In today’s briefing:
- Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion
- NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning
- Anthem Biosciences IPO: Lists Today; Index Inclusion Timing
- Asset Sales, Mergers, and Regulatory Developments: Key Updates from SSI Weekly Newsletter
- Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem
- Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More
Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion
- The recent placement and price surge in Sichuan Kelun-Biotech Biopharm (6990 HK) could result in the stock being added to a global index in August.
- Sichuan Kelun-Biotech Biopharm has outperformed its peers as the entire industry has been trading well. There is a small increase in short interest in the stock.
- Positioning has increased steadily over the last month. Momentum in the stock and its peers could lead to further upside before profit taking kicks in.
NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning
- InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) should replace Indusind Bank (IIB IN) and Hero Motocorp (HMCL IN) in the NIFTY Index in September.
- The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.
- While there has been a steady increase in cumulative excess volume for Max Healthcare Institute (MAXHEALT IN), there could be more room to run in the stock.
Anthem Biosciences IPO: Lists Today; Index Inclusion Timing
- Anthem Biosciences raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.
- The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.
- Anthem Biosciences could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.
Asset Sales, Mergers, and Regulatory Developments: Key Updates from SSI Weekly Newsletter
- Next Science (NXS:AX) plans a large capital return after selling assets to Demetra Holdings, with a 13% spread to expected distribution.
- Cantor Equity Partners I (CEPO) merges with BSTR, becoming a major Bitcoin treasury, exiting with a 17% gain.
- Banxa’s (BNXA:V) spread widens to 30% amid shareholder sales and pending acquisition by OSL Group, with Genius Act tailwinds.
Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem
- Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
- Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
- I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.
Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More
- Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
- Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
- In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.
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