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

<ul><li>Personalis has become one of the market’s most closely watched precision-oncology stocks after reports indicated that the company is evaluating a potential sale following takeover interest from Merck and two other bidders.</li><li>The timing is striking.</li><li>Personalis shares had already risen nearly 100% in 2026 before the report surfaced, lifting its market capitalization to roughly $1.6 billion and raising a difficult question for investors: how much takeover upside may still remain after such a sharp rally?</li></ul>

Personalis has become one of the market’s most closely watched precision-oncology stocks after reports indicated that the company is evaluating a potential sale following takeover interest from Merck and two other bidders.The timing is striking.Personalis shares had already risen nearly 100% in 2026 before the report surfaced, lifting its market capitalization to roughly $1.6 billion and raising a difficult question for investors: how much takeover upside may still remain after such a sharp rally?

Personalis Has Already Doubled—Is Merck About To Trigger Another Surge?

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

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

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

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026


S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Adaptive Biotechnologies / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/adaptive-biotechnologies-corp/overview" target="_blank" rel="noopener">Adaptive Biotechnologies (ADPT US)</a> has filed for an IPO in the US to raise approximately US$181m and has set an IPO price range of US$15-17 per share, which implies a valuation of nearly US$1.3bn. The company has developed an immuno informatics platform that maps adaptive immuno responses to diseases in a single database with over 30 billion immune receptors, of which the company has data rights for over 20bn. The company’s revenue base is still small as the company has just received FDA approval for its core product, clonoSEQ from FDA. That being said, the company financials seem strong and the future looks attractive and promising.ADPT has a notable and significant collaboration with Genentech which puts an endorsement stamp on the company’s product and shows its growth potential. The deal provides the company with US$1.8bn in additional payments plus royalties on sale of approved products. We believe the company is well positioned to benefit from a growing immune-driven cancer diagnosis and treatment market due to its superior technology and coupled with the Genentech partnership and a healthy balance sheet with zero debt should support a high valuation for ADPT.We discuss the details below.

Adaptive Biotechnologies (ADPT US) has filed for an IPO in the US to raise approximately US$181m and has set an IPO price range of US$15-17 per share, which implies a valuation of nearly US$1.3bn. The company has developed an immuno informatics platform that maps adaptive immuno responses to diseases in a single database with over 30 billion immune receptors, of which the company has data rights for over 20bn. The company’s revenue base is still small as the company has just received FDA approval for its core product, clonoSEQ from FDA. That being said, the company financials seem strong and the future looks attractive and promising.ADPT has a notable and significant collaboration with Genentech which puts an endorsement stamp on the company’s product and shows its growth potential. The deal provides the company with US$1.8bn in additional payments plus royalties on sale of approved products. We believe the company is well positioned to benefit from a growing immune-driven cancer diagnosis and treatment market due to its superior technology and coupled with the Genentech partnership and a healthy balance sheet with zero debt should support a high valuation for ADPT.We discuss the details below.

Adaptive Biotechnologies IPO: Immune to Grow and Succeed; and the Future Looks Good

United States

Personalis, Inc. provides genomic sequencing and analytics solutions. The Company supports the development of personalized cancer vaccines and other next-generation cancer immunotherapies. Personalis serves customers worldwide.

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

Personalis Inc (PSNL US)

Personalis Has Already Doubled—Is Merck About To Trigger Another Surge?

Personalis has become one of the market’s most closely watched precision-oncology stocks after reports indicated that the company is evaluating a...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

Adaptive Biotechnologies IPO: Immune to Grow and Succeed; and the Future Looks Good

Adaptive Biotechnologies (ADPT US) has filed for an IPO in the US to raise approximately US$181m and has set an IPO price range of US$15-17 per...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)