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

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

We are beginning to see early signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Short-term outperformance and constructive consolidation/bottoming patterns are evident within biotech (IBB, XBI), small- and micro-caps (IWM, IWC), and emerging markets (EEM). This only adds to our positive outlook for the weeks and months ahead; continue to buy pullbacks.

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Caris Life Sciences / Equity Capital Markets

<ul>
<li>Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.</li>
<li>The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.</li>
<li>For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.</li>
</ul>


Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.
The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.
For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.


Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

Global Healthcare Analyst

Tina Banerjee

ImmuneOnco Biopharmaceuticals (Shanghai) / Equity Capital Markets

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/immuneonco-biopharmaceuticals-shanghai-inc" target="_blank" data-smartkarma-citation="entities:36080:1" rel="noopener">ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)</a> has a differentiated next-generation immuno-oncology pipeline targeting a wide range of solid and hematologic tumors to address critical unmet medical needs.</li>
<li>The company's lead candidate IMM01 is being developed for the treatment of various hematologic malignancies and solid tumors as monotherapy and in combination with other agents.</li>
<li>The company has already undertaken a series of fund raising. Its current cash position can fund its operating expenses for more than two years, without the IPO proceeds.</li>
</ul>



ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK) has a differentiated next-generation immuno-oncology pipeline targeting a wide range of solid and hematologic tumors to address critical unmet medical needs.
The company's lead candidate IMM01 is being developed for the treatment of various hematologic malignancies and solid tumors as monotherapy and in combination with other agents.
The company has already undertaken a series of fund raising. Its current cash position can fund its operating expenses for more than two years, without the IPO proceeds.


ImmuneOnco Biopharmaceuticals (IOB HK) Pre-IPO: A Potentially Differentiated Oncology Portfolio

United States

iShares Nasdaq Biotechnology ETF is an exchange-traded fund incorporated in the USA. The Fund's objective seeks investment results that correspond to the performance of the Nasdaq Biotechnology Index. The Fund will concentrate its investments in companies primarily engaged in using biomedical research for the discovery or development of new treatments or cures for human disease.

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Ishares Nasdaq Biotechnology (IBB US)

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...

IPO Boutique

ImmuneOnco Biopharmaceuticals (IOB HK) Pre-IPO: A Potentially Differentiated Oncology Portfolio

The company intends to list its shares on HK stock exchange. Investors, with high-risk appetite can consider this IPO for long-term investment due...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

U.S. Equity Strategy: Risk-On Rotations Vs. Weaker Seasonality; Russell 2000, Biotech, EM Improving

We are seeing signs of rotations back into more risk-on areas of the equity market -- a bullish sign for the broad market. Add to biotech, small-...

Vermilion Research

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

​Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...

IPO Boutique

ImmuneOnco Biopharmaceuticals (IOB HK) Pre-IPO: A Potentially Differentiated Oncology Portfolio

The company intends to list its shares on HK stock exchange. Investors, with high-risk appetite can consider this IPO for long-term investment due...

Tina Banerjee

Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...