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

Y-mAbs Therapeutics Inc / Equity Bottom-Up

<ul><li>Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial strategies.</li><li>The company has organized its operations into two distinct business units: DANYELZA, a therapeutic for high-risk neuroblastoma, and Radiopharmaceuticals, focusing on the development of its novel SADA PRIT platform.</li><li>This restructuring aims to optimize resource allocation and maximize the potential of each unit.</li></ul>

Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial strategies.The company has organized its operations into two distinct business units: DANYELZA, a therapeutic for high-risk neuroblastoma, and Radiopharmaceuticals, focusing on the development of its novel SADA PRIT platform.This restructuring aims to optimize resource allocation and maximize the potential of each unit.

Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astrazeneca-plc" target="_blank" data-smartkarma-citation="entities:21824:1" rel="noopener">AstraZeneca PLC (AZN LN)</a> bid to acquire <a href="https://www.smartkarma.com/entities/fusion-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:37391:1" rel="noopener">Fusion Pharmaceuticals (FUSN US)</a> for $21/share (~$2 billion; 97% premium) plus a non-transferrable CRV of $3/share, for up to $2.4 billion.</li>
<li>The transaction is expected to close in Q2 2024, which I expect to proceed given AZN’s lack of radiopharma R&amp;D is not likely to raise anti-trust concerns.</li>
<li>I set my PT to $21. CVR offers 13.6% potential gain, 2.4% annualised (likely small considering the time it might take to materialise). The market may be pricing interloper risk.</li>
</ul>



AstraZeneca PLC (AZN LN) bid to acquire Fusion Pharmaceuticals (FUSN US) for $21/share (~$2 billion; 97% premium) plus a non-transferrable CRV of $3/share, for up to $2.4 billion.
The transaction is expected to close in Q2 2024, which I expect to proceed given AZN’s lack of radiopharma R&amp;D is not likely to raise anti-trust concerns.
I set my PT to $21. CVR offers 13.6% potential gain, 2.4% annualised (likely small considering the time it might take to materialise). The market may be pricing interloper risk.


AstraZeneca/Fusion Pharma: Small Contingent Value

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>The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.</li>
<li>The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.</li>
<li>Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.</li>
</ul>


The weight of the evidence suggests that the lows for this bear market have likely already been established, but that does not mean it will be smooth sailing from here.
The SPX and NDX are both testing important resistance levels (4165-4180 and the YTD downtrend, respectively), making this a logical spot for the indexes to stall and potentially pull back.
Ultimately, we would expect to see support near their 50-day MAs as the market goes through a bottoming process. We remain neutral overall.


S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

<p>Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.</p>

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight developments that are inconsistent with a major bottom in equities that suggests the broad equity market is not yet out of the woods.  In fact, during today's action, the 2760 support level on the S&amp;P 500 briefly held but ultimately gave way. With the SPX holding below 2760 today, we are looking for downside targets of 2650 first, and then potentially 2470 if that fails to hold.

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

<p>Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the S&amp;P 500 held near 2,450. While the bulls remain in control in the short-term, we continue to believe the broad equity market is not yet out of the woods and remains vulnerable -- particularly as Wall Street sentiment has flipped bullish. In today’s report we highlight attractive stocks from a relative strength perspective across Sectors.</p>

Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the S&amp;P 500 held near 2,450. While the bulls remain in control in the short-term, we continue to believe the broad equity market is not yet out of the woods and remains vulnerable -- particularly as Wall Street sentiment has flipped bullish. In today’s report we highlight attractive stocks from a relative strength perspective across Sectors.

U.S. Equity Strategy: Bulls Still In Driver’s Seat, But For How Long?

United States

Y-mAbs Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company. The Company develops novel antibody therapeutics and medicines for the treatment of cancer patients of all ages. Y-mAbs Therapeutics serves customers in the United States and Denmark.

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Y-mAbs Therapeutics Inc (YMAB US)

Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits

Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial...

Baptista Research

AstraZeneca/Fusion Pharma: Small Contingent Value

AstraZeneca bids $2 billion for Fusion Pharmaceuticals, with potential for additional $400 million, expected to close in Q2 2024. PT set at $21...

Jesus Rodriguez Aguilar

S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

$SPX is testing important resistance in the 4165-4180 area, the same resistance level we were monitoring in early June before the market tumbled 13...

Vermilion Research

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight...

Vermilion Research

U.S. Equity Strategy: Bulls Still In Driver’s Seat, But For How Long?

Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits

Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial...

Baptista Research

AstraZeneca/Fusion Pharma: Small Contingent Value

​AstraZeneca bids $2 billion for Fusion Pharmaceuticals, with potential for additional $400 million, expected to close in Q2 2024. PT set at $21...

Jesus Rodriguez Aguilar

S&P 500, Nasdaq 100 Testing Key Resistance Levels; Pause Likely; Buying Biotech

$SPX is testing important resistance in the 4165-4180 area, the same resistance level we were monitoring in early June before the market tumbled 13...

Vermilion Research

U.S. Equity Strategy: Several Indicators Suggest a Pullback Likely

Despite the bulls still being in control, we have several ongoing concerns and we cannot rule out the potential for a pullback. Below we highlight...

Vermilion Research

U.S. Equity Strategy: Bulls Still In Driver’s Seat, But For How Long?

Continued encouraging COVID-19 news and accommodative moves by the Fed have allowed the bulls to remain in control while short-term support on the...

Vermilion Research

AstraZeneca bids $2 billion for Fusion Pharmaceuticals, with potential for additional $400 million, expected to close in Q2 2024. PT set at $21...