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

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Legal and regulatory changes have spawned cannabis companies, focused on cannabis-based medical and recreational products and the development of new breeds of crop </li>
<li>In Cannabis innovations <a href="https://www.smartkarma.com/entities/philip-morris-international" target="_blank" data-smartkarma-citation="entities:13328:1" rel="noopener">Philip Morris International (PM US)</a>, <a href="https://www.smartkarma.com/entities/canopy-growth-corp" target="_blank" data-smartkarma-citation="entities:25083:1" rel="noopener">Canopy Growth (WEED CN)</a>, <a href="https://www.smartkarma.com/entities/jazz-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:15881:1" rel="noopener">Jazz Pharmaceuticals (JAZZ US)</a><a href="https://www.smartkarma.com/entities/merck-co-inc" target="_blank" data-smartkarma-citation="entities:1130:1" rel="noopener">Merck &amp; Co Inc. (MRK US)</a> and <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> lead</li>
<li>In overall plant-based extracts innovations <a href="https://www.smartkarma.com/entities/jazz-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:15881:1" rel="noopener">Jazz Pharmaceuticals (JAZZ US)</a>, <a href="https://www.smartkarma.com/entities/eid-parry-india-ltd" target="_blank" data-smartkarma-citation="entities:6925:1" rel="noopener">Eid Parry India (EID IN)</a>, <a href="https://www.smartkarma.com/entities/abbott-laboratories" target="_blank" data-smartkarma-citation="entities:11987:1" rel="noopener">Abbott Laboratories (ABT US), </a>Indena, Mars Incorporated, and Liveleaf are the leaders.</li>
</ul>


Legal and regulatory changes have spawned cannabis companies, focused on cannabis-based medical and recreational products and the development of new breeds of crop 
In Cannabis innovations Philip Morris International (PM US), Canopy Growth (WEED CN), Jazz Pharmaceuticals (JAZZ US)Merck &amp; Co Inc. (MRK US) and Takeda Pharmaceutical (4502 JP) lead
In overall plant-based extracts innovations Jazz Pharmaceuticals (JAZZ US), Eid Parry India (EID IN), Abbott Laboratories (ABT US), Indena, Mars Incorporated, and Liveleaf are the leaders.


Insights from Data Mining Technical Publications - Plant Extracts Including from Cannabis

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical / Equity Capital Markets

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-kelun-biotech-biopharmaceutical-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:40071:1" rel="noopener">Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)</a> announced the placement of 5.8M shares for subscription at HK$470.2 per share. The placing price represents a discount of 8.5% to the undisturbed price.</li>
<li>Sichuan Kelun Biotech intends to use the proceeds majorly for research and development, enhance internal R&amp;D capabilities, strengthen external collaboration, expand its product pipeline portfolio and for working capital.</li>
<li>Kelun Biotech’s drug development skill is evidenced by the outlicensing deals it has signed, especially with Merck for sac-TMT. From commercial perspective, sac-TMT has potential to generate multi-billion-dollar revenue.</li>
</ul>



Sichuan Kelun-Biotech Biopharmaceutical (6990 HK) announced the placement of 5.8M shares for subscription at HK$470.2 per share. The placing price represents a discount of 8.5% to the undisturbed price.
Sichuan Kelun Biotech intends to use the proceeds majorly for research and development, enhance internal R&amp;D capabilities, strengthen external collaboration, expand its product pipeline portfolio and for working capital.
Kelun Biotech’s drug development skill is evidenced by the outlicensing deals it has signed, especially with Merck for sac-TMT. From commercial perspective, sac-TMT has potential to generate multi-billion-dollar revenue.


Sichuan Kelun Biotech (2629 HK) Placement: To Fund R&D; Sac-TMT Is Getting Ready for Global Take-Off

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.</li>
<li>Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.</li>
<li>Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.</li>
</ul>


Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.
Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.
Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.


Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

<ul>
<li>HJ Science, a clinical-stage biotech company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$81.80 per share.</li>
<li>The company intends to raise HK$1,112M, primarily to fund ongoing and planned R&amp;D activities for pipeline products, mainly for the late-stage trials and registration of core product candidate HJ787.</li>
<li>The subscription period will close on June 17, 2026, with the shares expected to make trading debut on June 23, 2026. Citic Securities is the sole sponsor to the issue.</li>
</ul>


HJ Science, a clinical-stage biotech company, has launched its HK IPO consisting of 14M H shares. The offer price has been fixed at HK$81.80 per share.
The company intends to raise HK$1,112M, primarily to fund ongoing and planned R&amp;D activities for pipeline products, mainly for the late-stage trials and registration of core product candidate HJ787.
The subscription period will close on June 17, 2026, with the shares expected to make trading debut on June 23, 2026. Citic Securities is the sole sponsor to the issue.


HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

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

Insights from Data Mining Technical Publications - Plant Extracts Including from Cannabis

Herbal medicinal and nutraceutical extracts are seen as instruments to maintain health and treat some conditions. Cannabis, in particular, will see...

Pyari Menon

Sichuan Kelun Biotech (2629 HK) Placement: To Fund R&D; Sac-TMT Is Getting Ready for Global Take-Off

Sichuan Kelun Biotech announced the placement of 5.8M shares for subscription at HK$470.2 per share. The placing price represents a discount of...

Tina Banerjee

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

HJ Science has launched its HK IPO consisting of 14M H shares at HK$81.80 per share to fund ongoing and planned R&D activities for pipeline...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Insights from Data Mining Technical Publications - Plant Extracts Including from Cannabis

Herbal medicinal and nutraceutical extracts are seen as instruments to maintain health and treat some conditions. Cannabis, in particular, will see...

Pyari Menon

Sichuan Kelun Biotech (2629 HK) Placement: To Fund R&D; Sac-TMT Is Getting Ready for Global Take-Off

Sichuan Kelun Biotech announced the placement of 5.8M shares for subscription at HK$470.2 per share. The placing price represents a discount of...

Tina Banerjee

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

​Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

HJ Science IPO: Late Move in Crowded Market Dampens Future Growth Prospect

HJ Science has launched its HK IPO consisting of 14M H shares at HK$81.80 per share to fund ongoing and planned R&D activities for pipeline...

Tina Banerjee

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...