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 AI reported financial results for the fourth quarter and full year 2025.</li><li>The company highlighted significant achievements, indicating a robust performance across both its core businesses, diagnostics and data.</li><li>Tempus' total revenue surged over 33%, particularly bolstered by the acquisition of Ambry.</li></ul>

Tempus AI reported financial results for the fourth quarter and full year 2025.The company highlighted significant achievements, indicating a robust performance across both its core businesses, diagnostics and data.Tempus' total revenue surged over 33%, particularly bolstered by the acquisition of Ambry.

Tempus AI Is Unlocking A New Era Of Oncology Intelligence Through Its Massive Clinical Data Network!

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.</li><li>Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.</li><li>Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.</li></ul>

Sacra estimates that Benchling hit $210M in annual recurring revenue (ARR) in May 2024, up from $185M at the end of 2023.Benchling&#39;s customer base expanded from 410 in 2020 to 1,200 as of May 2024.Benchling drives this expansion through a combination of user growth within accounts (i.e., adding more seats) and upselling additional modules and capabilities.

<ul><li>Tempus AI’s third-quarter financial performance in 2025 presented a mixed picture with several encouraging elements coupled with areas of potential concern or uncertainty.</li><li>The company demonstrated robust growth in its genomic and data licensing businesses, achieving a significant milestone of positive adjusted EBITDA for the first time in its history.</li><li>In particular, Tempus AI reported a 33% increase in overall genomic volume, with oncology and hereditary tests growing at 27% and 37%, respectively.</li></ul>

Tempus AI’s third-quarter financial performance in 2025 presented a mixed picture with several encouraging elements coupled with areas of potential concern or uncertainty.The company demonstrated robust growth in its genomic and data licensing businesses, achieving a significant milestone of positive adjusted EBITDA for the first time in its history.In particular, Tempus AI reported a 33% increase in overall genomic volume, with oncology and hereditary tests growing at 27% and 37%, respectively.

Tempus Labs: Inside the $100M Data Boom—How Licensing Deals Are Reshaping Its Future!

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

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.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.</li><li>We then mapped them to one or more of 11 AI application areas.</li><li>We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. </li></ul>

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their respective one-year market-cap changes.We then mapped them to one or more of 11 AI application areas.We also assigned each company a subjective “AI Centricity” score (1 to 10 scale) based on each company’s level of focus on AI. 

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

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 Is Unlocking A New Era Of Oncology Intelligence Through Its Massive Clinical Data Network!

Tempus AI reported financial results for the fourth quarter and full year 2025. The company highlighted significant achievements, indicating a...

Baptista Research

Primer: Benchling - 12 Oct 2026

Software for biotech teams to design, document, and manage scientific experiments and samples

Sacra

Tempus Labs: Inside the $100M Data Boom—How Licensing Deals Are Reshaping Its Future!

Tempus AI’s third-quarter financial performance in 2025 presented a mixed picture with several encouraging elements coupled with areas of...

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

AI Industry Primer A Survey of 50 Under-Covered Companies in Artificial Intelligence (AI)

Methodology. We reviewed 50 under-covered, AI-involved public companies (~$2.7 billion average market cap; about five analysts each) and their...

Water Tower Research

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