Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. </li>
<li>SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  </li>
<li>SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.</li>
</ul>



SK Bioscience (302440 KS) markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. 
SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  
SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.


SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.</li>
<li>In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. </li>
<li>We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.</li>
</ul>


Shares of Moderna Inc (MRNA US) underperformed and fell ~32% YTD. Investors continued to cut exposure to stocks of COVID vaccine makers, including BioNTech, Novavax, CureVac, among others.
In August 2021, Moderna announced the first share buyback plan. The company’s Board of Directors has authorized share repurchase for up to $1 billion with an expiry date in 2023. 
We estimate Moderna may end 2021 with a total of ~$18.5 billion in cash, cash eq., investments and expect the company may boost share buyback in the future.


Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. <div class="content-highlight">While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. </div>

Clover Biopharmaceuticals (CBL HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. 

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

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

United States

Novavax, Inc. is a clinical stage biotechnology company. The Company creates novel vaccines to address a broad range of infectious diseases worldwide using proprietary virus-like particle (VLP) technology.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Novavax (NVAX US)

SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

SK Bioscience’s near-term growth will be driven by CMO contract of Novavax COVID-19 vaccine. The company’s rich non-COVID pipeline and global...

Tina Banerjee

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

SK Bioscience’s near-term growth will be driven by CMO contract of Novavax COVID-19 vaccine. The company’s rich non-COVID pipeline and global...

Tina Banerjee

Is It Time For Moderna To Boost Share Buyback And Start Paying Dividends?

Our analysis suggests that Moderna may boost share buyback and announce dividend payments in 2022 as cash pile will exceed $20 billion

Andrei Zakharov

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight...

Vermilion Research