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

Major indexes broke below the key support levels we were watching on the Nasdaq Composite (8,264), S&amp;P 500 (2,855), DJI (24,681) and Russell 2000 (1,448), ushering-in additional downside. We view these levels as logical areas of potential short-term resistance moving forward.   In today’s report we highlight attractive Groups and stocks within Health Care and Services: Pharmaceuticals, Mega- &amp; Large-Cap , Biotech , Diagnostic &amp; Test Products, Diagnostic &amp; Test Services, and Education Svcs., China

Major indexes broke below the key support levels we were watching on the Nasdaq Composite (8,264), S&amp;P 500 (2,855), DJI (24,681) and Russell 2000 (1,448), ushering-in additional downside. We view these levels as logical areas of potential short-term resistance moving forward.   In today’s report we highlight attractive Groups and stocks within Health Care and Services: Pharmaceuticals, Mega- &amp; Large-Cap , Biotech , Diagnostic &amp; Test Products, Diagnostic &amp; Test Services, and Education Svcs., China

Major averages in the US (S&amp;P 500, Dow, Russell 2000) and Europe (STOXX 600 &amp; 50) each had throwbacks to their prior breakout levels last week, with all making successful tests of support amid reports of a potential setback in trade negotiations. We continue to believe dips should be bought as the weight of the evidence continues to point to a new leg higher for the broad equity market. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, and Technology: Retailers, Jewelry, Pharmaceuticals, Mega-Cap, Pharmaceuticals, Small-Cap, and Wireless Components.

Major averages in the US (S&amp;P 500, Dow, Russell 2000) and Europe (STOXX 600 &amp; 50) each had throwbacks to their prior breakout levels last week, with all making successful tests of support amid reports of a potential setback in trade negotiations. We continue to believe dips should be bought as the weight of the evidence continues to point to a new leg higher for the broad equity market. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, and Technology: Retailers, Jewelry, Pharmaceuticals, Mega-Cap, Pharmaceuticals, Small-Cap, and Wireless Components.

U. S. Equity Strategy: Small-Caps Closing the Gap

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

<ul>
<li>Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.</li>
<li>A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.</li>
<li>With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.</li>
</ul>


Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.
A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.
With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.


The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

<ul>
<li>Innovent Biologics published strong results that were ahead of expectations.</li>
<li>Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.</li>
<li>Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.</li>
</ul>


Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.


Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

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>Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2 diabetes drug, Ozempic, directly to consumers at $499 per month—about half its traditional list price.</li><li>Announced in mid-August 2025, the move mirrors the company’s earlier direct-to-consumer strategy for Wegovy, its obesity drug, and is designed to capture uninsured or underinsured patients struggling with access.</li><li>While Novo says that 98% of insured patients already have coverage for Ozempic, the new program aims to expand access to those outside the system through Novo’s own telehealth storefront and GoodRx’s nationwide pharmacy network.</li></ul>

Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2 diabetes drug, Ozempic, directly to consumers at $499 per month—about half its traditional list price.Announced in mid-August 2025, the move mirrors the company’s earlier direct-to-consumer strategy for Wegovy, its obesity drug, and is designed to capture uninsured or underinsured patients struggling with access.While Novo says that 98% of insured patients already have coverage for Ozempic, the new program aims to expand access to those outside the system through Novo’s own telehealth storefront and GoodRx’s nationwide pharmacy network.

Novo Nordisk & GoodRx Shake Up Drug Pricing: Ozempic At $499 Sends Shockwaves!

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)

S&P 500: Long-Term Oversold

Major indexes broke below the key support levels we were watching on the Nasdaq Composite (8,264), S&P 500 (2,855), DJI (24,681) and Russell...

Vermilion Research

U. S. Equity Strategy: Small-Caps Closing the Gap

Major averages in the US (S&P 500, Dow, Russell 2000) and Europe (STOXX 600 & 50) each had throwbacks to their prior breakout levels last...

Vermilion Research

The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

daaimon

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Novo Nordisk & GoodRx Shake Up Drug Pricing: Ozempic At $499 Sends Shockwaves!

Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

S&P 500: Long-Term Oversold

Major indexes broke below the key support levels we were watching on the Nasdaq Composite (8,264), S&P 500 (2,855), DJI (24,681) and Russell...

Vermilion Research

U. S. Equity Strategy: Small-Caps Closing the Gap

Major averages in the US (S&P 500, Dow, Russell 2000) and Europe (STOXX 600 & 50) each had throwbacks to their prior breakout levels last...

Vermilion Research

The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

​United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

daaimon

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

​Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Novo Nordisk & GoodRx Shake Up Drug Pricing: Ozempic At $499 Sends Shockwaves!

Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2...

Baptista Research

United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.