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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is <em>above</em> $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> has reported mixed 3Q23 result, with revenue missing and EPS beating consensus. For 3Q23, partner Janssen reported Carvykti worldwide revenue of $152M, up 30% QoQ.</li>
<li>Legend entered an exclusive, global license agreement with Novartis, which grants Novartis the rights to develop, manufacture, and commercialize LB2102 and other potential CAR-T therapies for upfront payment of $100M.</li>
<li>The company is expanding manufacturing capacity for Carvykti. As of September 30, 2023, Legend has cash balance of $1.4B, which should provide a runway through 2025.  </li>
</ul>



Legend Biotech Corp (LEGN US) has reported mixed 3Q23 result, with revenue missing and EPS beating consensus. For 3Q23, partner Janssen reported Carvykti worldwide revenue of $152M, up 30% QoQ.
Legend entered an exclusive, global license agreement with Novartis, which grants Novartis the rights to develop, manufacture, and commercialize LB2102 and other potential CAR-T therapies for upfront payment of $100M.
The company is expanding manufacturing capacity for Carvykti. As of September 30, 2023, Legend has cash balance of $1.4B, which should provide a runway through 2025.  


Legend Biotech (LEGN US): Mixed 3Q23 Result; Carvykti Is Flying High; New Licensing Agreement

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.

<ul><li>Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings.</li><li>The last quarter for Novartis AG was marked by significant achievements, including strong sales growth and margin expansion, leading to a guidance raise for the third time in the year.</li><li>Kesimpta also showed impressive results and other products like Pluvicto and Lutathera demonstrated their potential in earlier disease settings.</li></ul>

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings.The last quarter for Novartis AG was marked by significant achievements, including strong sales growth and margin expansion, leading to a guidance raise for the third time in the year.Kesimpta also showed impressive results and other products like Pluvicto and Lutathera demonstrated their potential in earlier disease settings.

Novartis AG: Unraveling the Potential of Kesimpta

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.</li>
<li>This includes a couple of intra-review index changes that could be triggered by the <a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> and <a href="https://www.smartkarma.com/entities/chr-hansen-holding-a-s" target="_blank" data-smartkarma-citation="entities:22322:1" rel="noopener">Chr Hansen Holding A/S (CHR DC)</a> takeover situations.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.
This includes a couple of intra-review index changes that could be triggered by the Dechra Pharmaceuticals (DPH LN) and Chr Hansen Holding A/S (CHR DC) takeover situations.


Quiddity Leaderboard SE600 Dec 23: Novartis-Sandoz, Dechra, CHR, and Others

<ul>
<li>In 2Q23, <a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)</a> reported 53% YoY growth in revenue to NTD4.4B, mainly driven by strong uptake of Lenalidomide and Suboxone in America and branded products in Taiwan.</li>
<li>Lotus reported an EPS of NTD4.85 for Q2 2023, 285% above EPS of NTD1.26 reported for the same quarter of 2022. This result beat the average analyst’s estimate by NTD0.64.</li>
<li>Lotus has acquired exclusive global right to develop and commercialize suicidal bipolar therapy NRX-101 and obtained approval for new branded oncology drug Zepzelca in Taiwan.</li>
</ul>


In 2Q23, Lotus Pharmaceutical (1795 TT) reported 53% YoY growth in revenue to NTD4.4B, mainly driven by strong uptake of Lenalidomide and Suboxone in America and branded products in Taiwan.
Lotus reported an EPS of NTD4.85 for Q2 2023, 285% above EPS of NTD1.26 reported for the same quarter of 2022. This result beat the average analyst’s estimate by NTD0.64.
Lotus has acquired exclusive global right to develop and commercialize suicidal bipolar therapy NRX-101 and obtained approval for new branded oncology drug Zepzelca in Taiwan.


Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

Switzerland

Novartis AG manufactures pharmaceutical and consumer healthcare products. The Company uses innovative science and digital technologies to create transformative treatments in areas of great medical need. Novartis offers patent protected prescription medicine and generic pharmaceuticals and biosimilars.

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Novartis (NOVN SW)

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Legend Biotech (LEGN US): Mixed 3Q23 Result; Carvykti Is Flying High; New Licensing Agreement

Legend Biotech's Q3 revenue missed but EPS beat consensus. Carvykti worldwide revenue increased 30% QoQ. Outlicensing agreement with Novartis will...

Tina Banerjee

Novartis AG: Unraveling the Potential of Kesimpta

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings. The...

Baptista Research

Quiddity Leaderboard SE600 Dec 23: Novartis-Sandoz, Dechra, CHR, and Others

I currently see six regular ADDs/DELs for the SE600 index in December 2023. Apart from that the Dechra and CHR deals could trigger two more intra...

Janaghan Jeyakumar, CFA

Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....

Tina Banerjee

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Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Legend Biotech (LEGN US): Mixed 3Q23 Result; Carvykti Is Flying High; New Licensing Agreement

​Legend Biotech's Q3 revenue missed but EPS beat consensus. Carvykti worldwide revenue increased 30% QoQ. Outlicensing agreement with Novartis will...

Tina Banerjee

Novartis AG: Unraveling the Potential of Kesimpta

Novartis AG delivered a mixed set of results in the quarter, with revenues falling short of Wall Street expectations but above-par earnings. The...

Baptista Research

Quiddity Leaderboard SE600 Dec 23: Novartis-Sandoz, Dechra, CHR, and Others

I currently see six regular ADDs/DELs for the SE600 index in December 2023. Apart from that the Dechra and CHR deals could trigger two more intra...

Janaghan Jeyakumar, CFA

Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

​Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....

Tina Banerjee

Legend Biotech's Q3 revenue missed but EPS beat consensus. Carvykti worldwide revenue increased 30% QoQ. Outlicensing agreement with Novartis will...

Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....