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

<p>The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.</p>

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.</li>
<li>The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.</li>
<li>Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.</li>
</ul>


Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.
The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.
Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.


Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

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>The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines alongside some crucial challenges and areas for cautious monitoring.</li><li>The company reported a 6% increase in group sales, with a notable boost from its specialty medicines division, which saw a 15% rise.</li><li>Vaccine sales also performed well, growing by 9%.</li></ul>

The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines alongside some crucial challenges and areas for cautious monitoring.The company reported a 6% increase in group sales, with a notable boost from its specialty medicines division, which saw a 15% rise.Vaccine sales also performed well, growing by 9%.

GSK plc: Charging Into The Vaccine Race With High-Stakes 30-Valent Pneumococcal Launch Plan!

<ul><li>GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results.</li><li>The company reported steady progress with its sales increasing by 4% and core operating profit growing by 5%.</li><li>Core earnings per share also rose by 5% to 44.9p.</li></ul>

GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results.The company reported steady progress with its sales increasing by 4% and core operating profit growing by 5%.Core earnings per share also rose by 5% to 44.9p.

GSK Plc: An Increased Adoption of Depemokimab in Asthma Treatment & Other Major Drivers!

<ul><li>GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors.</li><li>A detailed overview of GSK's performance and strategic initiatives underlines key aspects that can inform an investment thesis.</li><li>On the positive side, GSK's transformation post-demerger into a biopharma-focused company is evident through robust growth in specialty medicines, which now form a significant portion of the company's portfolio.</li></ul>

GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors.A detailed overview of GSK's performance and strategic initiatives underlines key aspects that can inform an investment thesis.On the positive side, GSK's transformation post-demerger into a biopharma-focused company is evident through robust growth in specialty medicines, which now form a significant portion of the company's portfolio.

GSK Plc.: Will its Broader Vaccine Portfolio & International Expansion Strengthen Its Competitive Position Internationally?

United States

GSK PLC operates as a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GSK provides products for infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer.

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GSK (GSK US)

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections and 10-year yields in the US and Germany are...

Vermilion Research

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

GSK plc: Charging Into The Vaccine Race With High-Stakes 30-Valent Pneumococcal Launch Plan!

The results from the second quarter of 2025 for GlaxoSmithKline (GSK) reflect a balance of robust growth in specialty medicines and vaccines...

Baptista Research

GSK Plc: An Increased Adoption of Depemokimab in Asthma Treatment & Other Major Drivers!

GlaxoSmithKline (GSK) recently announced its Q1 2025 financial results. The company reported steady progress with its sales increasing by 4% and...

Baptista Research

GSK Plc.: Will its Broader Vaccine Portfolio & International Expansion Strengthen Its Competitive Position Internationally?

GlaxoSmithKline (GSK) has reported its 2024 financial results, highlighting both positive trends and areas of concern for potential investors. A...

Baptista Research

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