https://contraresearchgroup.com/ Independent equity research. Company notes built around the structural bottleneck that gates an outcome, and who owns it. en https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-20-position https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-20-position Sun, 20 Sep 2026 00:00:00 +0000 Thesis unchanged. Framework view remains Speculative. Average cost $3.77 as of 18 September 2026. https://contraresearchgroup.com/research-ibm.html#u-ibm-2026-09-20-position https://contraresearchgroup.com/research-ibm.html#u-ibm-2026-09-20-position Sun, 20 Sep 2026 00:00:00 +0000 Position closed. A trade note carries no framework stance on IBM, and closing the trade does not create one. https://contraresearchgroup.com/research-ibm.html https://contraresearchgroup.com/research-ibm.html Sun, 13 Sep 2026 00:00:00 +0000 A trade note, not an initiation. Long October calls on drift and Accenture read-across, with the position expiring five days before IBM's third quarter print. We publish how it loses, because on a short-dated out of the money call the losing paths are the likely ones. https://contraresearchgroup.com/research-ntla.html https://contraresearchgroup.com/research-ntla.html Sat, 12 Sep 2026 00:00:00 +0000 The first global Phase 3 win for in vivo gene editing, filed with priority review for a 10 March 2027 decision, at a $1.09B enterprise value with 33% of the float short. The reason to own it is probably not the drug about to be approved. https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-12-revision https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-12-revision Sat, 12 Sep 2026 00:00:00 +0000 Thesis unchanged, and firmer for the work. Framework view remains Speculative. https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-12-monitor https://contraresearchgroup.com/research-kdk.html#u-kdk-2026-09-12-monitor Sat, 12 Sep 2026 00:00:00 +0000 Thesis unchanged. Framework view remains Speculative. https://contraresearchgroup.com/research-pgr.html https://contraresearchgroup.com/research-pgr.html Mon, 07 Sep 2026 00:00:00 +0000 A 34.9% return on equity and a segmentation advantage competitors have not closed in twenty years, priced at 11 times earnings into a softening rate cycle. The structural question is the pool itself: 87% of premium is personal auto. https://contraresearchgroup.com/research-crsp.html https://contraresearchgroup.com/research-crsp.html Sat, 05 Sep 2026 00:00:00 +0000 The only approved CRISPR medicine, the largest treasury in the subsector, and a wholly owned in vivo pipeline validated by clean CTX310 hepatic data, against a 19.5% short base at a 12.8 day cover ratio. https://contraresearchgroup.com/research-kdk.html https://contraresearchgroup.com/research-kdk.html Sat, 05 Sep 2026 00:00:00 +0000 First mover in paid driverless trucking on a going-concern balance sheet. The more durable idea sits one layer over, in the commercial trucking insurance complex the technology is about to rewrite.