Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Thematic (Sector/Industry)

<ul><li>Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).</li><li>Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.</li><li>Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. </li></ul>

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA 2025).Vaccine concerns reached new heights as RFK Jr. suddenly (but not surprising) dismantled the CDC’s ACIP (vaccine expert panel) and replaced it with vaccine skeptics to reshape vaccine policy and guidance.Most- Favored-Nation (MFN) appeared to be in a stand-off as the 30- day deadline (June 11) for drug price targets passed without any action. 

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

<ul><li>Large pharma’s bounce from the mostly ineffective Most- Favored-Nation (MFN) executive order was short-lived, as new CMS draft guidance for Medicare price negotiations threatened certain drug combos.</li><li>President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.</li><li>Listen to the WTR Biotech Flashcast for our MFN take.</li></ul>

Large pharma’s bounce from the mostly ineffective Most- Favored-Nation (MFN) executive order was short-lived, as new CMS draft guidance for Medicare price negotiations threatened certain drug combos.President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.Listen to the WTR Biotech Flashcast for our MFN take.

Biopharma Week in Review MFN Fears Overdone but Medicare Negotiation Changes Reapplied Pressure

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Strong results reflect progress of existing approved drugs including key oncology drugs.</li>
<li>Mazdutide is set to be released in 2025, and the company is currently making plans for the release.</li>
<li>Innovent Biologics continues to add to its drug development portfolio.</li>
</ul>


Strong results reflect progress of existing approved drugs including key oncology drugs.
Mazdutide is set to be released in 2025, and the company is currently making plans for the release.
Innovent Biologics continues to add to its drug development portfolio.


<ul><li>Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.</li><li>M&amp;A activity also helped biotech, with NVS acquiring RLGS at a 108% premium and MKKGY buying SWTX after months of speculation.</li><li>Sentiment remained cautious among industry leaders, with another potential sign of regulatory disruption as the FDA missed Stealth’s (private) PDUFA date.</li></ul>

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.M&amp;A activity also helped biotech, with NVS acquiring RLGS at a 108% premium and MKKGY buying SWTX after months of speculation.Sentiment remained cautious among industry leaders, with another potential sign of regulatory disruption as the FDA missed Stealth’s (private) PDUFA date.

Biopharma Week in Review - Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

<ul><li>Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- <span style="font-size: var(--content-font-size);">risk, higher-quality names. </span></li><li><span style="font-size: var(--content-font-size);">Trump nominees, Martin Makary for </span>the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.</li><li>NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.</li></ul>

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- risk, higher-quality names. Trump nominees, Martin Makary for the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.

Biopharma Week in Review - March 10, 2025

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NVO US)

Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA...

Water Tower Research

Biopharma Week in Review MFN Fears Overdone but Medicare Negotiation Changes Reapplied Pressure

President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.

Water Tower Research

Update on Innovent Biologics (1801 HK)

Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.

daaimon

Biopharma Week in Review - Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.

Water Tower Research

Biopharma Week in Review - March 10, 2025

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought...

Water Tower Research

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Biopharma Week in Review - Vaccine Advisory Board Overhaul Sudden but Not Surprising

Pharma benefited from some defensive sector rotation, led by the big obesity duo, LLY and NVO, ahead of this week’s major diabetes conference (ADA...

Water Tower Research

Biopharma Week in Review MFN Fears Overdone but Medicare Negotiation Changes Reapplied Pressure

President Trump’s MFN executive order lacked a clear plan to lower drug prices, with any immediate moves likely facing legal challenges.

Water Tower Research

Update on Innovent Biologics (1801 HK)

​Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.

daaimon

Biopharma Week in Review - Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.

Water Tower Research

Biopharma Week in Review - March 10, 2025

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought...

Water Tower Research

Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.