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

MSCI Emerging Markets Index / Technical Analysis

Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially within EM. We see coronavirus concerns as helping correct the excess bullish sentiment and optimism in the short-term.

Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point, concerns surrounding the Wuhan coronavirus have led to some market setbacks and deterioration in market indicators, however they have not resulted in breakdowns. This is true even for areas of the market most-directly affected, including China (MSCI China) and emerging markets (MSCI EM). For these reasons and, as long as there is no significant additional damage, we view recent weakness as a buying opportunity - especially within EM. We see coronavirus concerns as helping correct the excess bullish sentiment and optimism in the short-term.

Pharma/ Biotechnology Investments Specialist, Vasuda Capital Management

Dr. Bhavneesh Sharma, MD, MBA

Pharma/ Biotechnology Investments Specialist

Vasuda Capital Management

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/entities/21112" target="_blank" data-smartkarma-citation="entities:21112:1">Galapagos NV (GLPG NA)</a> seems to have got some investor attention after the successful results of <a href="https://www.smartkarma.com/entities/7410" target="_blank" data-smartkarma-citation="entities:7410:1">Celgene Corp (CELG US)</a> anti-inflammatory product candidate for the treatment of Crohn's disease. Galapagos' filgotinib is being developed in partnership with <a href="https://www.smartkarma.com/entities/973" target="_blank" data-smartkarma-citation="entities:973:1">Gilead Sciences Inc (GILD US)</a> and showed 48% remission and 67% clinical response in Crohn's disease. A phase 3 trial of the drug will start soon. Our sentiment on Galapagos stock: neutral. <a href="https://www.smartkarma.com/entities/8669" target="_blank" data-smartkarma-citation="entities:8669:1">Atara Biotherapeutics Inc (ATRA US)</a> received PRIME…

Galapagos NV (GLPG NA) seems to have got some investor attention after the successful results of Celgene Corp (CELG US) anti-inflammatory product candidate for the treatment of Crohn's disease. Galapagos' filgotinib is being developed in partnership with Gilead Sciences Inc (GILD US) and showed 48% remission and 67% clinical response in Crohn's disease. A phase 3 trial of the drug will start soon. Our sentiment on Galapagos stock: neutral. Atara Biotherapeutics Inc (ATRA US) received PRIME…

Recap of Key Events in the U.S. Biotechnology and Pharmaceutical Sector: Mid-Week Update

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>Sartorius AG recently reported its first-quarter results for 2025.</li>
<li>The results demonstrated strong performance driven primarily by their Bioprocess Solutions division, which saw a 10% increase in sales revenue, mainly from consumables despite a muted equipment business.</li>
<li>The company reported a 6.5% growth in sales revenue in constant currencies, reaching EUR 883 million, with an underlying EBITDA of EUR 263 million, reflecting an overproportional growth of 12.2%.</li>
</ul>


Sartorius AG recently reported its first-quarter results for 2025.
The results demonstrated strong performance driven primarily by their Bioprocess Solutions division, which saw a 10% increase in sales revenue, mainly from consumables despite a muted equipment business.
The company reported a 6.5% growth in sales revenue in constant currencies, reaching EUR 883 million, with an underlying EBITDA of EUR 263 million, reflecting an overproportional growth of 12.2%.


Sartorius AG - Can U.S. Expansion Shield It from Global Trade Chaos?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/as-one-corporation" target="_blank" data-smartkarma-citation="entities:13040:1" rel="noopener">AS ONE Corporation (7476 JP)</a>'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  </li>
<li>E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.</li>
<li>For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.</li>
</ul>



AS ONE Corporation (7476 JP)'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.


As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sartorius-ag" target="_blank" data-smartkarma-citation="entities:21720:1" rel="noopener">Sartorius AG (SRT GR)</a> reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.</li>
<li>The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.</li>
<li>With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.</li>
</ul>



Sartorius AG (SRT GR) reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.
The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.
With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.


Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry

Germany

Sartorius AG manufactures and markets precision electronic equipment and components.  The Company produces precision scales for laboratory and industrial uses and electrochemistry.  Sartorius manufactures equipment for biomolecular and microbial separations, cell culture, concentration, fermentation, and purification.  The Company markets its products worldwide.

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Sartorius AG (SRT GR)

EM Pullback Opportunity

Supporting our global bull market thesis, uptrends remain intact for the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM). At this point,...