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>The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is approaching $500 billion and expanding at a high-single-digit annual rate.</li><li>These are not everyday prescriptions, but treatments used for complex illnesses such as cancer, cystic fibrosis, hepatitis C and other conditions that often require specialized distribution, monitoring and clinical support.</li><li>Cigna already has a significant position through Accredo Specialty Pharmacy, but its strategy increasingly extends beyond delivering drugs directly to patients.</li></ul>

The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is approaching $500 billion and expanding at a high-single-digit annual rate.These are not everyday prescriptions, but treatments used for complex illnesses such as cancer, cystic fibrosis, hepatitis C and other conditions that often require specialized distribution, monitoring and clinical support.Cigna already has a significant position through Accredo Specialty Pharmacy, but its strategy increasingly extends beyond delivering drugs directly to patients.

Cigna Is Chasing a $500 Billion Opportunity as Expensive Drugs Transform Healthcare!

<ul><li>The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and adjusted earnings per share of $7.79, representing a 16% increase year-over-year.</li><li>The company raised its full-year adjusted earnings per share guidance to at least $30.35, reflecting confidence in sustained growth driven by disciplined execution, strategic portfolio management, and continued investments in innovation.</li><li>The company operates two primary segments: Evernorth Health Services and Cigna Healthcare, both contributing positively to overall performance.</li></ul>

The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and adjusted earnings per share of $7.79, representing a 16% increase year-over-year.The company raised its full-year adjusted earnings per share guidance to at least $30.35, reflecting confidence in sustained growth driven by disciplined execution, strategic portfolio management, and continued investments in innovation.The company operates two primary segments: Evernorth Health Services and Cigna Healthcare, both contributing positively to overall performance.

Cigna’s $30.35 EPS Floor: Can Evernorth Offset Pharmacy Margin Pressure?

<ul><li>The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate reconfiguration of its pharmacy benefits economics that creates near-term margin pressure but is intended to improve transparency and affordability for customers and patients.</li><li>Results for the quarter included revenue of $69.7 billion and adjusted earnings per share of $7.83, aided by a net after-tax special item benefit of $61 million.</li><li>Management reaffirmed a full-year 2025 adjusted earnings per share outlook of at least $29.60, reflecting confidence in execution across its portfolio and continued investment in initiatives that are expected to reshape parts of the business over the next several years.</li></ul>

The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate reconfiguration of its pharmacy benefits economics that creates near-term margin pressure but is intended to improve transparency and affordability for customers and patients.Results for the quarter included revenue of $69.7 billion and adjusted earnings per share of $7.83, aided by a net after-tax special item benefit of $61 million.Management reaffirmed a full-year 2025 adjusted earnings per share outlook of at least $29.60, reflecting confidence in execution across its portfolio and continued investment in initiatives that are expected to reshape parts of the business over the next several years.

The Cigna Group: Inside Evernorth’s Specialty Engine—How Biosimilars and Rising Specialty Volumes Are Driving Earnings Mix!

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short covering dominated the week of August 10.</li><li>PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.</li><li>Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.</li></ul>

Short covering dominated the week of August 10.PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven days.Against that tide, ENRD , FRMI , and AADX attracted fresh bearish conviction - with ENRD's cost to borrow hitting an all-time high.

Short Sellers in Retreat — With Pockets of New Conviction

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>In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.</li>
<li>We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ</li>
<li>With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.</li>
</ul>


In last week's Macro Vision report, we noted breaks below 3900 on the SPX and $293 on the QQQ opened the door for a test of YTD lows, or worse.
We are now getting a test of the YTD lows of 3636 on the S&amp;P 500 and $269 on QQQ
With so many indexes and key Sectors currently oversold and testing support, we could certainly see a bounce/pause at current levels.


Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

United States

The Cigna Group operates as an insurance company. The Company offers life, accident, disability, supplemental, medicare, and dental insurance products and services. The Cigna Group serves individuals, families, and businesses worldwide.

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Cigna Group (CI US)

Cigna Is Chasing a $500 Billion Opportunity as Expensive Drugs Transform Healthcare!

The Cigna Group is making specialty medicines a central pillar of its next phase of growth, targeting a market that management estimates is...

Baptista Research

Cigna’s $30.35 EPS Floor: Can Evernorth Offset Pharmacy Margin Pressure?

The Cigna Group reported strong financial and operational results in the first quarter of 2026, highlighted by total revenues of $68.5 billion and...

Baptista Research

The Cigna Group: Inside Evernorth’s Specialty Engine—How Biosimilars and Rising Specialty Volumes Are Driving Earnings Mix!

The Cigna Group delivered third quarter 2025 performance that was broadly consistent with its financial commitments while laying out a deliberate...

Baptista Research

Short Sellers in Retreat — With Pockets of New Conviction

Short covering dominated the week of August 10. PYPL , UPWK , BIDU , and LAUR all shed more than 20% of their short positions in seven...

ORTEX Market Intel

Bloomberg Commodity Index Breaks 2.5-Year Uptrend; Key Indexes/Sectors Testing Support at YTD Lows

Bloomberg Commodity index $DJP violating 2.5-yr uptrend; a break below $32.50 would send commodity prices much lower, & would be deflationary. $SPX...

Vermilion Research

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