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, in its second quarter earnings call for 2024, highlighted significant achievements and strategic movements, setting a dynamic course for its future.</li><li>As CEO Kevin Gorman prepares to step down, the company reported a robust year with strong financial and clinical developments, though faced challenges typical of a biotech firm scaling its operations and research endeavors.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Neurocrine Biosciences, in its second quarter earnings call for 2024, highlighted significant achievements and strategic movements, setting a dynamic course for its future.As CEO Kevin Gorman prepares to step down, the company reported a robust year with strong financial and clinical developments, though faced challenges typical of a biotech firm scaling its operations and research endeavors.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Neurocrine Biosciences: Recent Innovations & Strategic Commercial Preparations for Crinecerfont Driving Our Optimism! - Major Drivers

<ul><li>Neurocrine Biosciences recently concluded its quarterly update, focusing on its strategic progress and financial achievements.</li><li>One of the highlights is the significant year-over-year growth marked by the continued success of INGREZZA, its flagship product, which reported sales of $506 million for the quarter, reflecting over 20% annual growth.</li><li>This consistent growth trajectory, despite seasonal payer dynamics, underscores the effective management and robust demand for INGREZZA in treating conditions like tardive dyskinesia (TD) and Huntington's disease chorea.</li></ul>

Neurocrine Biosciences recently concluded its quarterly update, focusing on its strategic progress and financial achievements.One of the highlights is the significant year-over-year growth marked by the continued success of INGREZZA, its flagship product, which reported sales of $506 million for the quarter, reflecting over 20% annual growth.This consistent growth trajectory, despite seasonal payer dynamics, underscores the effective management and robust demand for INGREZZA in treating conditions like tardive dyskinesia (TD) and Huntington's disease chorea.

Neurocrine Biosciences Inc.: Can The Gene Therapy Innovations Be A Growth Catalyst? - Major Drivers

<ul><li>Neurocrine Biosciences Inc, a biopharmaceutical company specializing in neurologic, psychiatric, and endocrine related disorders, showed significant growth during its remarkable year of 2023.</li><li>According to Neurocrine's executives, the firm's performance reflected the ongoing progress and the successful execution of business strategies with nearly 30% year-over-year sales growth for its flagship product, INGREZZA, which is a drug indicated for the treatment of tardive dyskinesia in adults.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Neurocrine Biosciences Inc, a biopharmaceutical company specializing in neurologic, psychiatric, and endocrine related disorders, showed significant growth during its remarkable year of 2023.According to Neurocrine's executives, the firm's performance reflected the ongoing progress and the successful execution of business strategies with nearly 30% year-over-year sales growth for its flagship product, INGREZZA, which is a drug indicated for the treatment of tardive dyskinesia in adults.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Neurocrine Biosciences Inc.: Initiation Of Coverage - Continued Investment & Growth for INGREZZA Paving The Way Forward? - Major Drivers

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bristol-myers-squibb-co" target="_blank" data-smartkarma-citation="entities:1133:1" rel="noopener">Bristol Myers Squibb Co (BMY US)</a> is acquiring <a href="https://www.smartkarma.com/entities/karuna-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:28720:1" rel="noopener">Karuna Therapeutics Inc (KRTX US)</a> for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. </li>
<li>Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.</li>
<li>Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.</li>
</ul>



Bristol Myers Squibb Co (BMY US) is acquiring Karuna Therapeutics Inc (KRTX US) for $330/share in cash for equity value of ~$14B. The transaction is expected to close in 1H24. 
Karuna’s lead asset, KarXT has FDA action date of September 26, 2024 for the treatment of schizophrenia in adults. KarXT has peak annual sales potential of $6–7B.
Considering strong clinical efficacy and favorable risk profile of KarXT, the deal seems to be fairly valued. Current market price of Karuna shares of $318.41 represents absolute spread of ~3.6%.


Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

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<li>
<a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei Group (4565 JP)</a> is currently eligible for total milestone payment of more than $9.5B for its existing collaborations. During 9MFY23, Sosei reported revenue growth of 141% YoY to ¥8.6B.</li>
<li>
<a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> has dosed first subject in phase 2 clinical trial of type 2 diabetes drug candidate PF-07081532. Achievement of this milestone triggers a $10M payment to Sosei.</li>
<li>Sosei has four programs in preclinical studies and 10+ in discovery phase, which are still unpartnered. The company has a cash runway into 2025 to fund its drug discovery activities.</li>
</ul>



Sosei Group (4565 JP) is currently eligible for total milestone payment of more than $9.5B for its existing collaborations. During 9MFY23, Sosei reported revenue growth of 141% YoY to ¥8.6B.

Pfizer Inc (PFE US) has dosed first subject in phase 2 clinical trial of type 2 diabetes drug candidate PF-07081532. Achievement of this milestone triggers a $10M payment to Sosei.
Sosei has four programs in preclinical studies and 10+ in discovery phase, which are still unpartnered. The company has a cash runway into 2025 to fund its drug discovery activities.


Sosei Group (4565 JP): Partners’ Pipeline Progress Reflects Power of Drug Discovery Platform

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)

Neurocrine Biosciences: Recent Innovations & Strategic Commercial Preparations for Crinecerfont Driving Our Optimism! - Major Drivers

Neurocrine Biosciences, in its second quarter earnings call for 2024, highlighted significant achievements and strategic movements, setting a...

Baptista Research

Neurocrine Biosciences Inc.: Can The Gene Therapy Innovations Be A Growth Catalyst? - Major Drivers

Neurocrine Biosciences recently concluded its quarterly update, focusing on its strategic progress and financial achievements. One of the...

Baptista Research

Neurocrine Biosciences Inc.: Initiation Of Coverage - Continued Investment & Growth for INGREZZA Paving The Way Forward? - Major Drivers

Neurocrine Biosciences Inc, a biopharmaceutical company specializing in neurologic, psychiatric, and endocrine related disorders, showed...

Baptista Research

Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

Sosei Group (4565 JP): Partners’ Pipeline Progress Reflects Power of Drug Discovery Platform

Discovery collaboration with global pharma giants and consequent progress of the pipeline triggering milestone payments enhances conviction on...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Neurocrine Biosciences: Recent Innovations & Strategic Commercial Preparations for Crinecerfont Driving Our Optimism! - Major Drivers

Neurocrine Biosciences, in its second quarter earnings call for 2024, highlighted significant achievements and strategic movements, setting a...

Baptista Research

Neurocrine Biosciences Inc.: Can The Gene Therapy Innovations Be A Growth Catalyst? - Major Drivers

Neurocrine Biosciences recently concluded its quarterly update, focusing on its strategic progress and financial achievements. One of the...

Baptista Research

Neurocrine Biosciences Inc.: Initiation Of Coverage - Continued Investment & Growth for INGREZZA Paving The Way Forward? - Major Drivers

Neurocrine Biosciences Inc, a biopharmaceutical company specializing in neurologic, psychiatric, and endocrine related disorders, showed...

Baptista Research

Karuna Therapeutics (KRTX US): BMS Acquisition Offers Decent Short-Term Trading Opportunity

​BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...

Tina Banerjee

Sosei Group (4565 JP): Partners’ Pipeline Progress Reflects Power of Drug Discovery Platform

Discovery collaboration with global pharma giants and consequent progress of the pipeline triggering milestone payments enhances conviction on...

Tina Banerjee

BMS is acquiring Karuna Therapeutics for $330/share in cash, with the deal expected to close in 1H24. Current market price of Karuna shares...