Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>In a week of bad industry news, biopharma surprisingly held onto its bounce from recent two-year lows.</li><li>With pharma tariffs now expected by June and federal health agencies’ prospects looking worse, we may be close to peak negativity, but too much uncertainty remains for any confidence in a bottom.</li><li>In obesity, LLY had a win for an oral GLP-1, while PFE lost, affecting NVO, GPCR, VKTX, AMGN, MTSR, ALT, and TERN. VERV gained on CVD data and BMY’s heart drug failed, affecting CYTK and EWTX, while MURA stopped development.</li></ul>

In a week of bad industry news, biopharma surprisingly held onto its bounce from recent two-year lows.With pharma tariffs now expected by June and federal health agencies’ prospects looking worse, we may be close to peak negativity, but too much uncertainty remains for any confidence in a bottom.In obesity, LLY had a win for an oral GLP-1, while PFE lost, affecting NVO, GPCR, VKTX, AMGN, MTSR, ALT, and TERN. VERV gained on CVD data and BMY’s heart drug failed, affecting CYTK and EWTX, while MURA stopped development.

Biopharma Week in Review Shrugging Off Constant Bad News; LLY Winning Obesity Drug Race

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Ironwood Pharmaceuticals, Inc / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ironwood-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:15743:1" rel="noopener">Ironwood Pharmaceuticals, Inc (IRWD US)'s</a> sole marketed drug Linzess is the #1 prescribed branded treatment in the U.S. for adults with IBS-C/CIC with ~4M unique patients since launch.</li>
<li>First commercialized in December 2012, Linzess achieved blockbuster drug status in 2021. The earliest licensed entry of any generic Linzess in the U.S. is expected only in March 2029.</li>
<li>The company’s potential drug candidate IW-3300 is in phase 1 trial for interstitial cystitis/bladder pain syndrome (IC/BPS). Recently, Ironwood has shared positive findings from the study.  </li>
</ul>



Ironwood Pharmaceuticals, Inc (IRWD US)'s sole marketed drug Linzess is the #1 prescribed branded treatment in the U.S. for adults with IBS-C/CIC with ~4M unique patients since launch.
First commercialized in December 2012, Linzess achieved blockbuster drug status in 2021. The earliest licensed entry of any generic Linzess in the U.S. is expected only in March 2029.
The company’s potential drug candidate IW-3300 is in phase 1 trial for interstitial cystitis/bladder pain syndrome (IC/BPS). Recently, Ironwood has shared positive findings from the study.  


Ironwood Pharmaceuticals (IRWD US): Brand Leadership of Linzess Continues; Pipeline Advances

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

<ul>
<li>There are quite a few changes for stocks across the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a>, MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.</li>
<li>There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.</li>
<li>The largest impact of passive buying will be on <a href="https://www.smartkarma.com/entities/keurig-dr-pepper-inc" target="_blank" data-smartkarma-citation="entities:15411:1" rel="noopener">Keurig Dr Pepper Inc (KDP US)</a>, <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor (ON US)</a> and <a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener">VICI Properties Inc (VICI US)</a>. </li>
</ul>


There are quite a few changes for stocks across the S&amp;P 500 (SPX INDEX), MidCap 400 Index and SmallCap 600 Index that will result in a one-way trade of US$30bn.
There are adds/deletes that have over 5 days of ADV to trade from passive funds, plus many stocks that have over +/-1 day of ADV from other changes.
The largest impact of passive buying will be on Keurig Dr Pepper Inc (KDP US), On Semiconductor (ON US) and VICI Properties Inc (VICI US). 


S&P500 Index Rebalance: One-Way Trade of US$30bn

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>In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap.<em>.</em></p>

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive Groups and stocks within Health Care and Technology: Biotech, Mid-Cap, Biotech, Small-Cap, Semiconductors, Large-Cap, and Semiconductors, Mid-Cap..

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

United States

Ironwood Pharmaceuticals, Inc. is a pharmaceutical company. The Company discovers, develops, manufactures, and commercializes marketed drugs.   Ironwood products used in treatments of cholesterol, gastrointestinal and cardiovascular diseases, pain, inflammation, and others.

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Ironwood Pharmaceuticals, Inc (IRWD US)

Biopharma Week in Review Shrugging Off Constant Bad News; LLY Winning Obesity Drug Race

With pharma tariffs now expected by June and federal health agencies’ prospects looking worse, we may be close to peak negativity, but too much...

Water Tower Research

[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

The S&P500 is tough to predict (more often than not) because they pick from two pools, and use discretion. The "usual suspects" from last month are...

Travis Lundy

Ironwood Pharmaceuticals (IRWD US): Brand Leadership of Linzess Continues; Pipeline Advances

Ironwood’s flagship drug Linzess achieved blockbuster status in 2021 and is still growing by low single digit. Two pipeline GI drug candidates...

Tina Banerjee

S&P500 Index Rebalance: One-Way Trade of US$30bn

There are 3 changes for the S&P500, plus more changes for the MidCap and SmallCap indices. We estimate a one-way trade of US$30bn across the...

Brian Freitas

MSCI ACWI, STOXX 600 Breaking Out, Adding Fuel for Further U.S. Equity Market Rally

In today’s report we reiterate our bullish U.S. investment thesis, recap significant technical levels across indexes, and highlight attractive...

Vermilion Research

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