Cross Current Research LLC
About Us

Experience, Insight, We Provide Human Capital

Alex To, M.D.

Managing Member
Analyst: Biotechnology, Pharmaceuticals

Dr. Alex To, the founder of Cross Current Research, LLC, has 20 years of experience in life sciences and healthcare investing derived from professional engagements on both the buy-side and the sell-side. During the course of his long and diverse career, Alex has accumulated a unique set of insights into the risks and rewards inherent in life sciences investing. His deep understanding in technology, product development, competitive landscapes and regulatory challenges is complemented by his wide network of professional contacts in the worlds of both finance and industry. Alex also serves as a valued advisor to life sciences companies in the areas of financing and R&D strategies.


Alex started his career in life sciences and healthcare investments in 1991 when he joined Castle Group Ltd with responsibilities for financing early-stage biotechnology companies. He oversaw technology transfer from academic labs, intellectual property due diligence, management recruiting and transactional structure for a number of portfolio companies, such as Biocryst and Indevus. The investments led to highly profitable exits.


In 1994, Alex launched his successful career as an eminent sell side biotech analyst, leading biotech research for three major brokerage houses.  He first joined Donaldson Lufkin & Jenrette and established its biotech equity research group from the ground up. By 1997, he was named as one of the top ranking biotech analysts by Institutional Investors Magazine and the Greenwich Survey. He later joined Deutsche Bank and served as its global head of biotech research. A year later, he moved to Credit Suisse First Boston to revamp its biotech research operations. He was the driving force behind a 10-fold increase in CSFB’s biotech trading, derivatives, and banking revenues in just two years and built the firm’s reputation as a biotech powerhouse. One of the highlights of his stock picks was Immunex, which he discovered and recommended when the stock was languishing after product development failures in 1995. He became the main champion of the company. The stock price appreciated over 100-fold and was eventually acquired by Amgen for over $20 billion.


In 2001, after the market peak, Alex joined Duquesne Capital LLC as head of healthcare investments, where he was responsible for many successful investments in life sciences and healthcare services. At Duquesne, his fundamental analysis allowed him to see the value of MGI Pharma, after the company had failed its cancer drug development and the stock price crashed. The stock rose 14-fold in the ensuing two years. Alex also correctly called the downturn in biotech stocks in 2001 and created a profitable short portfolio. He later founded Junction Capital, LP, a manager of long/short equity hedge funds investing broadly in all global health care sectors, including pharmaceuticals, biotech, medical technology, managed care, health care facilities, health care REITs and health care information technologies.


In 2006, Alex returned to sell side research and joined Natixis Bleichroeder, a French financial conglomerate, as a Managing Director and to head the firm’s biotech research. Increasingly recognizing the mis-alignment between sell-side and buy-side interests, in 2009, Alex founded Cross Current Research: an independent sell-side research firm providing in-depth analysis of companies, competitors and industry trends. Alex received an M.D. from Boston University and an M.B.A from the Wharton School of the University of Pennsylvania.

Thomas P. Larsen MBA, CFA
Managing Director
Portfolio Strategist

Tom has a long and distinguished investment career spanning 41 years. He has worked with increasing responsibilities at prestigious firms, including E.M. Warburg, Pincus & Co, Morgan Guarany, Citicorp and Mutual of America. Earlier in his career, Tom followed a variety of industries, including chemicals and pharmaceuticals, health care, agribusiness and machinery, aerospace and defense, energy, technology, industrials and consumer staples. Tom was then a portfolio manager with a range of investment approaches, including growth and value. He also managed small cap, emerging markets and convertible funds. At Mutual of America, Tom was the head of equities.

Portfolio Strategy Research

Our portfolio strategy product will provide a top down approach to selecting stocks based on three views:
First, from 50,000 feet, secular bull and bear markets.
Second, from 30,000 feet, long-term relative strength.
Third, at ground level, important fundamental trends likely to differentiate individual industries and companies.

The first two views above enable us to root our approach in long and intermediate term market realities. The third view draws attention to real time events and relationships that can yield useful investment ideas without getting into the realm of the industry specialist. We will not be making market forecasts or interest rate predictions as such, nor will we be making detailed comments on fiscal or monetary policy. We will leave these to economists and conventional strategists.

What we will be doing is isolating and exploiting trends. The trends we identify can be charted by specific events and hard data in an investable time frame. They will be the guiding force providing order and direction in setting up specific investment ideas. They will also provide a vehicle for casting light on related companies and issues that are relevant to the conversation.

Our goal is to provide perspective, context and insight to investors on important forces acting on markets today and the investment opportunities they present, and to do so in a timely manner. We believe that by combining the investment idea with an underlying trend we can shed light on investment opportunities in a fundamentally different way.