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Developments in artificial intelligence (AI) over the past few years have caused a paradigm shift in the technological landscape. For example, nine of the top 10 companies measured by market cap have clear ties to this once-in-a-generation technology.

One recent addition to the top 10 list is Taiwan Semiconductor Manufacturing (TSM 0.93%), also known as TSMC. The company boasts the world’s most advanced chip foundry and, as such, produces roughly 90% of the world’s most advanced semiconductors, including those for high-end computing and AI.

This has fueled a resurgence in interest in the once-stodgy chipmaker, as new shareholders have flocked to the stock. In fact, the unprecedented demand for high-end processors and TSMC’s market-leading technology have helped the company add more than $1 trillion in market cap since the dawn of AI in early 2023.

New research from The Motley Fool provides granular detail into how TSMC makes money. Not surprisingly, the lion’s share of the company’s revenue comes from the sale of chips used for high-performance computing (HPC). This includes high-end processors used in data centers and cloud computing to facilitate the training and running of AI models. The segment accounted for 57% of TSMC’s third-quarter sales.

Yet HPC only became the company’s dominant segment in early 2022. Investors might be surprised to learn that, until then, TSMC’s biggest moneymaker was the smartphone segment. In recent years, sales of smartphones have lagged, as a perfect storm of economic conditions encouraged users to hang on to their existing phones a bit longer. Surging inflation began in 2021 and rose to record levels, slowing consumer spending and punishing the smartphone market, then TSMC’s biggest business.

Taiwan Semiconductor Manufacturing

Today’s Change

(-0.93%) $-2.68

Current Price

$286.56

Key Data Points

Market Cap

$1486B

Day’s Range

$277.21 – $287.79

52wk Range

$134.25 – $311.37

Volume

964K

Avg Vol

13M

Gross Margin

58.06%

Dividend Yield

0.01%

The smartphone market has begun to recover, and smartphones overall represented 30% of TSMC’s third-quarter sales. This is thanks in part to the success of Apple‘s iPhone 17. Just last week, the company reported a quarterly revenue record that grew 8% year over year to $102.5 billion. CEO Tim Cook predicted that the December quarter would be the biggest in its history. Apple has historically been one of TSMC’s biggest customers, accounting for 24% of its revenue in 2024. This suggests that TSMC’s legacy smartphone segment has begun to heat up.

Taking a step back helps provide much-needed context. In the third quarter, TSMC generated revenue of $33.1 billion, up 41% year over year and 10% sequentially, while earnings per American depositary receipt (ADR) soared 39% to $2.92.

Despite its multiple growth drivers, TSMC is attractively priced, selling for 30 times trailing-12-month earnings, a discount compared to a multiple of 31 for the S&P 500.

Story Continues

– 48-week data show a 64% decrease from baseline in proteinuria in IgA nephropathy, 82% decrease from baseline in proteinuria in primary membranous nephropathy, and stabilization of estimated glomerular filtration rate across both diseases –

– Vertex on track to initiate rolling submission of Biologics License Application for potential accelerated approval to the U.S. Food and Drug Administration this year; full enrollment completed for Phase 3 RAINIER trial in IgA nephropathy –

– Povetacicept in primary membranous nephropathy granted Fast Track Designation by the U.S. Food and Drug Administration and Phase 2/3 pivotal trial initiated –

BOSTON–(BUSINESS WIRE)–Nov. 8, 2025–
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced updated data for povetacicept (pove) in IgA nephropathy (IgAN) and primary membranous nephropathy (pMN) from the ongoing RUBY-3 trial at the American Society of Nephrology (ASN) Kidney Week 2025 in Houston, Texas. Pove is an investigational recombinant fusion protein therapeutic and dual inhibitor of the BAFF (B cell activating factor) and APRIL (a proliferation inducing ligand) cytokines. Pove is the only BAFF+APRIL inhibitor in pivotal trials for multiple kidney diseases.

Results were presented today as a late-breaking oral presentation (SA-OR091) and included interim data from the open-label Phase 1/2 RUBY-3 trial, where adults with IgAN and pMN received pove subcutaneously every 4 weeks. The analysis included 21 participants with IgAN and 10 participants with pMN treated with pove at the 80mg dose, of which 17 participants and 5 participants, respectively, completed the Week 48 study visit.

Results in IgAN

In IgAN, key efficacy findings for the pove 80mg cohort at 48 weeks showed a 64% decrease from baseline in mean 24-hour urine protein to creatinine ratio (UPCR), estimated glomerular filtration rate (eGFR) stabilization with change from baseline in eGFR (mean±SE) of 3.3±3.1 mL/min/1.73m², 90% (9/10) of participants achieving hematuria resolution (defined as a decrease to negative or small levels of urine blood in participants with baseline levels of urine blood of moderate or large), and 53% of participants achieving clinical remission (defined as UPCR <0.5 g/g, negative hematuria, and <25% reduction in eGFR vs. baseline).

Results in pMN

In pMN, key efficacy findings for the pove 80mg cohort at 48 weeks showed an 82% decrease from baseline in mean 24-hour UPCR, eGFR stabilization with change from baseline in eGFR (mean±SE) of -0.3±3.4 mL/min/1.73m², and 40% of participants achieving complete clinical remission (defined as UPCR <0.5 g/g).

Pove was generally safe and well tolerated with adverse events (AEs) that were mostly mild or moderate in severity. There were no serious adverse events related to povetacicept. The safety data is consistent with previous interim analyses, and the safety profile is similar between the IgAN and pMN cohorts.

“These impressive data demonstrate the viability of BAFF+APRIL inhibition to transform the treatment of serious kidney diseases such as IgAN and pMN, important areas of high unmet need,” said RUBY-3 Principal Investigator James Tumlin, M.D., Professor, Department of Medicine, Emory University School of Medicine, and Director of Clinical Research at Georgia Nephrology. “In IgAN, it is especially encouraging to see that at 48 weeks of follow up, a full two-thirds of the participants treated with pove achieved a complete response as defined by UPCR <0.5 g/g, which is in line with the most recent KDIGO guidelines.”

“The exceptionally fast pace of enrollment for the Phase 3 RAINIER trial demonstrates the unmet demand to find effective interventions in IgAN,” said RAINIER Steering Committee Member Richard Lafayette, M.D., Professor of Medicine (Nephrology) at the Stanford University Medical Center. “People living with IgAN and pMN indeed need additional disease-modifying treatments that address the specific drivers of nephron loss and will provide lasting disease control. Pove’s data from RUBY-3 in two serious kidney diseases support the utility of a dual BAFF+APRIL approach, and we are increasingly excited awaiting the RAINIER Phase 3 results.”

Next Steps for Pove Development

Vertex recently announced the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for pove in IgAN, and the Company expects to submit the first module of the Biologics License Application (BLA) rolling submission this year for potential accelerated approval. Vertex has notified the FDA of its intent to use a priority review voucher to expedite the review of the pove BLA in IgAN from ten months to six months. The Phase 3 RAINIER study is now fully enrolled.

Vertex also received Fast Track Designation from the FDA for pove in pMN, and recruitment for the pivotal Phase 2/3 OLYMPUS trial is currently underway. pMN is the second indication in which pove has demonstrated best-in-class potential.

Investor Event

Vertex will host an investor event at 7:00 p.m. CST (8:00 p.m. EST) in Houston to discuss the updated data for pove in IgAN and pMN and other highlights across its kidney disease portfolio. A live webcast of the presentation and Q&A portions can be accessed through the Investor Relations section of Vertex‘s website at https://investors.vrtx.com/. An archived webcast will be available on the company’s website.

Visit news.vrtx.com/asn-kidney-week for more information about Vertex’s presence at ASN Kidney Week 2025.

About Povetacicept (Pove)

Pove is a dual inhibitor of the BAFF and APRIL cytokines, which promote B cell activation, differentiation and/or survival, and provides B cell control by inhibiting the ability of BAFF and APRIL to drive the pathogenesis of multiple autoimmune diseases. Due to its engineered TACI domain, pove has demonstrated greater binding affinity, potency and/or tissue penetration compared to other APRIL, BAFF, and dual BAFF+APRIL inhibitors in preclinical studies. This preclinical data, combined with clinical data observed to date and convenient dosing and administration, give pove best-in-class potential across a number of serious autoimmune diseases driven by uncontrolled B cells. Pove is an investigational agent and has not been approved by health authorities globally.

About IgA Nephropathy (IgAN)

IgAN is a serious, progressive, life-threatening kidney disease driven by uncontrolled autoreactive B cell activity and is the most common cause of primary glomerulonephritis, affecting approximately 300,000 people in the United States and Europe. It is estimated that there are approximately 33,000 diagnosed patients in Japan and approximately 750,000 diagnosed patients in China. IgAN results from the deposition of circulating immune complexes consisting of immunoglobulins and galactose-deficient immunoglobulin A (Gd-IgA1) in the renal glomerular mesangium, triggering kidney injury and fibrosis. Up to 72% of adult IgAN patients progress to end-stage renal disease within 20 years of diagnosis. There are no approved therapies that specifically target the underlying cause of IgAN.

About Primary Membranous Nephropathy (pMN)

pMN is a rare and serious autoimmune glomerular disease, which is driven by uncontrolled autoreactive B cell activity, resulting in autoantibody production against glomerular antigens including protein phospholipase A2 receptor (PLA2R). pMN affects approximately 150,000 people in the United States and Europe. Over-production of these autoantibodies against glomerular antigens results in kidney damage, fibrosis, and renal failure. There are no therapies specifically approved for the treatment of pMN.

About Fast Track Designation

Fast Track Designation is a program administered by the FDA to expedite the development and review of new drugs and biologics that treat serious or life-threatening conditions and have the potential to fill unmet medical needs. This designation is intended to facilitate development and expedite review of qualifying drugs.

About Breakthrough Therapy Designation

The FDA’s BTD is intended to expedite development and review of medicines that aim to address a serious condition with preliminary clinical evidence indicating that the drug may demonstrate substantial improvement over existing treatments on one or more clinically significant endpoints. BTD was granted for pove in IgAN based on data from the Phase 2 RUBY-3 clinical trial.

About RUBY-3

RUBY-3 is an ongoing, multiple-ascending dose, multi-cohort, open label, Phase 1/2 basket study of povetacicept in autoimmune glomerulonephritis, including IgAN, pMN, lupus nephritis and ANCA-associated vasculitis with glomerulonephritis, where povetacicept is being administered subcutaneously for up to 104 weeks.

About RAINIER

RAINIER is a global Phase 3 randomized, placebo-controlled pivotal trial of pove 80 mg administered subcutaneously every four weeks vs. placebo on top of standard of care in approximately 480 people with IgAN. The study is designed to have a pre-planned interim analysis evaluating the percent change from baseline in urine protein to creatinine ratio (UPCR) for the pove arm vs. placebo after a pre-specified number of patients reach 36 weeks of treatment. If positive, the interim analysis may serve as the basis for Vertex to seek accelerated approval in the U.S. Final analysis will occur at two years of treatment, with a primary endpoint of total estimated glomerular filtration rate (eGFR) slope through Week 104. The RAINIER study design was presented as a poster (FR-PO0813) during ASN Kidney Week.

About OLYMPUS

OLYMPUS is a global Phase 2/3 adaptive, randomized, active-controlled pivotal trial of pove in approximately 176 patients with pMN. In the Phase 2 portion, participants will be randomized to receive one of two different doses of pove and after the last participant completes 12 weeks of treatment, the Phase 3 dose will be selected. In the Phase 3 portion, participants will be randomized to receive either the selected dose of pove or a calcineurin inhibitor. Final analysis will occur at two years of treatment, with a primary endpoint of proportion of participants with complete clinical remission at Week 104.

About Vertex

Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases and conditions. The company has approved therapies for cystic fibrosis, sickle cell disease, transfusion-dependent beta thalassemia and acute pain, and it continues to advance clinical and research programs in these areas. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy, primary membranous nephropathy, autosomal dominant polycystic kidney disease, type 1 diabetes and myotonic dystrophy type 1.

Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry’s top places to work, including 16 consecutive years on Science magazine’s Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex‘s history of innovation, visit www.vrtx.com or follow us on LinkedIn, Facebook, Instagram, YouTube and X.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements by James Tumlin M.D., and Richard Lafayette, M.D., and statements about the expectations for the Company’s BLA submission for pove in IgAN for potential accelerated approval in the U.S., including expectations for the timing of the submission of the first module and the completion of the full BLA submission, expectations for pove’s best-in-class potential in IgAN and pMN and pipeline-in-a-product potential across a range of diseases, clinical status of and expectations for the OLYMPUS Phase 2/3 trial in pMN, plans for an investor event to discuss updated data for pove in IgAN and pMN and other highlights across the Company’s kidney disease portfolio, expectations for the RAINIER study design and data expectations, including timing of data availability, and expectations that the Company will seek accelerated approval in the U.S., if the RAINIER interim analysis is positive. While Vertex believes the forward-looking statements contained in this press release are accurate, these forward-looking statements represent the company’s beliefs only as of the date of this press release and there are a number of risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Those risks and uncertainties include, among other things, that data from a limited number of patients may not be indicative of final clinical trial results, that clinical trial data might not be available on the expected timeline, that data from the company’s research and development programs may not support registration or further development of its compounds due to safety, efficacy, and other risks, that the company may be unable to make the anticipated regulatory submissions on the expected timeline, or at all, and other risks listed under the heading “Risk Factors” in Vertex‘s most recent annual report and subsequent quarterly reports filed with the Securities and Exchange Commission at www.sec.gov and available through the company’s website at www.vrtx.com. You should not place undue reliance on these statements or the scientific data presented. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available.

(VRTX-GEN)

View source version on businesswire.com: https://www.businesswire.com/news/home/20251108996080/en/

Vertex Pharmaceuticals Incorporated

Investors:

InvestorInfo@vrtx.com or

+1 617-341-6108

Media:

mediainfo@vrtx.com

Source: Vertex Pharmaceuticals Incorporated

• Deep, stable and durable reductions in kallikrein observed 
• Among 32 patients who received a 50 mg dose of lonvo-z as of data cutoff:
  • 31 (97%) were attack-free and long-term prophylaxis (LTP)-free
  • 24 (75%) were attack-free and LTP-free for at least seven months (up to 32 months)
  • Among the 11 patients who originally received a 50 mg dose in Phase 2, 10 were attack-free and LTP-free
• Continue to observe a well-tolerated safety profile with up to three years of patient follow-up and no new long-term risks identified

CAMBRIDGE, Mass., Nov. 08, 2025 (GLOBE NEWSWIRE) — Intellia Therapeutics, Inc. (NASDAQ: NTLA), a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies, today presented positive clinical data from a pooled analysis of all patients who received a 50 milligram (mg) dose of lonvo-z in the company’s ongoing Phase 1/2 clinical trial in patients with hereditary angioedema (HAE). These results were shared in an oral presentation today at the American College of Allergy, Asthma & Immunology (ACAAI) 2025 Annual Scientific Meeting in Orlando, Florida.

“Today’s data further support our belief that lonvo-z could completely redefine the HAE treatment landscape,” said Intellia President and Chief Executive Officer John Leonard, M.D. “With up to three years of follow-up, the vast majority of patients who received a one-time 50 mg dose of lonvo-z – including 10 of our original 11 patients who received this dose in Phase 2 – were both attack-free and LTP-free as of the data cutoff. We are looking forward to our approaching topline readout from our Phase 3 HAELO clinical trial by mid-2026.”

“Hereditary angioedema is a condition with significant burden that is marked by the unpredictable nature of when the next attack could occur, the painful and often prolonged swellings themselves as well as the need for lifelong treatment,” said Dr. Danny Cohn, M.D., Ph.D., Internist, Department of Vascular Medicine, Amsterdam University Medical Center. “The data presented today offer hope that lonvo-z could significantly reduce or remove those burdens for many patients via a one-time treatment. I am eagerly awaiting results from the ongoing HAELO Phase 3 clinical trial.”

Pooled Phase 1/2 Analysis
Intellia’s global Phase 1/2 clinical trial is evaluating the safety, tolerability, pharmacokinetics and pharmacodynamics of lonvo-z in adults with HAE Types I or II. Today’s presentation was based on a pooled analysis of all 32 patients who have received a one-time 50 mg treatment of lonvo-z via intravenous infusion in the Phase 1/2 trial. Of the 32 patients, 15 had initially received the 50 mg dose at study Day 1 (four in Phase 1 and 11 in Phase 2) and 17 were treated after unblinding of the Phase 2 clinical trial for the primary analysis (11 had originally received a 25 mg dose of lonvo-z, which was determined to be a suboptimal dose, and six had previously received placebo). The data cut-off for the analysis was August 29, 2025.

Deep, stable and durable reductions in plasma kallikrein were observed in all patients, with a mean reduction of 89% at month 24. Among the 32 patients, 31 (97%) were both attack-free and LTP-free as of the data cutoff, with 24 (75%) being attack-free and LTP-free for at least seven months (up to 32 months for patients with the longest follow-up). Of the 11 patients who initially received the 50 mg dose of lonvo-z in Phase 2, 10 were attack-free and LTP-free (nine for 7-32 months and one for <6 months). The one patient who was not attack-free and LTP-free as of the data cutoff had a 59% reduction from baseline in their monthly attack rate.

Safety
After a 50 mg dose, a well-tolerated safety profile was observed for up to three years of follow-up with no long-term risks identified. The most frequent treatment-emergent adverse events (TEAEs) within 28 days of infusion were infusion-related reactions, fatigue and headache. The most frequent TEAEs reported ≥28 days after infusion up to long-term follow-up (LTFU) were nasopharyngitis, upper respiratory tract infection, back pain, arthralgia and COVID-19. A single Grade 2 AST elevation was reported among all patients who received a 50 mg dose of lonvo-z. This event had an onset at Day 1 and spontaneously resolved by Day 4 in a patient previously treated with lonvo-z 25 mg. Safety of the 50 mg dose after patients received the suboptimal dose (25 mg) was consistent with the overall clinical trial population. There were no clinically significant shifts in liver enzymes or coagulation parameters. One serious adverse event (SAE), a pulmonary embolism, was observed in a patient with multiple risk factors one year after the infusion, and the event resolved without sequelae. In LTFU (n=17), there were no SAEs or TEAEs reported with 50 mg of lonvo-z, as of the data cutoff.

A one-time 50 mg treatment of lonvo-z is being further evaluated in patients with HAE in the ongoing global Phase 3 HAELO clinical trial that completed enrollment in September 2025.

The ACAAI data presentation will be available on the Scientific Publications & Presentations section of intelliatx.com.

About the Lonvoguran Ziclumeran (lonvo-z, formerly known as NTLA-2002) Clinical Program
Intellia’s ongoing Phase 1/2 clinical trial is evaluating the safety and efficacy of lonvo-z in adults with Type I or Type II hereditary angioedema (HAE). The Phase 1 portion is an international, open-label trial designed to identify the dose level of lonvo-z selected for further evaluation in the Phase 2 portion of the trial. Enrollment in both portions of the Phase 1/2 trial is complete. Intellia completed enrollment in the global Phase 3, randomized, double-blind, placebo-controlled HAELO clinical trial in September of 2025. Visit clinicaltrials.gov (NCT05120830) for more details.

About Lonvo-z
Based on Nobel Prize-winning CRISPR/Cas9 technology, lonvo-z has the potential to become the first one-time treatment for hereditary angioedema (HAE). Lonvo-z is an investigational in vivo CRISPR-based gene editing therapy that is currently being investigated in HAELO, a Phase 3 clinical trial in HAE, and is designed to prevent HAE attacks by inactivating the kallikrein B1 (KLKB1) gene, which encodes for prekallikrein, the kallikrein precursor protein. Interim Phase 1/2 clinical data showed dramatic reductions in attack rate, as well as consistent, deep and durable reductions in kallikrein levels. Lonvo-z has received five notable regulatory designations, including Orphan Drug and RMAT Designation by the U.S. Food and Drug Administration (FDA), the Innovation Passport by the U.K. Medicines and Healthcare products Regulatory Agency (MHRA), Priority Medicines (PRIME) Designation by the European Medicines Agency, as well as Orphan Drug Designation (ODD) by the European Commission.

About Intellia Therapeutics
Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a leading clinical-stage gene editing company focused on revolutionizing medicine with CRISPR-based therapies. Since its inception, Intellia has focused on leveraging gene editing technology to develop novel, first-in-class medicines that address important unmet medical needs and advance the treatment paradigm for patients. Intellia’s deep scientific, technical and clinical development experience, along with its people, is helping set the standard for a new class of medicine. To harness the full potential of gene editing, Intellia continues to expand the capabilities of its CRISPR-based platform with novel editing and delivery technologies. Learn more at intelliatx.com and follow us @intelliatx.

Forward-Looking Statements
This press release contains “forward-looking statements” of Intellia Therapeutics, Inc. (“Intellia” or the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Intellia’s beliefs and expectations concerning: the safety, efficacy, success and advancement of its clinical programs for lonvoguran ziclumeran or “lonvo-z” (f/k/a NTLA-2002) for hereditary angioedema (“HAE”), including the ability to successfully complete its global Phase 3 HAELO study and to present a topline data readout from the HAELO study by mid-2026; and lonvo-z’s potential to significantly reduce or remove burdens for patients with HAE and to become the first one-time treatment for HAE.

Any forward-looking statements in this press release are based on management’s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks related to Intellia’s ability to protect and maintain its intellectual property position; risks related to Intellia’s relationship with third parties, including its contract manufacturers, licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; risks related to Intellia’s ability to protect and maintain its intellectual property position; risks related to valid third party intellectual property; risks related to Intellia’s relationship with third parties, including its licensors and licensees; risks related to the ability of its licensors to protect and maintain their intellectual property position; uncertainties related to regulatory agencies’ evaluation of regulatory filings and other information related to our product candidates, including lonvo-z; uncertainties related to the authorization, initiation and conduct of studies and other development requirements for our product candidates, including uncertainties related to regulatory approvals to conduct clinical trials, including our ability to complete the Phase 3 HAELO study for HAE, present a topline data readout from the HAELO study by mid-2026, and generate data to support lonvo-z’s potential to significantly reduce or remove burdens for patients with HAE via a one-time treatment; the risk that any one or more of Intellia’s product candidates, including lonvo-z, will not be successfully developed and commercialized; and the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies for the same product candidate or Intellia’s other product candidates. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause Intellia’s actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Intellia’s most recent annual report of Form 10-K and quarterly report on Form 10-Q, as well as discussions of potential risks, uncertainties, and other important factors in Intellia’s other filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Intellia undertakes no duty to update this information unless required by law.

Intellia Contacts:
Investors:Jason FredetteVice President, Investor Relations and Corporate Communications
Intellia Therapeutics, Inc.
jason.fredette@intelliatx.com

Media:Matt CrensonTen Bridge Communications
mcrenson@tenbridgecommunications.com

Source: Intellia Therapeutics, Inc.

MSCI (MSCI) recently caught investors’ attention after its performance over the past month saw shares rise by nearly 3%. With steady annual revenue and net income growth, many are watching to see whether this momentum will continue.

See our latest analysis for MSCI.

Momentum around MSCI has been building again, as reflected by its 6.6% share price return over the past 90 days. While its share price is down slightly year-to-date, the company has still delivered a healthy 17% total shareholder return over the last three years. This reminds investors that steady growth can pay off over the long run.

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But after strong returns and solid earnings growth, the real question is whether MSCI’s current price leaves upside on the table or if the market has already factored in all the company’s future potential.

MSCI’s most-followed narrative sets its fair value significantly above the last closing price, highlighting a notable disconnect between market sentiment and analyst models. This contrast draws extra attention to what’s driving that upside, and serves as a springboard for deeper analysis.

Substantial growth in asset-based fee revenue is being driven by surging global flows into ETFs and index-linked products, especially for non-U.S. and international exposures, underscoring persistent structural demand for MSCI’s indices as capital allocators seek globally diversified portfolios, which directly boosts revenue and earnings.

Read the complete narrative.

Want to know the secret behind that ambitious target? The narrative is powered by bold projections about expanding margins and buybacks, but which forecasts truly move the needle? Find out what estimates have investors so bullish, and see the projections the Street is betting on.

Result: Fair Value of $655.06 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, a slowdown in Sustainability products and intensifying competition could limit MSCI’s growth potential and challenge the bullish outlook that is currently priced in.

Find out about the key risks to this MSCI narrative.

Looking at MSCI through the market’s lens, the company trades at a price-to-earnings ratio of 35.8x, which is notably higher than its industry peers (24.4x) and the fair ratio of 16.6x. That premium signals high confidence in future growth, but also raises the stakes. Could expectations be running ahead of reality?

See what the numbers say about this price — find out in our valuation breakdown.

If you want to dig in for yourself or have a different take on MSCI’s prospects, dive into the data and craft your own perspective in just a few minutes. Do it your way.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MSCI.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• Teleflex Incorporated recently reported its third-quarter 2025 financial results, revealing strong revenue growth to US$913.02 million but a significant net loss of US$408.89 million, mainly due to a goodwill impairment charge of US$403.9 million, and announced a new quarterly cash dividend of US$0.34 per share payable in December.

• An unusual aspect of these results is that, despite outpacing revenue estimates and confirming full-year adjusted earnings targets, Teleflex experienced a severe drop in profitability and narrowed its full-year guidance.

• We’ll examine how the goodwill impairment and steep operating margin decline impact Teleflex’s investment narrative and future outlook.

These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump’s tariffs. Discover why before your portfolio feels the trade war pinch.

Owning Teleflex stock means believing in the company’s ability to overcome recent margin pressures and one-time impairment impacts to resume profitable growth, particularly through innovation and expansion in high-growth procedure markets. The latest goodwill impairment and sharp drop in net profitability do not materially alter the immediate importance of integrating the BIOTRONIK Vascular Intervention business, which remains the primary near-term catalyst, while margin pressures from inflation and weak segments continue as the main risk.

Among the recent announcements, Teleflex’s substantial non-cash goodwill impairment charge of US$403.9 million stands out as most relevant, as it directly drove the negative net income this quarter and triggered concerns about the value of acquired assets. While this charge is a significant headline figure, it does not change the critical focus on integrating the BIOTRONIK business to capture sustainable revenue growth and enhance margins, a priority that remains essential to the company’s narrative.

By contrast, investors should be aware that margin pressures from inflation and unfavorable product mix continue to weigh on earnings, raising questions about…

Read the full narrative on Teleflex (it’s free!)

Teleflex’s narrative projects $3.9 billion revenue and $553.0 million earnings by 2028. This requires 8.9% yearly revenue growth and a $361.1 million earnings increase from the current $191.9 million.

Uncover how Teleflex’s forecasts yield a $127.71 fair value, a 17% upside to its current price.

Community members at Simply Wall St have posted five distinct fair value estimates for Teleflex, ranging from US$120 to as high as US$460, highlighting significant divergence in how investors value the company’s long-term potential after recent margin setbacks. With opinion split, considering risks such as ongoing margin compression may be key to understanding performance differences over time.

Explore 5 other fair value estimates on Teleflex – why the stock might be worth just $120.00!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

These stocks are moving-our analysis flagged them today. Act fast before the price catches up:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TFX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• MarketAxess Holdings announced the launch of the first standardized market-wide auction protocol for U.S. credit trading and reported third-quarter revenue of US$208.82 million, alongside a quarterly cash dividend of US$0.76 per share payable December 3, 2025.

• The company’s new auction trading platform and continued dividend payments highlight its focus on product innovation and returning capital to shareholders amid sustained trading volume growth in key portfolios.

• We’ll explore how the introduction of standardized auction protocols for U.S. credit trading influences MarketAxess’s investment narrative and growth outlook.

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MarketAxess appeals to investors who believe in the growth of electronic fixed-income trading and the company’s potential to broaden its leadership beyond U.S. high-grade bonds. The recent launch of a standardized U.S. credit auction protocol may help address concerns around core market share by encouraging more electronic block trading, but it does not materially alter the near-term catalyst or the ongoing risk of competition from established and emerging platforms. Among recent developments, the introduction of Opening and Closing Auctions stands out, as it directly targets improvements in price discovery and liquidity, key factors for driving electronic adoption and offsetting margin pressures from lower-fee protocols. However, investors should be mindful that despite new product rollouts, intensifying competition continues to pressure fees and market share, which…

Read the full narrative on MarketAxess Holdings (it’s free!)

MarketAxess Holdings’ outlook forecasts $1.1 billion in revenue and $370.5 million in earnings by 2028. This is based on a 7.9% annual revenue growth rate and represents a $147.7 million increase in earnings from the current $222.8 million.

Uncover how MarketAxess Holdings’ forecasts yield a $202.67 fair value, a 21% upside to its current price.

Five members of the Simply Wall St Community estimate MarketAxess’s fair value between US$140.65 and US$206.63, showing broad differences in opinion. Against this backdrop, fee compression and lost market share remain at the forefront for those considering the company’s next phase.

Explore 5 other fair value estimates on MarketAxess Holdings – why the stock might be worth 16% less than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

These stocks are moving-our analysis flagged them today. Act fast before the price catches up:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MKTX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Onto Innovation (ONTO) just released updated guidance for its upcoming quarter, projecting revenue between $250 million and $265 million. This follows a period in which quarterly sales and earnings dipped compared to last year. Industry watchers remain upbeat about the company’s future prospects.

See our latest analysis for Onto Innovation.

Onto Innovation’s shares have rebounded sharply in recent weeks, rising over 35% on a 90-day share price return, helped by renewed optimism in memory-related end markets and a technical “Golden Cross” that has caught traders’ attention. However, the stock is still working its way back from a tough year, with a 1-year total shareholder return down nearly 21%. Its impressive 64% three-year and 243% five-year total shareholder returns highlight its long-term growth potential as momentum builds again.

If Onto’s comeback has you searching for other strong growth stories, now is the perfect time to see what you might uncover with fast growing stocks with high insider ownership.

With analyst price targets raised and optimism growing around Onto Innovation’s positioning in memory markets, the big question remains: is the recent rally the start of a new uptrend, or is future growth already baked into the price?

With Onto Innovation closing at $139.09 and the most popular narrative assigning a fair value of $149.38, the stage is set for a debate around what catalysts and growth assumptions support this premium target.

The accelerating adoption of AI packaging and advanced 2.5D/3D logic architectures is driving a major step up in demand for Onto Innovation’s next-generation Dragonfly systems. Strong customer pull and new applications are expanding both revenue and potential gross margin through higher ASPs and increased market share within leading-edge chip production.

Read the complete narrative.

What powers Onto’s premium valuation? The narrative hinges on breakthrough demand from disruptive chip architectures and profit margins that rivals envy. Craving the details behind these projections? Discover which aggressive growth forecasts shape this ambitious fair value.

Result: Fair Value of $149.38 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, a delay in memory market recovery or unexpected integration challenges with acquisitions could quickly change the outlook and put pressure on Onto’s projected growth story.

Find out about the key risks to this Onto Innovation narrative.

While the fair value suggests Onto Innovation is undervalued, taking a look at its earnings multiple reveals a mixed picture. The company trades on a price-to-earnings ratio of 38.9x, which is higher than both the semiconductor industry average of 35.6x and its own fair ratio of 34.8x. This premium could signal investor confidence in future growth or heightened risk if expectations are not met. Does the market know something the models do not?

See what the numbers say about this price — find out in our valuation breakdown.

If the prevailing narrative does not capture your outlook or you want to dig deeper, keep in mind that you can craft your own view quickly and easily. Do it your way.

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Onto Innovation.

Stay ahead by using the Simply Wall Street Screener to hunt for standout opportunities beyond Onto Innovation. Sharpen your strategy with ideas that others might miss.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ONTO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to investors, even if it currently lacks a track record of revenue and profit. But as Peter Lynch said in One Up On Wall Street, ‘Long shots almost never pay off.’ Loss making companies can act like a sponge for capital – so investors should be cautious that they’re not throwing good money after bad.

In contrast to all that, many investors prefer to focus on companies like Aussie Broadband (ASX:ABB), which has not only revenues, but also profits. Now this is not to say that the company presents the best investment opportunity around, but profitability is a key component to success in business.

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Over the last three years, Aussie Broadband has grown earnings per share (EPS) at as impressive rate from a relatively low point, resulting in a three year percentage growth rate that isn’t particularly indicative of expected future performance. So it would be better to isolate the growth rate over the last year for our analysis. Aussie Broadband’s EPS has risen over the last 12 months, growing from AU$0.097 to AU$0.11. That’s a 15% gain; respectable growth in the broader scheme of things.

It’s often helpful to take a look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another take on the quality of the company’s growth. Aussie Broadband maintained stable EBIT margins over the last year, all while growing revenue 19% to AU$1.2b. That’s a real positive.

The chart below shows how the company’s bottom and top lines have progressed over time. To see the actual numbers, click on the chart.

View our latest analysis for Aussie Broadband

The trick, as an investor, is to find companies that are going to perform well in the future, not just in the past. While crystal balls don’t exist, you can check our visualization of consensus analyst forecasts for Aussie Broadband’s future EPS 100% free.

It’s pleasing to see company leaders with putting their money on the line, so to speak, because it increases alignment of incentives between the people running the business, and its true owners. Shareholders will be pleased by the fact that insiders own Aussie Broadband shares worth a considerable sum. Indeed, they have a considerable amount of wealth invested in it, currently valued at AU$160m. Investors will appreciate management having this amount of skin in the game as it shows their commitment to the company’s future.

It’s good to see that insiders are invested in the company, but are remuneration levels reasonable? Our quick analysis into CEO remuneration would seem to indicate they are. For companies with market capitalisations between AU$616m and AU$2.5b, like Aussie Broadband, the median CEO pay is around AU$1.5m.

The Aussie Broadband CEO received AU$1.2m in compensation for the year ending June 2025. That seems pretty reasonable, especially given it’s below the median for similar sized companies. CEO compensation is hardly the most important aspect of a company to consider, but when it’s reasonable, that gives a little more confidence that leadership are looking out for shareholder interests. It can also be a sign of good governance, more generally.

As previously touched on, Aussie Broadband is a growing business, which is encouraging. Earnings growth might be the main attraction for Aussie Broadband, but the fun does not stop there. Boasting both modest CEO pay and considerable insider ownership, you’d argue this one is worthy of the watchlist, at least. Don’t forget that there may still be risks. For instance, we’ve identified 1 warning sign for Aussie Broadband that you should be aware of.

While opting for stocks without growing earnings and absent insider buying can yield results, for investors valuing these key metrics, here is a carefully selected list of companies in AU with promising growth potential and insider confidence.

Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.