Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-cord-blood-corp" target="_blank" data-smartkarma-citation="entities:689:1" rel="noopener">Global Cord Blood (CO US)</a> is foraying into multi-billion-dollar cell therapy space through acquisition of privately-held clinical-stage biotechnology company, Cellenkos.</li>
<li>Cellenkos utilizes umbilical cord blood as the raw material to develop T-regulatory cell therapies for treating autoimmune diseases and inflammatory disorders.</li>
<li>Global Cord believes that Cellenkos is a perfect fit for the company and that its products can have distinct synergies with the company’s existing line of business.</li>
</ul>



Global Cord Blood (CO US) is foraying into multi-billion-dollar cell therapy space through acquisition of privately-held clinical-stage biotechnology company, Cellenkos.
Cellenkos utilizes umbilical cord blood as the raw material to develop T-regulatory cell therapies for treating autoimmune diseases and inflammatory disorders.
Global Cord believes that Cellenkos is a perfect fit for the company and that its products can have distinct synergies with the company’s existing line of business.


Global Cord Blood (CO US): Fate Seems to Be Changing as New Growth Engine Added

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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.</li>
<li>If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.</li>
<li>On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal</li>
</ul>


We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.
If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.
On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal


10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

<ul>
<li>The short-term bullish reversal discussed last week is officially underway now that the S&amp;P 500 has reclaimed its 200-day MA, but we are not yet out of the woods.</li>
<li>We discuss what we are watching to determine whether this is just an oversold bounce that resolves lower, or if the S&amp;P 500 is headed back to all-time highs.</li>
<li>The prior two trading days appears to be the start of a short-term mean reversion, where beaten down growth areas (ARKK, software, biotech, etc.) are outperforming.</li>
</ul>


The short-term bullish reversal discussed last week is officially underway now that the S&amp;P 500 has reclaimed its 200-day MA, but we are not yet out of the woods.
We discuss what we are watching to determine whether this is just an oversold bounce that resolves lower, or if the S&amp;P 500 is headed back to all-time highs.
The prior two trading days appears to be the start of a short-term mean reversion, where beaten down growth areas (ARKK, software, biotech, etc.) are outperforming.


Not Out Of The Woods; SPX Back Above The 200-Day MA; Growth Catching A Bid; Buying Energy, Biotech

<ul>
<li>By succeeding to launch at least one distinctive product each year, <a href="https://www.smartkarma.com/entities/nippon-shinyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6634:1" rel="noopener">Nippon Shinyaku (4516 JP)</a> increased both revenue and operating profit for nine fiscal years in a row.</li>
<li>The company’s new drug Viltepso, targeting 8% of Duchenne muscular dystrophy patient population has an estimated peak sale of more than $400 million.  </li>
<li>By FY24, the company plans to launch one new in-house drug for myelofibrosis, which is preparing to go for phase 2 trial.</li>
</ul>


By succeeding to launch at least one distinctive product each year, Nippon Shinyaku (4516 JP) increased both revenue and operating profit for nine fiscal years in a row.
The company’s new drug Viltepso, targeting 8% of Duchenne muscular dystrophy patient population has an estimated peak sale of more than $400 million.  
By FY24, the company plans to launch one new in-house drug for myelofibrosis, which is preparing to go for phase 2 trial.


Nippon Shinyaku (4516 JP): New Drugs and Rich Pipeline Enhance Conviction on Future Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>There are 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. The estimated one-way trade is US$11.05bn.</li>
<li>Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.</li>
<li>There will be large inflows on <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (FB US)</a> and large outflows on Tesla, Apple, NVidia, Amazon and Google.</li>
</ul>


There are 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. The estimated one-way trade is US$11.05bn.
Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.
There will be large inflows on Meta Platforms (FB US) and large outflows on Tesla, Apple, NVidia, Amazon and Google.


NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

United States

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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Incyte Corp (INCY US)

Global Cord Blood (CO US): Fate Seems to Be Changing as New Growth Engine Added

Global Cord’s foray into a new line of business through the acquisition of a clinical-stage biotech company is expected to add a new growth engine...

Tina Banerjee

10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

10-year Treas yield $TNX is now testing 40-year downtrend resistance at 2.8-2.82%. If interest rates are to move lower, now would be the time,...

Vermilion Research

Not Out Of The Woods; SPX Back Above The 200-Day MA; Growth Catching A Bid; Buying Energy, Biotech

The short-term bullish reversal that we referenced last week is officially underway now that the S&P 500 has reclaimed its 200-day MA, but we are...

Vermilion Research

Nippon Shinyaku (4516 JP): New Drugs and Rich Pipeline Enhance Conviction on Future Growth

During FY20–FY24, Nippon Shinyaku plans to launch two new in-house drugs and three in-licenses drugs. Indication expansion of existing key drugs...

Tina Banerjee

NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

There are 6 changes for the NASDAQ-100 index at the annual December reconstitution. Apart from the flows on the adds and deletes, there will be...

Brian Freitas

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