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>UniQure's stock nosedived by a staggering 52% on November 3, 2025, after the company revealed a major regulatory hurdle in the path of its flagship gene therapy program, AMT-130.</li><li>Once considered a beacon of hope for Huntington’s disease patients, AMT-130 is now facing an uncertain future after the FDA unexpectedly indicated that Phase I/II data may not be sufficient to support a Biologics License Application (BLA).</li><li>This announcement came as a shock to the market, especially given that the therapy had previously received Breakthrough Therapy designation and was seen as a frontrunner in the space.</li></ul>

UniQure's stock nosedived by a staggering 52% on November 3, 2025, after the company revealed a major regulatory hurdle in the path of its flagship gene therapy program, AMT-130.Once considered a beacon of hope for Huntington’s disease patients, AMT-130 is now facing an uncertain future after the FDA unexpectedly indicated that Phase I/II data may not be sufficient to support a Biologics License Application (BLA).This announcement came as a shock to the market, especially given that the therapy had previously received Breakthrough Therapy designation and was seen as a frontrunner in the space.

UniQure’s FDA Nightmare: How A Single Therapy Sparked A $300M Meltdown!

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> has reduced its profit projection for FY23 due to higher-than-anticipated adverse impact from Fx. The company now expects a Fx headwind of $230–250M from $175M earlier.</li>
<li>After considering modest recovery of CSL Behring gross margin and generic competition for Ferinject in Europe, CSL expects FY24 NPATA to grow 13–18% to $2.9–3.0B at constant currency.</li>
<li>All eyes are now on the U.S. launch of the one-time gene therapy Hemgenix for Hemophilia B. CSL expects the first patient to take Hemgenix within the next few weeks.</li>
</ul>



CSL Ltd (CSL AU) has reduced its profit projection for FY23 due to higher-than-anticipated adverse impact from Fx. The company now expects a Fx headwind of $230–250M from $175M earlier.
After considering modest recovery of CSL Behring gross margin and generic competition for Ferinject in Europe, CSL expects FY24 NPATA to grow 13–18% to $2.9–3.0B at constant currency.
All eyes are now on the U.S. launch of the one-time gene therapy Hemgenix for Hemophilia B. CSL expects the first patient to take Hemgenix within the next few weeks.


CSL Ltd (CSL AU): FY23 Guidance Cut Drags Near-Term Prospect; Long-Term Growth Drivers Still Intact

CRISPR Therapeutics AG / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crispr-therapeutics-ag" target="_blank" data-smartkarma-citation="entities:23652:1" rel="noopener">CRISPR Therapeutics AG (CRSP US)</a> completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.</li>
<li>According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.</li>
<li>As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.</li>
</ul>



CRISPR Therapeutics AG (CRSP US) completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.
According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.
As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.


CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

Netherlands

uniQure N.V. delivers gene therapy with single treatments for curative results. The Company develops a modular platform to bring new disease modifying therapies to patients with severe genetic diseases, as well as offers ongoing clinical programs in hemophilia B and pre-clinical proof-of-concept in Huntington's disease.

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uniQure NV (QURE US)

UniQure’s FDA Nightmare: How A Single Therapy Sparked A $300M Meltdown!

UniQure's stock nosedived by a staggering 52% on November 3, 2025, after the company revealed a major regulatory hurdle in the path of its...

Baptista Research

CSL Ltd (CSL AU): FY23 Guidance Cut Drags Near-Term Prospect; Long-Term Growth Drivers Still Intact

CSL reduced FY23 profit projection due to higher-than-anticipated Fx headwind of $230–250M from $175M. Strong demand for existing products and new...

Tina Banerjee

CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

CRISPR completed regulatory submissions for exa-cel (world’s first CRISPR gene editing drug) in US and awaits FDA action date. Exa-cel has the...

Tina Banerjee

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