Report
Dave Nicoski ...
  • Ross LaDuke
EUR 208.40 For Business Accounts Only

Vermilion Compass: Weekly Equity Strategy

ullish Tape Despite Inconsistencies

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.

· S&P 500 Short-Term Levels. We continue to respect the bullish tape, however the S&P 500 remains in the 2855-2900 resistance zone while forming a bearish rising wedge pattern. This pattern results in a breakdown roughly 70% of the time. Still, support at 2760 would need to be violated in order to confirm a pattern breakdown. If there is a breakdown below 2760, downside targets include 2650 followed by 2470... see chart below.

· WTI Crude Oil, 10-Year Treasury. We have suggested for several weeks that price action in WTI crude oil (the spot price, not the May contract) is inconsistent with a durable bottom in the S&P 500. In recent major bottoms (2002-2003, 2009, 2011, and 2016), WTI made bullish inflections either prior to or coincident with a bottom in the S&P 500. This clearly has not happened this time around and the absence of bullish inflections in WTI suggests the broad equity market is not out of the woods. The 10-year Treasury yield tells a similar story as it remains pinned down near YTD lows... see page 3.

· Dow Transports, Small-Caps. The Dow Jones Transportation Average and the Russell 2000 small-cap index are below significant resistance from their respective December 2018 lows (support turned resistance). As long as prices remain below these levels we want to keep our expectations in check. If the broad market was bottoming we would expect these two cyclical areas to break above resistance... see page 4.

· Ratios: Small vs. Large-Caps, Discretionary vs. Staples. The small- vs. large-cap ratio is testing 17-year lows and has made a lower high. The equal-weighted Discretionary vs. Staples ratio (RCD vs. RHS) is near its 2009 lows and is consolidating sideways. This is not what we would expect a major bottom in equities to look like... see page 4.

· Improvements In High Yield Spreads & S&P 500 Breadth. High yield spreads are below 800-850 bps and breadth has improved to the point that we may have avoided the worst-case scenario of an S&P 500 undercut to new lows. Still, we are watching these indicators for signs of deterioration which could coincide with a pullback in the S&P 500... see page 5.
Underlyings
ACADIA Pharmaceuticals Inc.

Acadia Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of medicines focusing on central nervous system disorders. The company has a portfolio of product including its drug, NUPLAZID (pimavanserin), which has been approved by the U.S. Food and Drug Administration for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis (PD Psychosis). NUPLAZID is a selective serotonin inverse agonist preferentially targeting 5-HT2A receptors with no appreciable affinity for dopaminergic, histaminergic, or muscarinic receptors.

Advanced Micro Devices Inc.

Advanced Micro Devices is a semiconductor company. The company primarily provides x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit, chipsets, graphics processing units (GPUs), data center and personnel GPUs, and development services; server and embedded processors, semi-custom System-on-Chip products, development services and technology for game consoles. The company also licenses portions of its intellectual property portfolio. The company's segments are: Computing and Graphics, which consists of desktop, notebooks, commercial, and chipsets products; and Enterprise, Embedded and Semi-Custom, which includes server processors, and embedded P\processors products.

Agios Pharmaceuticals

Agios Pharmaceuticals is a biopharmaceutical company focused on areas of hematologic malignancies, solid tumors and rare genetic diseases. The company's product, TIBSOVO? (ivosidenib) is for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (R/R AML) with a susceptible isocitrate dehydrogenase (IDH) 1 mutation. The company's other product is IDHIFA? (enasidenib) for patients with R/R AML and an IDH2 mutation. The company's pre-commercial clinical cancer product candidates include: vorasidenib, a brain-penetrant pan-IDH mutant inhibitor; and AG-270, an orally available selective inhibitor of methionine adenosyltransferase 2a.

Alexion Pharmaceuticals Inc.

Alexion Pharmaceuticals is a biopharmaceutical company serving patients and families affected by rare diseases through the discovery, development and commercialization of therapies. The company has developed and commercialized two complement inhibitors to treat patients with paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, as well as the complement inhibitor to treat anti-acetylcholine receptor antibody-positive generalized myasthenia gravis and neuromyelitis optica spectrum disorder in patients who are anti-aquaporin-4 antibody positive. In addition, the company has two enzyme replacement therapies for metabolic disorders, hypophosphatasia and lysosomal acid lipase deficiency.

Alnylam Pharmaceuticals Inc.

Alnylam Pharmaceuticals is a commercial-stage biopharmaceutical company developing therapeutics based on RNA interference (RNAi). RNAi is a biological pathway within cells for sequence-specific silencing and regulation of gene expression. The company has two RNAi-based medicines, ONPATTRO? (patisiran) and GIVLAARI? (givosiran). ONPATTRO is approved by the United States Food and Drug Administration (FDA) for the treatment of the polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults and has also been approved in the European Union, Japan, Canada and Switzerland. GIVLAARI is approved by FDA for the treatment of adults with acute hepatic porphyria.

Amazon.com Inc.

Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.

Amicus Therapeutics

Amicus Therapeutics is a biotechnology company focused on the discovering, developing, and delivering medicines for diseases. The company's Commercial Product and Product Candidates include Galafold? (Migalastat HCl), which is for the treatment of adults with a confirmed diagnosis of Fabry disease and an amenable galactosidase alpha gene variant based on in vitro assay data; Enzyme Replacement Therapy for Pompe disease; and Cyclin-dependent kinase-like 5 (CDKL5) Deficiency Disorder, which is a gene on the X-chromosome encoding the CDKL5 protein that regulates the expression of several essential proteins for normal brain development.

Ansys Inc.

ANSYS develops and markets engineering simulation software and services used by engineers, designers, researchers and students across a spectrum of industries and academia, including aerospace and defense, automotive, electronics, semiconductors, energy, materials and chemical processing, turbomachinery, consumer products, healthcare, and sports. The company focuses on the development of solutions that enable users to analyze designs directly on the desktop, providing a platform for product development, from design concept to final-stage testing and validation. The company's product portfolio include ANSYS Workbench?, a framework upon which the company's suite of engineering simulation technologies is built.

Arvinas Holding

Arvinas is a biopharmaceutical company focused on improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies to degrade disease-causing proteins. The company is developing its lead product candidates, ARV-110 and ARV-471, into Phase 1 clinical trials. The company has initiated a Phase 1 clinical trial for ARV-110 in men with metastatic castration-resistant prostate cancer. The company is developing ARV-471, a PROTAC targeted protein degrader targeting the estrogen receptor protein, or ER, for the treatment of women with locally advanced or metastatic ER positive / HER2 negative breast cancer.

Bilibili ADS (N Shares)

Bio-Rad Laboratories Inc. Cl A

Bio-Rad Laboratories is a manufacturer and distributor of its own life science research and clinical diagnostics products. The company has two primary segments: Life Science, which is engaged in the life sciences market and develops, manufactures and markets reagents, apparatus and laboratory instruments; and Clinical Diagnostics, which designs, manufactures, sells and supports test systems, informatics systems, test kits and quality controls that serve clinical laboratories in the diagnostics market. The company sells its products and services to a client base comprised of scientific research, healthcare, education and government customers.

Cameco Corp.

Cameco and its subsidiaries are engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Co. has three reportable segments: uranium, which explores for, mines, mills, purchases, and sells uranium concentrate; fuel services, which refines, converts and fabricates uranium concentrate, and purchases and sells conversion services; and electricity, which generates and sells electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates four nuclear reactors and manages the overall site in southern Ontario.

CEVA Inc.

CEVA is a licensor of signal processing platforms and artificial intelligence (AI) processors. The company partners with semiconductor companies and original equipment manufacturers to create devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet-of-Things (IoT).Co.'s portfolio includes platforms for 5G baseband processing for handsets and RAN, end-to-end offerings for cellular IoT, front-end voice and speech recognition software and algorithms along with digital signal processors for voice enabled devices and AI assistants, imaging and computer vision for any camera-enabled device, and a family of self-contained AI processors.

Charter Communications Inc. Cl A

Charter Communications is a holding company. Through its subsidiaries, the company is a cable operator and a broadband communications company providing video, Internet and voice services. The company also provides its mobile service to residential customers. In addition, the company sells video and online advertising inventory to local, regional and national advertising customers and communications and managed solutions to enterprise customers. The company also owns and operates regional sports networks and local sports, news and community channels. The company owns and operates a two-way telecommunications network which passes various households and small and medium businesses across United States.

China Yuchai International Ltd.

China Yuchai International is a holding company. Through its subsidiaries, Co. engages in the manufacture, assembly and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, and marine and agriculture applications in China. Co. also produces engines for diesel power generators. The engines produced by Co. range from diesel to natural gas and hybrid engines. Through its regional sales offices and authorized customer service centers, Co. distributes its engines directly to auto original equipment manufacturers and retailers and provides maintenance and retrofitting services throughout China.

CNX Resources

CNX Resources is an independent oil and gas company focused on the exploration, development, production, gathering, processing and acquisition of natural gas properties primarily in the Appalachian Basin. The company's operations are centered on unconventional shale formations, primarily the Marcellus Shale and Utica Shale. The company operates, develops and explores for natural gas in Appalachia (Pennsylvania, West Virginia, Ohio, and Virginia).

CRISPR Therapeutics

CrowdStrike Holdings

CrowdStrike is a holding company. Through its subsidiaries, the company provides a cloud-delivered solution for next-generation endpoint protection that offers 10 cloud modules on its Falcon platform via a SaaS subscription-based model that spans multiple large security markets, including endpoint security, security and IT operations (including vulnerability management), and threat intelligence. The company conducts its business in the United States, as well as locations internationally, including in Australia, Germany, India, Romania, and the United Kingdom.

Cytokinetics Inc.

Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing muscle activators and muscle inhibitors as treatments for debilitating diseases in which muscle performance is compromised and/or declining. The company's clinical-stage drug candidates are: omecamtiv mecarbil, a cardiac myosin activator for the treatment of heart failure, AMG 594, a cardiac troponin activator, reldesemtiv, a skeletal muscle troponin activator for the treatments of spinal muscular atrophy and amyotrophic lateral sclerosis, and CK-3773274, a cardiac myosin inhibitor which is designed to reduce the hypercontractility that is associated with hypertrophic cardiomyopathy.

CytomX Therapeutics

CytomX Therapeutics is clinical-stage, oncology-focused biopharmaceutical company with a class of investigational antibody therapeutics based on its Probody? technology platform the treatment of cancer. The company uses its platform to create proprietary cancer immunotherapies against clinically-validated targets. The company's two programs, CX-072, a wholly owned PD-L1-targeting Probody therapeutic and CX-2009, wholly owned CD166-targeting Probody drug conjugate. Both CX-072 and CX-2009 are part of PROCLAIM (Probody Clinical Assessment in Man), an international umbrella clinical trial program that provides clinical trial sites with access to the company's novel therapies under one central protocol.

DexCom Inc.

DexCom is a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring systems for use by people with diabetes and by healthcare providers. The company's products include: DecCom G6?, which allows the company's transmitter to run an algorithm to generate a glucose value and to communicate to a patient's mobile device; DexCom G4? PLATINUM, which is used to adjust therapy and to educate and motivate patients to modify their behavior after viewing the effects that specific foods, exercise, stress and medications have on their glucose levels; and DexCom Share?, which transmits glucose information to the mobile devices of designated recipients.

EQT Partners AB

EQT AB is a Sweden-based differentiated global investment company. It manages and advises a range of specialized investment funds and other investment vehicles that invest across the world. The Company has three business segments: Private Capital, Real Assets and Credit. The Private Capital business segment invests in medium-sized to large companies in Europe and the United States, China and Southeast Asia, technology-driven companies across all industries and public companies. The Real Assets business segment invests in infrastructure and real estate businesses. The Credit segments offers an investment platform.

Etsy

Etsy provides sellers a marketplace with buyers along with a range of seller tools and services that are specifically designed to help its creative entrepreneurs generate more sales and scale their businesses. The company's platform includes the Etsy and Reverb Holdings, Inc. (Reverb) online marketplaces, its seller tools and services, its engaged sellers and buyers, and its technology. The company's primary marketplace, Etsy.com, is where buyers come to discover a selection of goods that are hard to find elsewhere. Reverb, the company's subsidiary, operates as a standalone marketplace. This two-sided marketplace connects buyers and sellers of new, used, and vintage musical gear from all over the world.

Exelixis Inc.

Exelixis is an oncology-focused biotechnology company that involved in the discovery, development and commercialization of new medicines for cancers. The company's marketd products are: CABOMETYX? (cabozantinib) tablets for renal cell carcinoma and previously treated hepatocellular carcinoma; and COMETRIQ? (cabozantinib) capsules for progressive, metastatic medullary thyroid cancer. The company's products resulting from its discovery efforts are: COTELLIC? (cobimetinib), an inhibitor of MEK approved as part of a combination regimen to treat melanoma; and MINNEBRO? (esaxerenone), an oral, non-steroidal, selective blocker of the mineralocorticoid receptor approved for the treatment of hypertension in Japan.

Fiverr International

GenMark Diagnostics

GenMark Diagnostics is a molecular diagnostics company focused on developing and commercializing multiplex molecular diagnostic solutions. The company develops and commercializes instruments and multiplex molecular panels based on its proprietary eSensor electrochemical detection technology. The company's technologies include: eSensor technology, which is based on the principles of deoxyribonucleic acid, hybridization and electrochemical detection; and digital microfluidics, which is a technique for moving small droplets of liquid using electrowetting, a process for making a surface hydrophobic or hydrophilic based on the application of a voltage to a surface.

iRhythm Technologies

iRhythm Technologies is a digital healthcare company redefining the way cardiac arrhythmias are clinically diagnosed by combining its wearable biosensing technology with cloud-based data analytics and capabilities. The company has developed a long-term continuous ambulatory cardiac monitoring platform known as the Zio service that provides continuous ambulatory cardiac monitoring through Zio XT monitor and Zio AT monitor. While wearing either the Zio XT or Zio AT monitor, patients can mark when symptoms occur by pressing a trigger button on the device and separately recording contextual data like activities and circumstances in a written symptom diary or digitally via the myZio application.

Luminex Corp.

Luminex develops, manufactures and sells biological testing technologies and products with applications in the life sciences industries, including diagnostics, pharmaceutical and research. The company delivers its products to various market segments, including multiplexing, reduction of labor and ability to test for proteins and nucleic acids. The company's products include: instruments, which include Luminex? 100/200?, FLEXMAP? 3D, MAGPIX?, ARIES?, and ARIES? M1; consumables, which include MicroPlex? Microspheres, MagPlex? Microspheres, and xTAG? Microspheres; software, which includes xPONENT?, TDAS?, SYNCT?, and IDEAS?; and clinical diagnostic assay product families, which include ARIES? Cassettes.

MarketAxess Holdings Inc.

MarketAxess Holdings operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its patented technology. Through its Open Trading? protocols, the company executes trades in certain bond between and among institutional investor and broker-dealer clients. The company also provides trading-related products and services, including: Composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services.

Marvell Technology Group Ltd.

Marvell Technology Group is a semiconductor provider of application-specific products. The company is focused on the development of System-on-a-Chip devices, utilizing its technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. The company develops integrated hardware platforms along with software that incorporates digital computing technologies. In storage, the company is engaged in fibre channel products and data storage controller solutions spanning cloud, enterprise, edge and personal computing markets. The company's networking products include ethernet solutions, embedded processors and WiFi connectivity solutions.

Moderna

Moderna is creating a new generation of medicines based on messenger RNA to improve the lives of patients. The company uses its platform to identify and develop new mRNA medicines. When the company identifies a combination of platform technologies or programs across mRNA technologies, delivery technologies, and manufacturing processes that can enable shared product features across multiple potential mRNA medicines, it groups those programs as a modality. The company has created six modalities including prohylactic vaccines; cancer vaccines; intratumoral immuno-oncology; localized regenerative therapeuctics; systemic secreted therapeutics; and systemic intracellular therapeutics.

Momenta Pharmaceuticals Inc.

Momenta Pharmaceuticals is a biotechnology company focused on the discovery and development of biologic therapies for the treatment of rare immune-mediated diseases. The company's programs include: M281, which is a fully-human anti-neonatal Fc receptor (FcRn), aglycosylated immunoglobulin G (IgG1), monoclonal antibody, designed to reduce circulating human immunoglobulin G (IgG) antibodies by completely blocking endogenous IgG recycling via FcRn; M230, which is a recombinant trivalent human IgG1 Fc multimer; and M254, which is a hyper-sialylated immunoglobulin designed as a high potency alternative to IVIg, a therapeutic drug product that contains pooled, IgG antibodies purified from blood plasma.

MSCI

MSCI is a provider of decision support tools and services for the global investment community. The company's segments are: Index, in which Clients use the company's indexes in various areas of the investment process, including index-linked product creation; Analytics, which provides risk management, performance attribution and portfolio management content, applications and services; Environmental, Social and Governance (ESG), which helps institutional investors understand how ESG considerations can impact the long-term risk and reward of their portfolio and individual security-level investments; and Real Estate, which includes research, reporting, market data and benchmarking offerings.

Novavax Inc.

Novavax is a late-stage biotechnology company focused on the discovery, development and commercialization of vaccines to prevent serious infectious diseases. The company's vaccine candidates, including its primary candidates, ResVax? and NanoFlu?, are genetically engineered, three-dimensional nanostructures of recombinant proteins critical to disease pathogenesis. The company's product pipeline targets a variety of infectious diseases. The company is also developing immune stimulating saponin-based adjuvants through its wholly owned Swedish subsidiary, Novavax AB. The company's primary adjuvant, Matrix-M?, has been shown to improve immune responses and was well-tolerated in multiple clinical trials.

NVIDIA Corp.

NVIDIA engages in graphics processing unit (GPU)-based visual computing and accelerated computing platforms. The company has two segments, GPU and Tegra Processor, which are based on a single underlying architecture. The company's GPU product brands are aimed at markets including GeForce for gamers; Quadro for designers; Tesla and DGX for artificial intelligence data scientists and big data researchers; and GRID for cloud-based visual computing users. The company's Tegra brand integrates an entire computer onto a single chip, and incorporates GPUs and multi-core CPUs to drive supercomputing for autonomous robots, drones, and cars, as well as for game consoles and mobile gaming and entertainment devices.

Okta

Okta is an independent identity management platform for the enterprise. The Okta Identity Cloud is the company's platform that enables its customers to connect people to technology, anywhere, anytime and from any device. The Okta Identity Cloud consists of a suite of products to manage and secure identities. Products used for workforce identity are consumed through web and mobile interfaces, and provide ways for Information Technology organizations to manage identities for their employees, contractors and partners. The company's products include: Universal Directory; Single Sign-On; Adaptive Multi-Factor Authentication; Lifecycle Management; and Application Programming Interface Access Management.

Ollie's Bargain Outlet Holdings

Ollie's Bargain Outlet Holdings is a holding company. The company and its subsidiaries buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers, and other retailers. The company's product offerings include: cooking utensils, dishes, appliances, plastic containers, cutlery, storage and garbage bags, detergents and cleaning supplies; packaged food including coffee, bottled non-carbonated beverages and salty snacks; household goods including bedding and towels; books and stationery; floor coverings including laminate flooring, commercial and residential carpeting, area rugs and floor mats; and electronics, including air conditioners, home electronics and cellular accessories.

Pinduoduo ADS (N Shares)

Regeneron Pharmaceuticals Inc.

Regeneron Pharmaceuticals is a biotechnology company that discovers, invents, develops, manufactures, and commercializes medicines for the treatment of diseases. The company's commercialized medicines and product candidates in development are designed to assist patients with eye disease, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neuromuscular diseases, infectious diseases, and rare diseases. The company's products include: EYLEA (aflibercept) injection, which is used for the treatment of neovascular age-related macular degeneration, diabetic macular edema; and Dupixent (dupilumab) injection, which is used for the treatment of adult patients with atopic dermatitis.

Scotts Co. Cl A

Scotts Miracle-Gro is a manufacturer and marketer of consumer lawn and garden products in North America. The company's segments are: United States Consumer, which consists of the company's consumer lawn and garden business located in United States; Hawthorne, which consists of the company's indoor, urban and hydroponic gardening business; and Other, which consists of the company's consumer lawn and garden business in geographies other than the United States and the company's product sales to nurseries, greenhouses and other customers. The company manufactures, markets and sells lawn and garden products in the following categories: lawn care, gardening and landscape, hydroponics, and controls.

SHOPIFY INC

Shopify provides a cloud-based commerce platform designed for small and medium-sized businesses. Merchants use its software to run their business across all of their sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. Co. provides a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand and grow its business. Co.'s platform provides merchants with a single view of their business and customers across all of their sales channels and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting.

Siga Technologies Inc.

SIGA Technologies is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks, vaccines and therapies for emerging infectious diseases, and health preparedness. The company's primary product is an oral formulation of TPOXX?, an antiviral drug for the treatment of human smallpox disease caused by variola virus. The United States Food and Drug Administration has approved oral TPOXX? for the treatment of smallpox.

SurModics Inc.

Surmodics is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The company's segments are comprised of: Medical Device, which provides surface coatings and device drug-delivery technologies that impart lubricity, prohealing or biocompatibility characteristics, as well as drug delivery capabilities; and In Vitro Diagnostics (IVD), in which the company manufactures and sells components for IVD immunoassay and molecular tests and the company sells these components to the diagnostic, biomedical research, and life science markets. The company also provides colorimetric and chemiluminescent substrates to the IVD market under its BioFX? trademark.

Switch

Switch is a holding company. Through its subsidiaries, the company is engaged in technology infrastructure powering the sustainable growth of the connected world and the Internet of Everything. The company provides colocation space and related services to global enterprises, financial companies, government agencies, and others that conduct business on the internet. The company develops and operates data centers in Nevada, which are Tier IV Gold certified, and Michigan, and is developing data centers in Georgia, delivering redundant services with low latency and capacity transport environments.

Synopsys Inc.

Synopsys is a supplier of electronic design automation (EDA) software that engineers use to design and test integrated circuits. The company also provides semiconductor intellectual property products, which are pre-designed circuits that engineers use as components of larger chip designs rather than designing those circuits themselves. The company provides software and hardware used to validate the electronic systems that incorporate chips and the software that runs on them. The company is also a provider of software tools and services that improve the security and quality of software code in a variety of industries, including electronics, financial services, media, automotive, medicine, energy and industrials.

Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical is a biopharmaceutical company focused on the identification, acquisition, development, and commercialization of products for the treatment of genetic diseases. The company's product categories are: biologics, which include Crysvita? (burosumab) for the treatment of X-linked hypophosphatemia and Mepsevii? (vestronidase alfa) for the treatment of Mucopolysaccharidosis VII; small molecules, which includes UX007 for the treatment of long-chain fatty acid oxidation disorders; and gene therapy, which includes DTX301 for the treatment of patients with ornithine transcarbamylase deficiency and DTX401 for the treatment of patients with glycogen storage disease type Ia.

Veeva Systems

Veeva Systems provides industry cloud solutions for the life sciences industry. Veeva Commercial Cloud is a suite of multichannel customer relationship management applications, a commercial data warehouse, territory allocation and alignment applications, master data management applications and customer reference and data and services. Veeva Vault is the company's suite of cloud-based, enterprise content management applications that address the content management requirements for the company's customers'commercial functions, including medical and sales and marketing, and key research and development functions, including clinical, regulatory, quality, and, when available, safety.

Viemed Healthcare

Viemed Healthcare Inc is Canada-based company engaged in Healthcare sector. The company is focused on education, nurture, and inspiration of its patients, through a effective home treatment model, that integrates easily into the processes of its referral partners.Its respiratory care practitioners deliver therapy, education and counseling to patients utilizing the effective technology, its Patient Care Coordinators work with hospitals, Accountable Care Organizations (ACO), Skilled Nursing Facilities and other referral sources to simplify the transitioning of patients from hospital to home.

Wheaton Precious Metals

Wheaton Precious Metals is engaged in the silver mining business.

Wingstop

Wingstop is a franchisor and operator of restaurants that focuses on cooked-to-order, hand-sauced and tossed chicken wings. The company provides its guests several flavors on its bone-in and boneless chicken wings and tenders paired with seasoned fries, Ranch, and Bleu Cheese dips. The company's proprietary flavors, which range from extremely hot to mild includes Atomic, Mango Habanero, Cajun, Original Hot, Spicy Korean Q, Louisiana Rub, Mild, Hickory Smoked BBQ, Lemon Pepper, Garlic Parmesan, and Hawaiian. To complement its wings, the company serves seasoned fries, as well as carrots and celery and Ranch and Bleu Cheese Dips made with buttermilk.

Y-mAbs Therapeutics

Y-mAbs Therapeutics is a biopharmaceutical company focused on the development and commercialization of antibody-based therapeutic products for the treatment of cancer. The company has a range of product pipeline, including two pivotal-stage product candidates: naxitamab and omburtamab, which target tumors that express GD2 and B7-H3, respectively. The company is developing naxitamab for the treatment of pediatric patients with relapsed or refractory, high-risk neuroblastoma (NB), and radiolabeled omburtamab for the treatment of pediatric patients with central nervous system, leptomeningeal metastases, from NB.

Zai Lab ADS (N Shares)

Provider
Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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