Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
BESTINVER Mark Giacopazzi | “Almirall, S.A. ($ALM.MC) is a Spanish specialty pharmaceutical company focusing on medical dermatology treatments. Bestinver added to its position during the second quarter's geopolitical volatility, arguing that the market undervalues the company's core commercial execution and assigns zero value to its burgeoning research pipeline under CEO Carlos Gallardo. From a financial standpoint, Almirall has reached an inflection point with net sales surpassing €1.1 billion (+12.4%) and EBITDA surging 21% to €233 million in 2025, with guidance indicating €270 to €290 million in EBITDA for 2026. The financial engine is powered by high-margin biologic therapies: atopic dermatitis drug Ebglyss tripled sales in 2025 to €110 million (tracking well ahead of the €450 million peak forecast), while psoriasis therapy Ilumetri grew at double digits to €234 million on its way to €300+ million in peak sales. Operating leverage is expected to drive EBITDA margins to 25% by 2028 with double-digit top-line growth through 2030. Key upcoming catalysts include clinical readouts from six Phase 2 trials over the next 18 months - specifically innovative treatments for hidradenitis suppurativa and alopecia areata - and continuing European rollout of Ebglyss. Primary downside risks encompass regulatory pricing scrutiny across European healthcare systems and clinical trial failures in mid-stage development compounds.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.