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

Technology Select Sector SPDR / Technical Analysis

<ul>
<li>We are cautious on Nasdaq 100 (QQQ) and A.I./Technology areas (XLK, SOXX, CHAT, DRAM);</li>
<li>Gaps from August 12th and August 4th have been filled on Technology (XLK), semiconductors (SOXX, SMH), generative A.I. (CHAT), neoclouds (NCLD), and momentum (MTUM), which is a concerning development.</li>
<li>Outside of A.I. areas, the market appears healthy; the equal-weighted S&amp;P 500 (RSP) is resuming its leadership status with support at the 20-day MA.</li>
</ul>


We are cautious on Nasdaq 100 (QQQ) and A.I./Technology areas (XLK, SOXX, CHAT, DRAM);
Gaps from August 12th and August 4th have been filled on Technology (XLK), semiconductors (SOXX, SMH), generative A.I. (CHAT), neoclouds (NCLD), and momentum (MTUM), which is a concerning development.
Outside of A.I. areas, the market appears healthy; the equal-weighted S&amp;P 500 (RSP) is resuming its leadership status with support at the 20-day MA.


Downgrading Technology; Upgrading Energy and Health Care to Overweight; Caution Within A.I. Names

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

Vertex Pharmaceuticals / Equity Bottom-Up

<ul><li>Vertex Pharmaceuticals presented a robust financial performance for the third quarter of 2025, reporting a revenue of $3.08 billion, marking an 11% increase compared to the same period in 2024.</li><li>This growth was spurred by continued strength in its cystic fibrosis (CF) portfolio, along with the expanding market presence of its newer treatments such as ALYFTREK and JOURNAVX.</li><li>Positively, Vertex is diversifying its revenue streams beyond CF, with momentum building for CASGEVY—a onetime treatment for severe sickle cell disease and beta-thalassemia.</li></ul>

Vertex Pharmaceuticals presented a robust financial performance for the third quarter of 2025, reporting a revenue of $3.08 billion, marking an 11% increase compared to the same period in 2024.This growth was spurred by continued strength in its cystic fibrosis (CF) portfolio, along with the expanding market presence of its newer treatments such as ALYFTREK and JOURNAVX.Positively, Vertex is diversifying its revenue streams beyond CF, with momentum building for CASGEVY—a onetime treatment for severe sickle cell disease and beta-thalassemia.

Vertex Pharmaceuticals Shock Move: Is JOURNAVX Upping Its GAME In The Non-Opioid Pain Market?

<ul><li>Vertex Pharmaceuticals has entered a critical inflection point following the high-profile failure of its experimental non-opioid painkiller, VX-993, in a Phase 2 trial.</li><li>Since August 2025, the company has shed over 11% of its market value, as hopes dimmed for the oral variant of its FDA-approved nonaddictive analgesic Journavax.</li><li>Yet, the Q3 2025 earnings report offered a reprieve.</li></ul>

Vertex Pharmaceuticals has entered a critical inflection point following the high-profile failure of its experimental non-opioid painkiller, VX-993, in a Phase 2 trial.Since August 2025, the company has shed over 11% of its market value, as hopes dimmed for the oral variant of its FDA-approved nonaddictive analgesic Journavax.Yet, the Q3 2025 earnings report offered a reprieve.

Vertex Pharma's Painkiller Collapse Sends Shockwaves—But One Drug Could Save It All!

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. </li>
<li>Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.</li>
<li>ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.</li>
</ul>


Shanghai Henlius Biotech entered outlicensing agreement with Eisai for serplulimab for upfront payment of $75M. Wuxi Biologics has signed a license and research service agreement with Vertex Pharmaceuticals. 
Daiichi Sankyo’s indication expansion application for Datroway in TNBC has been accepted and granted Priority Review in the U.S. PeptiDream has initiated registrational Phase 2 clinical trial of radiotherapeutic candidate.
ABL Bio submitted clinical trial application to the FDA for a Phase 1 clinical trial of ADC candidate ABL209. SK Bioscience is in-licensing a clinical-stage RSV vaccine candidate.


APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

<ul>
<li>RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.</li>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.</li>
<li>Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.</li>
</ul>


RemeGen granted exclusive rights to develop and commercialize Telitacicept worldwide (excluding Greater China) to Vor Biopharma for $125M. Innovent Biologics received a first-in-class weight loss drug approval in China.
Daiichi Sankyo received FDA approval for Datroway for the treatment of certain types of non-small cell lung cancer (NSCLC). SanBio now expects Akuugo approval in H2FY26, instead of Q2FY26.
Otsuka in-licensed HBM7020 from Harbour BioMed for an upfront payment of $47M and near-term milestones. Glenmark Pharmaceuticals has launched Beigene’s Tevimbra in India for NSCLC.


APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

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Vertex Pharmaceuticals (VRTX UW)

Downgrading Technology; Upgrading Energy and Health Care to Overweight; Caution Within A.I. Names

Downgrading Technology $XLK $SOXX $SMH; Upgrading Energy $XLE and Health Care $XLV to Overweight; Caution Within A.I. Names; Outside of A.I. areas,...

Vermilion Research

Vertex Pharmaceuticals Shock Move: Is JOURNAVX Upping Its GAME In The Non-Opioid Pain Market?

Vertex Pharmaceuticals presented a robust financial performance for the third quarter of 2025, reporting a revenue of $3.08 billion, marking an...

Baptista Research

Vertex Pharma's Painkiller Collapse Sends Shockwaves—But One Drug Could Save It All!

Vertex Pharmaceuticals has entered a critical inflection point following the high-profile failure of its experimental non-opioid painkiller,...

Baptista Research

APAC Healthcare Weekly (February 8) – Henlius Bio, Wuxi Bio, Daiichi Sankyo, Peptidream, ABL Bio

Henlius stuck outlicensing deal with Eisai. Wuxi Bio signs deal with Vertex. Daiichi’s Datroway got priority review in U.S. for TNBC. PeptiDream...

Tina Banerjee

APAC Healthcare Weekly (June 29)- RemeGen, Innovent, Daiichi, SanBio, Otsuka, Chugai, Glenmark

Last week couple of Chinese companies signed outlicensing deals with international players. Innovent got weight loss drug approval in China....

Tina Banerjee

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