabometyx

Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its...

Baptista Research

Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Biocon-backed Bicara Therapeutics will go public this week. With top-tier backers, a promising lead program and strong balance sheet, I expect...

Andrei Zakharov

Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...

Andrei Zakharov

Exelixis Inc.: Zanzalintinib Clinical Progression and Market Development Strategy! - Major Drivers

Exelixis reported its first quarter 2024 financial results, underlining continued progress in its business across several fronts. The company,...

Baptista Research

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

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52-week Range

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Exelixis Inc.: Expansion Of Cabometyx

Exelixis, Inc. presented its second-quarter 2024 financial results, revealing a period of strong performance and strategic advancements in its...

Baptista Research

Key Updates on Bicara Therapeutics IPO: ~$800M Valuation at the Midpoint and Strong Balance Sheet

Biocon-backed Bicara Therapeutics will go public this week. With top-tier backers, a promising lead program and strong balance sheet, I expect...

Andrei Zakharov

Bicara Therapeutics IPO: A Promising Combination with Merck’s Keytruda For Patients With HNSCC

​Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...

Andrei Zakharov

Exelixis Inc.: Zanzalintinib Clinical Progression and Market Development Strategy! - Major Drivers

Exelixis reported its first quarter 2024 financial results, underlining continued progress in its business across several fronts. The company,...

Baptista Research

Cipla (CIPLA IN): Strong Q4 Performance; Future Growth Drivers Being Added; Promoter Stake Sale

​Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...

Tina Banerjee

Bicara Therapeutics, backed by Biocon Limited, files for a $200M IPO in the United States. Their bifunctional antibody in combination with...

Cipla reports double-digit revenue and EBITDA growth, and margin expansion in Q4, riding on US, India, and South Africa businesses. For FY25, the...