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>Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&amp;A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.</li>
<li>The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.</li>
<li>This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.</li>
</ul>


Genmab A/S is making headlines again, this time by sealing the U.S. leveraged finance market’s biggest M&amp;A funding since April with a $4.5 billion raise through junk bonds and a leveraged loan.
The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29, 2025.
This bold move comes amid Genmab’s rapidly scaling commercial operations and late-stage pipeline expansion, headlined by drugs like EPKINLY and Rina-S.


Genmab’s $8 Billion Bet: What The Merus Deal Could Unlock!

<ul>
<li>In a rapidly evolving biotech landscape, Danish cancer therapeutics giant Genmab is reportedly in advanced talks to acquire Merus N.V., a Dutch developer specializing in bispecific antibodies for hard-to-treat cancers like head and neck tumors.</li>
<li>This potential deal, tipped to be announced imminently, follows a mid-stage clinical win for Merus’s lead asset, petosemtamab, which showed an impressive 63% overall response rate when combined with Merck’s Keytruda.</li>
<li>With Merus’s market capitalization surging over 60% YTD to $5.2 billion, Genmab appears to be positioning itself for a strategic leap in the immuno-oncology arena.</li>
</ul>


In a rapidly evolving biotech landscape, Danish cancer therapeutics giant Genmab is reportedly in advanced talks to acquire Merus N.V., a Dutch developer specializing in bispecific antibodies for hard-to-treat cancers like head and neck tumors.
This potential deal, tipped to be announced imminently, follows a mid-stage clinical win for Merus’s lead asset, petosemtamab, which showed an impressive 63% overall response rate when combined with Merck’s Keytruda.
With Merus’s market capitalization surging over 60% YTD to $5.2 billion, Genmab appears to be positioning itself for a strategic leap in the immuno-oncology arena.


GMAB's $5B Power Play: Is Merus The Missing Piece In Its Cancer War Chest?

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 had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral</li>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here</li>
<li>Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200</li>
</ul>


We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200


Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

<ul>
<li>A pullback is finally underway following Trump's Friday tape bomb and the decisive loss of the 20-day MA on the SPX, though $<span style="color: #24a9a7;">ACWI is testing the 4-month uptrend at $136</span>
</li>
<li>We are no longer near-term bullish which had been in place since our April 22 report, but we are still bullish intermediate-term and are buyers on pullbacks.</li>
<li>Short-Term supports to watch on ACWI-US include the 4+ month uptrend (currently at $136), $134-$134.50, $131.50-$132, $130, $128, and $125-$126.</li>
</ul>


A pullback is finally underway following Trump's Friday tape bomb and the decisive loss of the 20-day MA on the SPX, though $ACWI is testing the 4-month uptrend at $136

We are no longer near-term bullish which had been in place since our April 22 report, but we are still bullish intermediate-term and are buyers on pullbacks.
Short-Term supports to watch on ACWI-US include the 4+ month uptrend (currently at $136), $134-$134.50, $131.50-$132, $130, $128, and $125-$126.


Stick With Global Technology; Pullback Phase Finally Here on $ACWI; Supports to Buy

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Denmark

Genmab A/S operates as a biotechnology company. The Company specializes in development of antibody therapeutics for the treatment of cancer. Genmab serves customers worldwide.

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Genmab A/S (GMAB US)

Genmab’s $8 Billion Bet: What The Merus Deal Could Unlock!

The Danish biotech giant is gearing up to acquire Merus N.V., a smaller Dutch peer, in a proposed $8 billion transaction announced on September 29,...

Baptista Research

GMAB's $5B Power Play: Is Merus The Missing Piece In Its Cancer War Chest?

With Merus’s market capitalization surging over 60% YTD to $5.2 billion, Genmab appears to be positioning itself for a strategic leap in the immuno...

Baptista Research

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

Stick With Global Technology; Pullback Phase Finally Here on $ACWI; Supports to Buy

Stick With Global Technology; Pullback Phase Finally Here on $ACWI $SPX Likely in 3%-7% Range; Supports to watch on $ACWI include $136, $134...

Vermilion Research

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

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