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

Key themes:<ul><li>Downgrading Financials. Given the Sector’s relative deterioration, we are downgrading Financials to market weight. Pockets of strength still exist (e.g. exchanges), but breadth is problematic... see page 3</li><li>Gold miners are bullishly inflecting. A Group we recommended last week, gold miners continue to bullishly inflect. This is a buying opportunity... see pages 3, 8-14</li><li>Buy biotechs, overweight Health Care. In today’s report we highlight actionable charts throughout Health Care, our top-ranked Sector, emphasizing widespread opportunities within biotechs ... see pages 3, 15-19</li></ul>

Key themes:Downgrading Financials. Given the Sector’s relative deterioration, we are downgrading Financials to market weight. Pockets of strength still exist (e.g. exchanges), but breadth is problematic... see page 3Gold miners are bullishly inflecting. A Group we recommended last week, gold miners continue to bullishly inflect. This is a buying opportunity... see pages 3, 8-14Buy biotechs, overweight Health Care. In today’s report we highlight actionable charts throughout Health Care, our top-ranked Sector, emphasizing widespread opportunities within biotechs ... see pages 3, 15-19

U.S. Equity Strategy: Reiterating Biotechs, Gold Miners; Downgrading Financials to Market Weight

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Neurocrine Biosciences / Equity Bottom-Up

<ul><li>Neurocrine Biosciences reported an impressive second quarter of 2025, reflecting both strong financial performance and promising strategic developments.</li><li>The company generated $682 million in net product sales, marking a 17% increase year-over-year.</li><li>This growth was driven by its key products, INGREZZA and CRENESSITY, which have shown solid market penetration.</li></ul>

Neurocrine Biosciences reported an impressive second quarter of 2025, reflecting both strong financial performance and promising strategic developments.The company generated $682 million in net product sales, marking a 17% increase year-over-year.This growth was driven by its key products, INGREZZA and CRENESSITY, which have shown solid market penetration.

Neurocrine Biosciences Just Launched CRENESSITY—What’s Fueling Its Rapid Uptake Among Endocrinologists?

<ul><li>Neurocrine Biosciences, in its first quarter of 2025 results communication, highlighted noteworthy progress in both its product sales and promising initial uptake of new therapeutic offerings.</li><li>Despite external market volatility, the company's focus on execution was evident in the strong performance of its established brands and new product launches.</li><li>On the positive side, the first quarter showcased record new patient starts for INGREZZA, a crucial treatment in their portfolio, alongside encouraging initial results from the CRENESSITY launch.</li></ul>

Neurocrine Biosciences, in its first quarter of 2025 results communication, highlighted noteworthy progress in both its product sales and promising initial uptake of new therapeutic offerings.Despite external market volatility, the company's focus on execution was evident in the strong performance of its established brands and new product launches.On the positive side, the first quarter showcased record new patient starts for INGREZZA, a crucial treatment in their portfolio, alongside encouraging initial results from the CRENESSITY launch.

Neurocrine Biosciences: Adoption of CRENESSITY For A Substantial Opportunity For Growth In The Endocrinology Segment!

<ul><li>Neurocrine Biosciences' recent earnings provides a comprehensive overview of its financial performance, strategic initiatives, and growth prospects through the lens of both successes and areas of caution.</li><li>The company continues to demonstrate solid performance with key products while also facing challenges in a competitive biopharmaceutical landscape.</li><li>Positives from the call highlight the standout performance of INGREZZA, Neurocrine's treatment for tardive dyskinesia, which has achieved record growth.</li></ul>

Neurocrine Biosciences' recent earnings provides a comprehensive overview of its financial performance, strategic initiatives, and growth prospects through the lens of both successes and areas of caution.The company continues to demonstrate solid performance with key products while also facing challenges in a competitive biopharmaceutical landscape.Positives from the call highlight the standout performance of INGREZZA, Neurocrine's treatment for tardive dyskinesia, which has achieved record growth.

Neurocrine Biosciences: The CRENESSITY Launch & Expansion As A Significant Growth Opportunity!

<ul><li>Neurocrine Biosciences has presented its third-quarter 2024 results, highlighting both achievements and ongoing strategic initiatives.</li><li>Under the new leadership of CEO Kyle Gano, the company is focusing on strengthening its position as a leading neuroscience organization.</li><li>Its revenue growth has been particularly driven by the performance of its drug INGREZZA, with an impressive $613 million in sales this quarter, translating to 25% year-over-year growth.</li></ul>

Neurocrine Biosciences has presented its third-quarter 2024 results, highlighting both achievements and ongoing strategic initiatives.Under the new leadership of CEO Kyle Gano, the company is focusing on strengthening its position as a leading neuroscience organization.Its revenue growth has been particularly driven by the performance of its drug INGREZZA, with an impressive $613 million in sales this quarter, translating to 25% year-over-year growth.

Neurocrine Biosciences: Commercial Expansion & Market Penetration Underpinning Our ‘Outperform’ Rating! - Major Drivers

United States

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders.  The Company is developing therapeutic interventions for anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

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Neurocrine Biosciences (NBIX US)

U.S. Equity Strategy: Reiterating Biotechs, Gold Miners; Downgrading Financials to Market Weight

Key themes: Downgrading Financials. Given the Sector’s relative deterioration, we are downgrading Financials to market weight. Pockets of strength...

Vermilion Research

Neurocrine Biosciences Just Launched CRENESSITY—What’s Fueling Its Rapid Uptake Among Endocrinologists?

Neurocrine Biosciences reported an impressive second quarter of 2025, reflecting both strong financial performance and promising strategic...

Baptista Research

Neurocrine Biosciences: Adoption of CRENESSITY For A Substantial Opportunity For Growth In The Endocrinology Segment!

Neurocrine Biosciences, in its first quarter of 2025 results communication, highlighted noteworthy progress in both its product sales and...

Baptista Research

Neurocrine Biosciences: The CRENESSITY Launch & Expansion As A Significant Growth Opportunity!

Neurocrine Biosciences' recent earnings provides a comprehensive overview of its financial performance, strategic initiatives, and growth...

Baptista Research

Neurocrine Biosciences: Commercial Expansion & Market Penetration Underpinning Our ‘Outperform’ Rating! - Major Drivers

Neurocrine Biosciences has presented its third-quarter 2024 results, highlighting both achievements and ongoing strategic initiatives. Under the...

Baptista Research

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