Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Moderna surprised investors with a better-than-expected 2025 revenue pre-announcement of approximately $1.9 billion, above the midpoint of its previous guidance.</li><li>However, the stock fell 3.5% following the update, as Wall Street remained unconvinced that cost cuts—despite reducing 2025 operating expenses to an estimated $4.9 billion—are enough to meet the company’s target of reaching cash flow breakeven by 2028.</li><li>While Moderna maintained its outlook for up to 10% revenue growth in 2026, analysts such as those at Jefferies are modeling breakeven timelines in 2029 or 2030 instead, citing persistent cash burn and uncertainty around vaccine demand post-COVID.</li></ul>

Moderna surprised investors with a better-than-expected 2025 revenue pre-announcement of approximately $1.9 billion, above the midpoint of its previous guidance.However, the stock fell 3.5% following the update, as Wall Street remained unconvinced that cost cuts—despite reducing 2025 operating expenses to an estimated $4.9 billion—are enough to meet the company’s target of reaching cash flow breakeven by 2028.While Moderna maintained its outlook for up to 10% revenue growth in 2026, analysts such as those at Jefferies are modeling breakeven timelines in 2029 or 2030 instead, citing persistent cash burn and uncertainty around vaccine demand post-COVID.

Moderna Stock Falls Despite Revenue Beat: Here’s Why Investors Remain Cautious!