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>Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook.</li><li>The company recently announced an agreement to acquire Arcellx in a transaction valued at up to $7.8 billion, offering $115 per share in cash plus a $5 contingent value right tied to cumulative sales milestones for its lead asset, anitocabtagene autoleucel (anito-cel).</li><li>The move comes at a pivotal time for Gilead, which has reiterated confidence in its diversified growth model, highlighted by accelerating HIV prevention revenue from Yeztugo, upcoming Trodelvy label expansions, and multiple late-stage readouts.</li></ul>

Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook.The company recently announced an agreement to acquire Arcellx in a transaction valued at up to $7.8 billion, offering $115 per share in cash plus a $5 contingent value right tied to cumulative sales milestones for its lead asset, anitocabtagene autoleucel (anito-cel).The move comes at a pivotal time for Gilead, which has reiterated confidence in its diversified growth model, highlighted by accelerating HIV prevention revenue from Yeztugo, upcoming Trodelvy label expansions, and multiple late-stage readouts.

Gilead Sciences’ $7.8B Gamble: Can Arcellx Supercharge Its Oncology Comeback?

<ul><li>The latest performance update from Gilead Sciences has highlighted a combination of promising growth areas alongside a few hurdles, depicting a nuanced picture of the company's operational and financial health.</li><li>Gilead posted total product sales of $28.9 billion for the full year 2025, marking a modest growth of 1% compared to the previous year.</li><li>A significant factor contributing to this was the growth in their core HIV business, which increased by 6%, attributed largely to the strong demand for Biktarvy, their leading therapy for HIV treatment, and Descovy for HIV prevention.</li></ul>

The latest performance update from Gilead Sciences has highlighted a combination of promising growth areas alongside a few hurdles, depicting a nuanced picture of the company's operational and financial health.Gilead posted total product sales of $28.9 billion for the full year 2025, marking a modest growth of 1% compared to the previous year.A significant factor contributing to this was the growth in their core HIV business, which increased by 6%, attributed largely to the strong demand for Biktarvy, their leading therapy for HIV treatment, and Descovy for HIV prevention.

Gilead Sciences: How Powerful Is Its Multi-Front Strategy Across HIV, Oncology, and PrEP Innovation?

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

Technology Select Sector SPDR / Technical Analysis

<ul>
<li>We are cautious on Nasdaq 100 (QQQ) and A.I./Technology areas (XLK, SOXX, CHAT, DRAM);</li>
<li>Gaps from August 12th and August 4th have been filled on Technology (XLK), semiconductors (SOXX, SMH), generative A.I. (CHAT), neoclouds (NCLD), and momentum (MTUM), which is a concerning development.</li>
<li>Outside of A.I. areas, the market appears healthy; the equal-weighted S&amp;P 500 (RSP) is resuming its leadership status with support at the 20-day MA.</li>
</ul>


We are cautious on Nasdaq 100 (QQQ) and A.I./Technology areas (XLK, SOXX, CHAT, DRAM);
Gaps from August 12th and August 4th have been filled on Technology (XLK), semiconductors (SOXX, SMH), generative A.I. (CHAT), neoclouds (NCLD), and momentum (MTUM), which is a concerning development.
Outside of A.I. areas, the market appears healthy; the equal-weighted S&amp;P 500 (RSP) is resuming its leadership status with support at the 20-day MA.


Downgrading Technology; Upgrading Energy and Health Care to Overweight; Caution Within A.I. Names

<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>Gilead Sciences' third quarter of 2025 results demonstrate mixed performance across the company’s diverse portfolio, characterized by both significant growth in certain segments and challenges in others.</li><li>The HIV therapy segment remains a stronghold for Gilead, seeing expanding revenues with products like Biktarvy and Descovy demonstrating year-over-year growth of 6% and 20%, respectively.</li><li>Notably, Biktarvy achieved a record U.S. market share, highlighting robust demand driven by the company's commercial execution.</li></ul>

Gilead Sciences' third quarter of 2025 results demonstrate mixed performance across the company’s diverse portfolio, characterized by both significant growth in certain segments and challenges in others.The HIV therapy segment remains a stronghold for Gilead, seeing expanding revenues with products like Biktarvy and Descovy demonstrating year-over-year growth of 6% and 20%, respectively.Notably, Biktarvy achieved a record U.S. market share, highlighting robust demand driven by the company's commercial execution.

Gilead Sciences Unveils Game-Changing PrEP Strategy—Inside the Yeztugo Breakthrough!

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases.  The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

Gilead Sciences’ $7.8B Gamble: Can Arcellx Supercharge Its Oncology Comeback?

Gilead Sciences has entered 2026 with renewed momentum, fresh off a strong earnings report and a catalyst-heavy pipeline outlook. The company...

Baptista Research

Gilead Sciences: How Powerful Is Its Multi-Front Strategy Across HIV, Oncology, and PrEP Innovation?

The latest performance update from Gilead Sciences has highlighted a combination of promising growth areas alongside a few hurdles, depicting a...

Baptista Research

Downgrading Technology; Upgrading Energy and Health Care to Overweight; Caution Within A.I. Names

Downgrading Technology $XLK $SOXX $SMH; Upgrading Energy $XLE and Health Care $XLV to Overweight; Caution Within A.I. Names; Outside of A.I. areas,...

Vermilion 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

Gilead Sciences Unveils Game-Changing PrEP Strategy—Inside the Yeztugo Breakthrough!

Gilead Sciences' third quarter of 2025 results demonstrate mixed performance across the company’s diverse portfolio, characterized by both...

Baptista Research

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