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>Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.</li><li>The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.</li><li>Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.</li></ul>

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

<ul><li>Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.</li><li>Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.</li><li>The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.</li></ul>

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

<ul><li>Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.</li><li>Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.</li><li>Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.</li></ul>

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Caris Life Sciences / Equity Capital Markets

<ul>
<li>Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.</li>
<li>Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.</li>
</ul>


Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.


Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

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

Microstrategy Inc Cl A / Technical Analysis

<ul>
<li>In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common</li>
<li>And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area</li>
</ul>


In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area


Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

United States

Tempus AI, Inc. operates as a clinical laboratory. The Company provides genomic sequencing services and analyze molecular and therapeutic data to help physicians to make real-time and data-driven decisions.Tempus AI serves customers in the United States.

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Tempus AI (TEM US)

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability...

Baptista Research

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

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Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability...

Baptista Research

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

​Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Major Low Likely in Place on S&P 500; Bullish Outlook Intact if Above 5500-5600

Major Low Likely in Place on $SPX; Bullish Outlook Intact if Above 5500-5600. 5670-5718 is short-term gap support; Power in hands of bulls if...

Vermilion Research

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...