Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

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>DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.</li>
<li>The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.</li>
<li>Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.</li>
</ul>


DeepSeek appears to have turned the chatbot market upside-down, putting pressure on AI-linked stocks. The dust has yet to settle, but the selloff has been largely contained to AI-linked stocks.
The rest of the market did not seem to care; the equal-weighted S&amp;P 500 was roughly flat yesterday.
Additionally, market dynamics remain healthy. Bottom line: as long as the S&amp;P 500 remains above 5600-5670, our long-term outlook remains bullish.


S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.</li>
<li>There is huge size to trade in <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> and both stocks were up big in the after-hours market.</li>
<li>There has been positioning in some stocks recently but stocks including <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co</a>, <a href="https://www.smartkarma.com/entities/rb-global-inc" target="_blank" data-smartkarma-citation="entities:25475:1" rel="noopener">RB Global</a> and <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land</a> could see further positioning in the next week.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 7 changes for the S&amp;P Midcap400 Index and 13 changes for the S&amp;P SmallCap600 Index at the June rebalance.
There is huge size to trade in KKR &amp; Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
There has been positioning in some stocks recently but stocks including KKR &amp; Co, RB Global and Texas Pacific Land could see further positioning in the next week.


S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Integra Lifesciences Holdings / Equity Bottom-Up

Key points (machine generated)<ul><li>Integra enjoys a high level of trust in the quality and reliability of its products, particularly in the neurosurgical equipment and wound healing grafts segments.</li><li>The acquisition of Codman in 2017 resulted in a significant expansion of Integra's neurosurgery sub-segment.</li><li>Surgeons prefer Integra's brands due to their superior performance and the trust they have in the company's products. The tissue segment uses a variety of raw materials, including animal sources and synthetic materials.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Integra enjoys a high level of trust in the quality and reliability of its products, particularly in the neurosurgical equipment and wound healing grafts segments.The acquisition of Codman in 2017 resulted in a significant expansion of Integra's neurosurgery sub-segment.Surgeons prefer Integra's brands due to their superior performance and the trust they have in the company's products. The tissue segment uses a variety of raw materials, including animal sources and synthetic materials.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Integra Lifesciences Holdngs (IART) - Friday, Oct 27, 2023

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polynovo-ltd" target="_blank" data-smartkarma-citation="entities:12208:1" rel="noopener">PolyNovo Ltd (PNV AU)</a> develops, manufactures, and markets artificial dermal templates. The company has only one marketed product and 88% of total revenue comes from the U.S.</li>
<li>Although U.S. business is on high trajectory, the company’s drive to expand sales team and pipeline progress are putting pressure on the profitability, which do not justify the superior valuation.</li>
<li>I would like to wait for PolyNovo to become profitable post its investment for growth, start offering multiple differentiated products, with sizable presence in OUS markets, to have higher conviction.</li>
</ul>



PolyNovo Ltd (PNV AU) develops, manufactures, and markets artificial dermal templates. The company has only one marketed product and 88% of total revenue comes from the U.S.
Although U.S. business is on high trajectory, the company’s drive to expand sales team and pipeline progress are putting pressure on the profitability, which do not justify the superior valuation.
I would like to wait for PolyNovo to become profitable post its investment for growth, start offering multiple differentiated products, with sizable presence in OUS markets, to have higher conviction.


PolyNovo (PNV AU): Positive Momentum in U.S. Is Overshadowed by Cost Pressure and Lofty Valuation

United States

Integra LifeSciences Holdings Corp develops, manufactures, and markets medical devices, implants, and biomaterials. The Company's products are primarily used in the treatment of burns and skin defects, spinal and cranial disorders, orthopedics, and other surgical applications.

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Integra Lifesciences Holdings (IART US)

S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

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Vermilion Research

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

Integra Lifesciences Holdngs (IART) - Friday, Oct 27, 2023

Integra enjoys a high level of trust in the quality and reliability of its products, particularly in the neurosurgical equipment and wound healing...

Value Investors Club (VIC)

PolyNovo (PNV AU): Positive Momentum in U.S. Is Overshadowed by Cost Pressure and Lofty Valuation

PolyNovo’s continuing expansion of sales team and pipeline progress are pushing up the operating expenses, thereby increasing loss for the company....

Tina Banerjee

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Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

S&P 500 Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness

$SPX Testing Prior Breakout Level; Market Dynamics Remain Healthy Despite AI-Linked Weakness; $DXY, Treasury yields, and crude oil near-term tops...

Vermilion Research

S&P500/400/600 Index Rebalance: Huge Size to Trade in a Few Stocks

KKR, Crowdstrike and GoDaddy will be added to the SP500 at the close on 21 June. There are a bunch of changes for the SP400/600 indices too. There...

Brian Freitas

Integra Lifesciences Holdngs (IART) - Friday, Oct 27, 2023

Integra enjoys a high level of trust in the quality and reliability of its products, particularly in the neurosurgical equipment and wound healing...

Value Investors Club (VIC)

PolyNovo (PNV AU): Positive Momentum in U.S. Is Overshadowed by Cost Pressure and Lofty Valuation

PolyNovo’s continuing expansion of sales team and pipeline progress are pushing up the operating expenses, thereby increasing loss for the company....

Tina Banerjee