Research Feed

FICO is two businesses stapled together. The first is a regulatory standard masquerading as a product — the FICO Score, embedded in LLPA grids, GSE requirements, MBS ratings, Basel capital models, and securitization documentation across the entire U.S. mortgage infrastructure. The second is an enter

Onity Group (ONIT) trades at 3.9x forward P/E — a 55% discount to the 8.7x industry median for mortgage servicers — despite consensus earnings implying 16% ROE, above management's 13-15% guidance. The discount reflects legitimate risks: $14M Q4 MSR runoff from FHA rule changes (October 2025 effectiv

The Street dumped VNDA 17% on February 11 after the company reported a $220M net loss (-$3.74 EPS) for FY2025. The headline looks brutal. The operational reality tells a different story. $113.7M of that $220M loss is a non-cash deferred tax asset valuation allowance. Management wrote down all DTA be

EXEL's "patent cliff" narrative is materially de-risked. Two trial wins, two settlements, and a declined IPR push generic CABOMETYX entry to 2030—not 2026-2027 as bears price in. Meanwhile, zanzalintinib (PDUFA Dec 3, 2026) positions the company to transition from single-product to dual-product engi

Maximus (MMS) is down 21% in one week to $75 following Q1 FY2026 earnings, trading at 8.2x forward P/E with an RSI of 14.2. The market is pricing in DOGE risk across the government services sector, but the analyst community maintains $95-125 price targets (27-66% upside). The ugliness in the headlin

NETGEAR delivered first revenue growth in 5 years (+3.8% FY2025), record gross margins (41.2% Q4), and return to profitability ($0.44 non-GAAP EPS) - but trades at $20.50 with 73% of market cap backed by cash and investments. Three converging factors make this interesting: 1. Latent regulatory catal

IEH Corporation cleared a 3.5-year existential overhang on Jan 14 when the SEC dismissed its 12(j) administrative proceeding. The company faced potential deregistration since Aug 2022 — that threat is gone. Meanwhile backlog surged 43% YoY to $18.4M (8 months of revenue visibility at current run rat

Regeneron reported Q4 2025 earnings last week. Stock down 1.1% on the day, up 2.1% since. Market yawned. That reaction tells you something: The Street is focused on the known franchises (Dupixent +36% YoY, Eylea HD mix shift progressing as expected). They're missing three pipeline programs where the

InnovAge gapped +37.5% on Feb 4 to $7.78 after Q2 FY2026 earnings. Stock now trades 56% above unanimous analyst consensus ($5.00) at 25x forward P/E. The operational turnaround is real and accelerating. The regulatory ceiling is also real and immovable. Margin expansion, not compression. Operating i