quantumup

[quantumup @Quantumup1]

Roth • MKM🏁 $COYA and said: We initiate coverage of COYA with a Buy rating and 12-month PT of $12.
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Roth • MKM added—Our bullish view is predicated upon COYA 302's positive Ph1 data involving Amyotrophic Lateral Sclerosis (ALS) patients (n = 4)

Assuming the ongoing Ph2 study readout is positive, we expect COYA 302 "conditional" approval in 1H28 (U.S. launch: 2H28).

Our models assume COYA 302 achieving a peak risk-unadjusted WW revenue of ~$2.2B in 2040.

Per COYA, current cash (1Q26-end: ~$51M) is expected to fund operations into 2H27.

Coya Therapeutics is a mid-stage biotech developing novel injectable therapies for neurodegenerative diseases, including ALS (U.S. TAM: -33K patients; per Coya) and frontotemporal dementia (FTD; U.S. TAM: ~50K pts, per Coya).

The company's flagship asset (COYA 302) is a novel, subcutaneous formulation of two agents—low dose IL-2 (enhance Treg cells necessary for immune tolerance) and CTLA4-If (suppress inflammation)—with a lengthy patent runway (earliest IP expiry year: 2040). We note that the 2025 Nobel Prize in Medicine was awarded to researchers who discovered Treg cells, including Prof. Shimon Sakaguchi who sits on Coya's scientific board.

[quantumup @Quantumup1]

BTIG reiterated $COYA Buy-$15, says "today's data seem very supportive of the previous clinical readout.
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"Specifically, blood biomarker data demonstrating anti-inflammatory effects continue to support monthly COYA301 (low-dose IL-2) dosing over a bi-weekly dosing regimen.

Important to the bigger picture, today's data are consistent with previous readouts in which
monthly dosing of COYA301 showed decent signs of cognitive improvements and CSF biomarkers, while noisier results were observed with the bi-weekly dosing arm (Exhibits 1-2).

Additionally, a greater extent of improvements in Treg numbers and their suppressive function were observed from monthly dosing compared to bi-weekly dosing.

Net-net, these combined results suggest that at a bi-
weekly dosing regimen, IL-2 is stimulating broader immune cells beyond Treg cells that have the high-affinity IL-2 receptor and these additional activated cells are not a positive factor in disease control.

Going forward, the company has expanded its pipeline with COYA303, a combination of low-dose IL-2 and a GLP-1 RA. This combination approach will likely benefit from the potential synergistic anti-inflammatory effects of the two components. We believe the clinical potential of GLP-1 RAs in AD has been meaningfully de-risked with the recent data showing that daily subcutaneous injections of Liraglutide are associated with slower brain volume loss and reduced cognitive decline (reductions of approximately 18% in a year).

Novo Nordisk ( $NVO, Not Rated ) hopes to get a definitive answer for whether GLP-1 receptor agonism reduces cognitive decline in AD patients based on two large placebo-controlled P3 studies, EVOKE and EVOKE+. These trials treat patients with early-stage symptomatic AD with once-daily oral semaglutide or
placebo. The primary endpoint will be measured by changes in the CDR-SB score at week 104, and the study's primary completion is expected around September 2025 (source: https://t.co/pKkFf8wt5h)."

[quantumup @Quantumup1]

Raymond James reiterated $TYRA Strong Buy; $55 and said: Remain Strong Buy rated on TYRA shares and would recommend purchasing on current weakness after shares have retreated some 24% since 1Q26 earnings
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Raymond James added—primarily — we believe — on a number of misinterpretations and misattributions ahead of the all-important daborgratininb P2 SURF302 readout in IR NMIBC (expected in August).

Specifically, on safety, we note that one transcript service misquoted CEO Todd Harris at a recent investor conference around expected grade 3 events.
Second, on efficacy, closer scrutiny of JNJ's THOR-2 study (the closest comp/guide for the upcoming SURF302 readout) reveals the 3-month CR may have been overstated. With management highlighting this in recent investor events, we think some may be incorrectly interpreting this as management somehow lowering the bar for success.
Third, we have been alerted to potential online chatter regarding nausea in the P2 BEACH301 achondroplasia trial, which management assures us is patently false.

Bottom line, we remain confident that SURF302 will show dabogratinib to meet or beat the bars for both safety and efficacy, providing a path for development as standard of care in IR NMIBC.

[quantumup @Quantumup1]

Cantor reiterated $TYRA at an Overweight rating
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Cantor said: This week, we hosted Tyra's management team (CFO Alan Fuhrman and COO Bhavesh Ashar) in Boston for an NDR, along with a dinner featuring community urologist Dr. Mark Silva (Greater Boston Urology).

Since our initiation in February, Tyra has been a top inbound name.
Dabogratinib ("dabo"), a selective FGFR3 inhibitor, is positioned as a next-generation therapy aimed at improving upon prior pan-FGFR agents.

The upcoming Phase 2 IR-NMIBC data this quarter will be a key test of this hypothesis. ~80% of IR-NMIBC (intermediate-risk non-muscle invasive bladder cancer) patients are treated in the community, making Dr. Silva's perspective particularly relevant.
He manages 60-90 NMIBC patients (roughly 25% high-risk / 75% low/ intermediate-risk) and is currently opening Tyra's dabo trial.
We were struck by Dr. Silva's strong preference for oral therapies over invasive procedures.
He described an oral option as an "easy sell," noting it could increase the proportion of low-grade IR-NMIBC patients receiving adjuvant therapy from ~10% today to a majority.

We also believe dabo has a good chance of meeting urologists' benchmark for adoption, on both durability and safety, in the Ph3 adjuvant trial. Notably, the risk of kidney loss in low-grade UTUC (LG UTUC) appears under-appreciated-an outcome where dabo could be a game-changer.

[quantumup @Quantumup1]

BTIG reiterated $LQDA Buy; $59 and said: LQDA strength today can likely be attributed to the Supreme Court issuing a unanimous opinion in the Hikma vs. Amarin case, ruling in favor of Hikma.
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BTIG added—We believe this ruling could limit the downside risks if LQDA were to not prevail in the '327 lawsuit, and there has been some speculation that the Judge presiding over the '327 trial was potentially waiting for this SCOTUS decision before deciding the '327 trial.

We would still expect some volatility in LQDA shares if an unfavorable '327 verdict is delivered (discussed below).

That said, this new Hikma v. Amarin SCOTUS precedent could make it difficult for UTHR (Neutral) to sue LQDA for induced infringement in that outcome and could allow LQDA to carry forward with a "PAH only" skinny label launch of Yutrepia, if needed.

[quantumup @Quantumup1]

Raymond James reiterated $LQDA Strong Buy; $68 and attributes Liquidia share strength to a positive readthrough from the recent Supreme Court decision in Hikma v. Amarin.
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Raymond James said that while this case is not an apples-to-apples comparison to the highly-anticipated '327 patent dispute decision, RJ does see this as generally positive readthrough for LQDA, whose downside floor continues to rise—notes there could be a chance this means the '327 decision could be a more imminent event.

[quantumup @Quantumup1]

Raymond James reiterated $LQDA Strong Buy; $68 and attributes Liquidia share strength to a positive readthrough from the recent Supreme Court decision in Hikma v. Amarin.
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Raymond James said that while this case is not an apples-to-apples comparison to the highly-anticipated '327 patent dispute decision, RJ does see this as generally positive readthrough for LQDA, whose downside floor continues to rise—notes there could be a chance this means the '327 decision could be a more imminent event.

[quantumup @Quantumup1]

BofA last night⬆️ $LQDA's PT to $64 (was $44), plus⬆️Yutrepia's peak sales estimates +40% to $1.7B while reiterating at Buy in its 1Q26 EPS wrap.
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BofA said in its note: Yutrepia launch momentum continues to be strong

Liquidia (LQDA) reported strong 1Q results, beating revs by +14% with Yutrepia sales coming in at $129.9m (+44% Q/Q), exceeding both BofA and Street expectations.

We increase our Yutrepia peak sales forecast +40% to $1.7bn to reflect the strong launch trajectory and now forecast '26E Yutrepia sales of $707m. As a result of these changes, our PO increases to $64 (from $44 previously).

After Yutrepia's third full quarter on the market, LQDA notes >4,500 unique prescriptions and ~3,750 patients treated, with prescription to start ratio remaining solid at/above 85%.
On the conference call, mgmt. also highlighted that breadth and depth of prescribing continues to grow, with ~270 physicians prescribing Yutrepia to five or more patients.
LQDA's 1Q performance paints a promising picture for 2027 and serves to dispel some initial concerns around bolus launch dynamics.

Today's update provides evidence of a growing market, with further growth potential in the low-penetrated PH-ILD market and Yutrepia's value proposition.

Management reiterated their confidence in reaching $1bn+ revenue by 2027 — along with the number of unique prescriptions, this guidance signals that Yutrepia has the potential to capture 50% of the pre-established market.

We reiterate Buy on Yutrepia's strong launch trajectory with potential for continued growth in PAH and PH-ILD.

[quantumup @Quantumup1]

Citizens on $KURA: We reiterate our Market Outperform rating on Kura Oncology and price target of $24, based on a blended discounted EPS and revenue multiple analysis.
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Citizens and said: Yesterday, Kura held an investor event highlighting the darli + adagrasib arm of the FIT-001 study presented at ASCO, showcasing promising efficacy and safety with KRAS inhibitors.

Building on prior clinical validation in cabo-(re)treated RCC, we view this dataset as an important step in establishing the FTI platform as a generalizable approach to overcoming resistance, an opportunity we believe is not reflected in the current valuation.

Alongside the data, Kura outlined a new platform study designed to broaden darli's combination footprint, beginning with darli + daraxonrasib in 2L+ KRAS-mutant PDAC.

With KOMZIFTI underway, updated ziftomenib data at EHA, the FTI platform study initiating in early 2027, and a cash position of $580.8MM, we believe shares remain attractive, especially given the recent weakness.

[quantumup @Quantumup1]

Citizens reiterated $KURA Market Outperform; $24
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Citizens said: Recently, Kura provided a preview of data from the darli + adagrasib arm of the FIT-001 study to be presented at ASCO, showcasing that the farnesyltransferase inhibitor (FTI) can combine well with Kras inhibitors.
Building on prior clinical validation in cabo-(re)treated RCC, we view this dataset as an important step in establishing the FTI platform as a generalizable approach to overcoming resistance, an opportunity we believe is not reflected in the current valuation.

With signs pointing to a strong KOMZIFTI launch, frontline AML trials fully funded, the FTI program progressing in the clinic, and a cash position of $580.8MM, we believe Kura shares represent an attractive investment opportunity.

[quantumup @Quantumup1]

Deutsche Bank⬆️ $SYRE's PT to $115 (was $102) and reiterated Buy.
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Deutsche Bank said in its note:
Competitor ABVX (Not Covered) has traded down 30%+ since Monday, following a surprise safety signal for malignancy emerging from the Ph3 ABTECT maintenance trial of obefazimod in ulcerative colitis (UC), which creates an opportunity for SYRE, in our view.

Heading into the readout, obefazimod had been widely praised by the sell-side for both strong efficacy (in 8-week induction therapy, which was confirmed to extend to 44-week maintenance therapy) and a pristine safety/tolerability profile. Coupled with its oral dosing, obefazimod was expected to see broad adoption across the UC population, as a distinct strategy that would compete with combo injectable biologics being developed by SYRE and others (e.g., JNJ, ABBV, TAK).
However, ABVX's 44-week maintenance data reported 8 cases of malignancy (1 prostate, 1 breast, 1 colon dysplasia, 2 BCC, 3 SCC) in obefazimod-treated patients vs. 1 case (BCC) for the placebo arm.
Moreover, 7 of the 8 cancer cases appeared at the higher 50mg dose (N=7/195), while 1 case was seen at the lower 25mg dose (N=1/193).
We note there is an ongoing investor debate on whether obefazimod was causative in these cancer cases.
That said, we expect an overhang, with Street peak sales estimates potentially coming down, as investors grapple with the possibility of a more limited scope of treatment for obefazimod, including possible black box warning on the label (akin to JAK inhibitors).

[quantumup @Quantumup1]

Stifel y'day⬆️ $SYRE's PT to $107 (was $92), reit'd at Buy/said: Following best-in-class UC PoC data for SPY001 (α4β7), SYRE is well-positioned heading into additional PoC cohorts for SPY002 (TL1A) and SPY003 (IL-23p19) in mid-year/3Q26.
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Stifel added—Further validation of the portfolio with data at least in-line with first-gen mAbs supports a favorable risk/reward into combo data next year.

Full data presented today at DDW from JNJ's DUET study in UC/CD add validation to the synergy observed from the original VEGA study, in our view, while also adding evidence in support of the thesis in CD. There is also reason to believe that the exchanging TNF for TL1A or α4β7 should see upside to the signals seen in DUET where there was already meaningful TNF-experience.

Further, commentary from ABBV last week supports the α4β7/IL-23p19 combo thesis in CD.

Bottom line, we see multiple ways to win in IBD from the SYRE franchise while upcoming TL1A SPY072 data in rheum (3Q/4Q26) provide additional upside.

[dough @semodough]

$PTGX @jefferies well-attended dinner. Co is "firing on all cylinders" across
commercial, clinical-stage, and discovery-stage programs. Early launch trend of
Icotyde (oral IL23R) is good and likely higher than street expectation. Oral IL-17
remains a key next inflection point. Oral obesity is positioned as an important
source of longer-term upside. Strategically, $PTGX appears to be shifting toward
greater control and deeper economic participation in its pipeline.

[quantumup @Quantumup1]

Wolfe⬇️ $ABVX's PT to $136 (was $176), reiterated Outperform and said: Since our last report where we expected a modest rebound (ABVX from $130/sh to $90/sh postmarket), the stock was punished further and closed below $73/ sh on Monday.
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Wolfe added—At this level, we need to invoke valuation arguments and seriously consider how long it'd take for the safety overhang to be resolve (and whether it'd be resolvable).
Background rates higher than normal.
Older population.
Lack of DSMB concern.
Lack of nonclinical genotoxicity signals.
Lack of signals on the lower dose or on Ph2 OLE (many patient-years worth of follow-up).
Malignancy signals showing up too early to be likely drug-related.
Observed rates not higher than comparable drugs.
Much worse boxes on Humira & Rinvoq.

Arguments abound for why the malignancy risk is likely not real or not relevant, but that doesn't mean the spook can be instantly removed in stock. Take CRNX for example, still punished for likely unrelated liver safety after 1.5 yrs. Or CLDX, who sat 1.5 yrs in the penalty box due to anaphylaxis in baseline allergic patients.

Management aims to provide a robust safety + efficacy update by late June, which could provide a ray of hope for the stock to regain momentum (expediting Part 2 inclusive of an incremental 400-500 patients worth of data, from non-responders or relapsers).

We believe the company will devise a communication strategy to soothe buyside, especially on safety, while efficacy could potentially reinforce confidence.

Based on our read of body language, this is Abivax's Manhattan Project. Operation Cannot-Fail. Treated extremely seriously as a data reveal that could single-handedly reverse buyside sentiment.

[quantumup @Quantumup1]

Morgan Stanley (a/o 4/19)⬆️ $ABVX and said: Abivax (ABVX, OW, $110 to $170 Base Case Range, Current Price ~$120), Approaching Ph3 Maintenance Data in UC:
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Morgan Stanley additionally said:
• What to watch for in 1Q26 EPS: Management continues to expect topline Ph3 ABTECT maintenance data for obefazimod in UC in late 2Q26.

Recall, an update from the last DSMB meeting prior to the maintenance data was presented with 4Q25 results.

For the company’s upcoming 1Q26 results, we will be looking for any updates from the company’s combination work for obefazimod or updates on enrollment in the Ph2b study in CD.

• Our view & where we differ from the Street: Our recent KOL checks continue to support obefazimod as a differentiated therapy that should be well-positioned for early-line use.

IBD development remains competitive, but the sequencing/ combination paradigm should continue to favor a safe, oral therapy with a novel mechanism of action while growing the overall IBD market.

[quantumup @Quantumup1]

Cantor reiterated $IDYA at Overweight and said: We hosted CEO Yujiro Hata, CMO Darrin Beaupre, CCO Stu Dorman, and SVP of clinical dev Jasgit Sachdev for a well-attended dinner at ASCO (6/1).
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Cantor added—It was on the back of darovasertib's (daro) Ph2/3 OptimUM-02 data presentation as a late-breaker abstract at the conference, a monumental milestone for IDEAYA as a company, and for patients with metastatic uveal melanoma (MUM).

Not surprisingly, there was a fair amount of discussion on the approval and launch details of daro in 1L MUM.
What's a little surprising to us was the high investor interest in the pipeline, particularly around PRMT5 and MTAP-del pathway as potential building blocks for RAS and KRAS combinations in pancreatic and lung cancers. We suspect this is in part driven by the overwhelmingly positive reception of RevMed's Daraxonrasib data in PDAC, and increasing investor enthusiasm for PRMT5 + pan-RAS combination (seen from Tango).
While early, IDEAYA does have a unique toolbox that spans MAT2A, PRMT5, and CDKN2A (target undisclosed) that could enable novel/differentiated combinations in a crowded field.

[quantumup @Quantumup1]

Citizens reit'd $IDYA Mkt OP-$45/said: IDEAYA Biosciences' ASCO update on OptimUM-02 data provided additional color on the strength of results, including safety and a highly favorable serious adverse event profile compared to checkpoint inhibitors.
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Citizens added — We highlight that the ~7-month PFS value is >2.2 times the current SoC, significant progress in the management of metastatic uveal melanoma (MUM).
IDYA is moving toward regulatory approval via the RTOR process, expected to complete in 2H26 and set up a potential 2027 launch.

We maintain our Market Outperform rating and our $45 DCF-derived price target on IDYA.
We highlight the name, based on the muted stock reaction, and highlight the large opportunity in MUM across HLA status (we may get HLA*A2+ data at ESMO).

[quantumup @Quantumup1]

H.C. Wainwright⬆️ $TVTX's PT to $67/reitd Buy after TVTX announced the licensing of civorebrutinib from Everest—they said—the early dev't/drug profile are pointing in the right direction/civerobrutinib has the pot'l to be a best-in-class BTK inhibitor
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HCW also said: We reiterate our Buy rating and are increasing our price target to $67 from $57 based on the addition of civerobrutinib to our overall valuation, but just for the PMN indication.

We see potential upside from the inclusion of additional indications.
Our valuation of Travere is now split into two components.
First regarding current sales of FILSPARI, our valuation is based on a risk-adjusted net present value (rNPV) analysis of projected future revenues; we assume an 8% discount rate and 0% terminal growth in our model. Our rNPV is based on $5.4 billion and added net cash of $264 million to arrive at our $57 price target.
Regarding civerobrutinib and other clinical stage assets, our valuation is based on our clinical net present value (NPV) model, which allows us to flex multiple assumptions affecting a drug's profile.

[quantumup @Quantumup1]

Guggenheim⬆️Best Idea $TVTX to $56,⬆️Filspari's U.S. FSGS peak Rev. to $2.2B in '32 (believes ests. are conservative, w/ meaningful room for upside) and U.S. Franchise peak of $3.1B, in that year; reiterated Buy.
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Guggenheim said in its note to investors:
We are updating our detailed Filspari market model following the April 13 FDA approval of Filspari in FSGS with a broader-than-expected label, and our review of recent epi literature and multiple conversations with leading nephrologists.

Our estimated biopsy-confirmed US FSGS population now lands at ~95K prevalent patients across primary, genetic, and secondary subtypes. We believe ~90% of this prevalent pool is eligible for Filspari treatment once patients with active nephrotic syndrome (NS) are excluded and then model peak ERA-class penetration of 40% in primary, 33% in genetic, and 10% in secondary.

Based on our net price assumptions, this leads to our US FSGS peak revenue estimate of ~$2.2Bn in 2032 and a combined Filspari franchise US peak of ~$3.1Bn that year, aligning with management's ">$3Bn potential peak sales opportunity" for Filspari.

While the exclusion of patients with NS may remove patients who otherwise may have been quick to start Filspari, we still expect the FSGS launch to meaningfully exceed what we saw in IgAN after Filspari's initial accelerated approval, given a generally overlapping prescriber base that is already familiar with the drug, the easing of the Filspari REMS back in August 2025, and the greater unmet need and urgency that exists in FSGS.

We believe our FSGS estimates still remain conservative, with meaningful room for upside from increased FSGS diagnosis rates now that there is a product approved for the condition, and deeper penetration into the diagnosed population.

We also await further commentary from management on their ability to extend Filspari's market exclusivity beyond 2033.
Of note, each additional year of Filspari market exclusivity in our model suggests an additional ~$8/share increase to our DCF analysis.

Reflecting the faster FSGS ramp and modestly higher franchise peak in our updated model, we raise our TVTX price target to $56 (from $54) and reiterate our Buy rating and Best Idea designation on TVTX shares.

[quantumup @Quantumup1]

Leerink⬇️ $CELC's PT to $155 (was $160) and reiterated at an Outperform rating.
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Leerink said: This morning, CELC reported VIKTORIA-1 results in the PIK3CA-mutant (MT) cohort, with both the triplet and the doublet doubling the efficacy of the alpelisib-containing control arm; the regimen is clearly superior to existing options and likely approvable. However, the absolute ~11m PFS was inferior to that seen in the Phase 1b, which may disappoint some investors and pressure CELC shares.

Ultimately, input from clinicians will be important in assessing the relative profile of geda, many of whom seem to have lower expectations than the investor community.

The gedatolisib + fulvestrant + palbociclib arm had a mPFS of 11.1 mo vs. 5.6 mo for the alpelisib + fulvestrant control arm (HR 0.50; 0.37-0.68; p < 0.0001 ) and the geda + fulvestrant doublet arm with a mPFS of 11.3 mo vs 5.6 mo for the control (HR 0.51; 0.33-0.79; p < 0.0013 ). While the HR are superlative, the absolute mPFS of~11mo in both arms is numerically lower than seen in the Ph 1b trial, which was 11.6m. The control arm performance was consistent with a number of common SoC options in this setting, including capivasertib + fulvestrant in a post-CDK4/6 population at a 5.5 mo mPFS (see here).

Importantly, we think these data are supportive of approval. However, because our estimates were based on the duration seen in Ph 1b, we have lowered durations to reflect the Ph 3 results (11 months in 2L, 9 months in 3L+).

We haven't changed our penetration assumptions pending clarity from clinicians on how they weigh the magnitude of benefit over oral agents, and the overall relative profile of the drug.

These adjustments in durations to our model lower our PT to $155 from $160.

Despite the favorable HR and statistically significant results, we expect CELC shares to be under pressure given the lofty expectations set by the prior Phase 1b data.

[quantumup @Quantumup1]

Citizens reiterated $CELC Market Outperform; $160 and said: ASCO will be a critical venue, where CELC will seek to highlight gedatolisib's profile ahead of a potential approval in July.
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Citizens added—In the PIK3CA mutant cohort of the VIKTORIA-1 Ph3 study, the gedatolisib triplet (incl. fulvestrant + palbociclib) and doublet (incl. fulvestrant) regimens achieved a "statistically significant and clinically meaningful" improvement in PFS, compared to alpelisib + fulvestrant. The key question now is - what is the mPFS? Our bar is ~11-12 months - details here. Given the SAP, which assumes 13 months PFS for the triplet, we estimate an ~25% chance that the triplet mPFS is <12 months and an ~13% chance it is <11 months.
Consequently, we believe results will be very competitive and meet investor expectations at ASCO.

[quantumup @Quantumup1]

H.C. Wainwright⬇️ PRAX's PT to $1201 from $1245 and reiterated at a Buy.

BTIG⬇️ $PRAX's PT to $810 (was $843), reiterated at Buy and said it views PRAX weakness as a buying oppy as ulixacaltamide and relutrigine are the primary value drivers of PRAX.

BTIG said in its note: We will be straightforward: we were wrong on our POWER1 call.
POWER1 did not meet its primary measure of percent change in monthly seizure frequency from baseline in highly refractory FOS patients, a result we did not anticipate.
We lower our price target to $810 (from $843), reflecting a reduction in our vormatrigine PoS to 50% (from 70%).
While POWER1 is a setback, the vormatrigine program is not without a recoverable path. The 50% response rate secondary measure was met, seizure reduction was more pronounced in the second half of the study on the higher 30 mg dose, adverse event-related discontinuations were less than 10%, and approximately 90% of vormatrigine-arm patients transitioned into the open-label extension and remain there. Praxis is pausing POWER2 enrollment to reassess the program and determine potential modifications, which we view as a disciplined response.

We view PRAX weakness (shares approximately -10.2% after hours) as a buying opportunity; ulixacaltamide and relutrigine are the primary value drivers of PRAX, and neither has changed.
The relutrigine PDUFA in SCN2A and SCN8A DEEs remains on track for September 27, 2026, EMERALD topline data in broad DEEs are expected in 4Q26, and the ulixacaltamide PDUFA in essential tremor is set for January 29, 2027. We maintain our BUY rating.

[quantumup @Quantumup1]

H.C. Wainwright keeps $PRAX Buy; $1245 and said: On Friday, the USPTO issued a "Notice of Allowance" to Praxis for a new ulixacaltamide titration patent (U.S. Patent Application No. 17/975,457) that, if issued, is expected to expire in April 2041 and could meaningfully strengthen the long-term exclusivity profile of the essential tremor (ET) franchise.

In our view, the new patent should change how investors and, perhaps more importantly, strategic acquirers think about the durability of the ulixacaltamide franchise.

Moreover, the new patent could give Praxis added flexibility to use next-generation T-type calcium channel inhibitors for new indications rather than simply as lifecycle-management for ulixacaltamide in ET.

Prior investor discussions around ulixacaltamide IP have frequently centered on the expiration of the composition-of-matter patents in 2029 and questions around how effectively the polymorph estate alone could delay generic entry. The newly allowed claims focus instead on the titration regimen itself, including dose-escalation schedules that appear closely aligned with Praxis's Phase 3 ET program and likely eventual commercial labeling. We maintain our Buy rating and price target of $1,245 for Praxis.

[quantumup @Quantumup1]

Citizens reit'd $IDYA Mkt OP-$45/said: IDEAYA Biosciences' ASCO update on OptimUM-02 data provided additional color on the strength of results, including safety and a highly favorable serious adverse event profile compared to checkpoint inhibitors.
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Citizens added — We highlight that the ~7-month PFS value is >2.2 times the current SoC, significant progress in the management of metastatic uveal melanoma (MUM).
IDYA is moving toward regulatory approval via the RTOR process, expected to complete in 2H26 and set up a potential 2027 launch.

We maintain our Market Outperform rating and our $45 DCF-derived price target on IDYA.
We highlight the name, based on the muted stock reaction, and highlight the large opportunity in MUM across HLA status (we may get HLA*A2+ data at ESMO).

[quantumup @Quantumup1]

RBC Capital y'day⬆️the PT on $IDYA to $53 from $49 and reiterated at an Outperform rating.
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RBC Capital said in its note:
Following successful topline ph.II/III data in HLA- mUM this morning, we had a chance to catch up with management, and we remain positive on the meaningfulness of IDYA's data, their regulatory strategy for daro's NDA filing in 2H26, and commercial positioning into a '27 launch.

Doc feedback suggests significant enthusiasm for use, favorable read-throughs to other indications, and we think the ultimate OS readout is also likely to come in positive.

We see no red flags, and with today's ~6% upside not fully reflecting the strength of the data and modest estimates in the mUM market, we remain buyers.

[quantumup @Quantumup1]

Wedbush⬆️ $EWTX's PT to $52 (was $46), reiterated Outperform and said: EWTX reached a deal with Servier (not covered) to acquire all rights to sevasemten for $1.55B in upfront cash and an additional $1.1B in milestones.
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Wedbush added—Overall, we see this as a positive deal for EWTX.
While we were enthusiastic for sevasemten's potential, advancing both sevasemten and EDG-7500 offered limited synergies for EWTX.
The transaction brings in non-dilutive capital to further extend EWTX's runway and allows the company to laser focus on cardiac efforts going forward.

Most important near term for EWTX remains the CIRRUS readout in 2Q26 (see preview note) and demonstrating differentiation vs. competitors.

From our view, "differentiation" looks like comparable efficacy to what EWTX showed previously and uneventful safety (e.g. no LVEF<50%, AFib in single digits).

[quantumup @Quantumup1]

JPMorgan⬆️ $EWTX's PT to $45 from $34, plus added to the 'Analyst Focus List,' while reiterating at an Overweight rating, and said that remains +VE on shares in anticipation of a # of catalyst across the Co's pipeline.
$CYTK BMY
$CAPR
Here's what JPMorgan had to say:::For 2026, we continue to remain positive on EWTX in anticipation of a number of catalysts across the pipeline, particularly renewed interest in EDG-7500, a novel, or al cardiac sarcomere modulator and the broader cardiovascular/hypertrophic cardiomyopathy (HCM) space.
Recall, EDG-7500 does not bind to the myosin motor head and instead indirectly regulates myosin by targeting complex sarcomere protein-protein interactions that control contraction and relaxation processes.

JPMorgan also said—the full 12 week data in Q2 will be meaningful for the fundamental view on EDG-7500—it increasingly likes the setup for Edgewise in 2026.

[quantumup @Quantumup1]

Oppenheimer reiterated $IMRX Outperform-$30 after Immuneering reported 17.3 months mOS in PDAC at ASCO.
$RVMD ANL BBOT TNGX $ERAS
Oppenheimer said in its note:
Following RVMD's presentation of details from the RASolute-302 study during a plenary session at ASCO2026, with daraxonrasib doubling the median OS vs. chemo comparator in previously treated mPDAC patients, IMRX provided updates from the Ph2a study of atebimetinib + mGnP.

Promising signals suggest significant improvement in overall survival in 1L PDAC patients.

Overall, the latest update highlights an encouraging 17.3 months mOS across 55 PDAC patients, comparing favorably against historical benchmarks.

Our recent survey results on atebimetinib's profile (N = 34) suggest that most physicians surveyed view both the OS signal and tolerability profile as "promising" or "very promising".

We believe IMRX's ASCO update should further raise broad awareness of atebimetinib and accelerate Ph3 execution, as the study is now recruiting patients.

[quantumup @Quantumup1]

Mizuho (a/o 5/22) reiterated $IMRX Outperform; $12 and said: New Overall Survival Data for Atebimetinib in 1L PDAC Impress; ASCO Represents a Catalyst
$RVMD TNGX ERAS ANL $BBOT
Mizuho added—Concurrent with its ASCO abstract released yesterday, in a surprise, IMRX separately announced first-ever median overall survival/mOS data for lead asset atebimetinib/atebi in 1L metastatic pancreatic cancer/PanCa patients.

In a significant positive, IMRX reported an astounding 17.3 months mOS for atebi — easily beating current standard of care treatments.

This data, which comes as a teaser of what will be presented at next week's ASCO meeting, comes from all 55 1L metastatic PanCa patients treated with atebi plus modified gemcitabine + nab-paclitaxel/mGnP in the company's ongoing P2a study.

Full data, including OS, PFS, response, weight stability/cachexia and safety/tolerability will be presented at an oral session at ASCO on June 1, with IMRX also hosting a conference call on the data that morning.

With the impressive results and detailed ASCO data representing a near-term stock catalyst, we reiterate our OP rating on IMRX.

The bottom line: On first blush, we come away very impressed by the new mOS data for atebi. In broader context, yes, we acknowledge the new efficacy bars that have been set by RVMD's dara in PDAC, data which come from later stage studies; that said, at this point, we favor atebi's clear edge on tolerability, and recently reported ctDNA data on acquired alterations (LINK) support atebi's resistance-sparing profile for 2L RAS inhibitor use, which help to maintain atebi's potential 1L opp'y.
With this mind, seeing a stock catalyst with new ASCO data, and favorable risk/reward, we stay OP-rated on IMRX.

[quantumup @Quantumup1]

TD Cowen reiterated Top Pick $RVMD at a Buy rating and said: Standing Ovation At ASCO For Daraxonrasib's Transformative Efficacy
$IMRX BBOT ANL VSTM TNGX $ERAS
TD Cowen added—RASolute302 met its primary OS/PFS endpoints in the G12X subgroup (13.2m/7.3m; HR of 0.4/0.45).
As with previously disclosed all comer OS data, this PFS data also compares favorably to 1L chemo (~6m PFS). KOLs expect a broad label and nearly universal use of daraxonrasib in PDAC.

RVMD remains a top-pick into PDAC/CRC combo data in H2:26.

The results of the RASolute302 trial were presented today in the ASCO plenary. The additional disclosures, continue to support the prevailing view of daraxonrasib as the new SoC in 2L (and likely across lines) PDAC (topline note here). Perhaps most important to investors is mPFS, which was reported as 7.3mo/7.2mo in G12X/ITT population. This may have been slightly below some expectations for~8mo given the robust OS data and prior Ph1 experience. Regardless, KOLs report enthusiasm for using daraxonrasib in essentially all PDAC patients and an expectation that they will likely treat past progression in a meaningful portion of patients suggesting real world DORs may be more in-line with expectations than the mPFS data suggests.

[quantumup @Quantumup1]

Stifel reiterated $RVMD Buy; $215 and said: Tonight, during the ASCO Plenary Session, data from RVMD's Ph3 RASolute 302 was presented.
$IMRX $ERAS BBOT TNGX VSTM ANL
Stifel added—RVMD held a company webcast following the session.
While news of the overwhelming OS benefit daraxonrasib showed in the RASolute 302 ITT (13.2mo versus 6.7mo) was known by the investor community since April's topline, today's ASCO presentation marked a historic moment for the oncology field. The G12X/ITT mPFS of 7.3/7.2mo and ORR of 33%/32% exceeded investor bogey of 7mo mPFS and 30% ORR. AEs were consistent with prior updates, however, there was an increase in some AEs from Ph1 to Ph3 (e.g., gr >= 3 rash and stomatitis). The low AE-related discontinuation rate (1%) and median dose intensity (93.1%) imply daraxonrasib is reasonably well tolerated. An additional, impactful data point showed daraxonrasib significantly delayed time to deterioration in symptom of pain and global health status/quality of life compared with chemotherapy.

[quantumup @Quantumup1]

Piper Sandler reiterated $TENX Overweight; $20 and said: We hosted TENX mgmt on the road for productive investor meetings in Boston and NYC as we head into TNX-103's highly anticipated 12-week Ph3 LEVEL PH-HFpEF topline in 3Q26.
$TECX MRK AZN CYTK $MLYS TNYA
Piper Sandler added—Speaking with mgmt, we walk away with continued strong conviction for PoS, where the bogey is to establish any stat sig separation vs placebo on the 6MWD primary endpoints given nothing else approved for these patients.

We believe LEVEL is de-risked to drive substantial share-gains, where a positive readout should also further de-risk the 26-week Ph3 LEVEL-2 (and generate enthusiasm for enrollment, which is expected to finish by ~YE27 to enable potential 2H28 data).

Our recent KOL asserted clear enthusiasm for TNX-103, which we think underscores its lucrative opportunity to broadly capture this massive, untapped PH-HFpEF market (~2.1M US patients).

Altogether, we remain bullish on TENX and see compelling buying opportunity into this key, 3Q26 data.

[quantumup @Quantumup1]

Cantor🏁 $TENX and said it sees 2-3X move if LEVEL hits Stat Sig and cut in ½ or worse on failure.
$TECX MRK BAYRY - AZN LLY $CYTK
Cantor said::We are initiating coverage of Tenax Therapeutics (TENX) with an Overweight rating and a $35 price ahead the pivotal LEVEL Phase 3 readout of TNX-103 (oral levosimendan) in PH-HFpEF expected in 3Q26.

TENX is still relatively under the radar with a ~$1B fully diluted market cap, despite having a Phase 3 readout in PH-HFpEF coming in 3Q26.

If LEVEL hits and is stat sig (p<0.05), we think the stock could move 2-3x.

This is a high-risk, high-reward setup into the data. The setup cuts both ways: if LEVEL fails, the stock could get cut in half (or worse).

[quantumup @Quantumup1]

Stifel reiterated $RVMD Buy; $215 and said: Tonight, during the ASCO Plenary Session, data from RVMD's Ph3 RASolute 302 was presented.
$IMRX $ERAS BBOT TNGX VSTM ANL
Stifel added—RVMD held a company webcast following the session.
While news of the overwhelming OS benefit daraxonrasib showed in the RASolute 302 ITT (13.2mo versus 6.7mo) was known by the investor community since April's topline, today's ASCO presentation marked a historic moment for the oncology field. The G12X/ITT mPFS of 7.3/7.2mo and ORR of 33%/32% exceeded investor bogey of 7mo mPFS and 30% ORR. AEs were consistent with prior updates, however, there was an increase in some AEs from Ph1 to Ph3 (e.g., gr >= 3 rash and stomatitis). The low AE-related discontinuation rate (1%) and median dose intensity (93.1%) imply daraxonrasib is reasonably well tolerated. An additional, impactful data point showed daraxonrasib significantly delayed time to deterioration in symptom of pain and global health status/quality of life compared with chemotherapy.

[quantumup @Quantumup1]

Truist assumed coverage on $RVMD at Buy while⬆️PT to $179.
$IMRX BBOT ANL VSTM TNGX $ERAS
Truist said in its note"
We assume coverage with a Buy rating.
We view daraxon as the leading anchor across RAS-mutant cancers, starting with PDAC where it could capture >70% of the addressable market.

We highlight RVMD's first-in-class positioning, high efficacy barrier, and broad trial footprint, as supporting a durable moat and competitive offense.

We next look to ASCO data to potentially reinforce RVMD's momentum ahead of a likely near-term 2L PDAC approval and upside from a faster path to 1L.

Collectively, daraxzon's potential emergence as the next mega-blockbuster, alongside zoldon/eliron as credible follow-ons, form the core pillars of our refreshed thesis. PT to $179 from $116.

[quantumup @Quantumup1]

Truist assumed coverage on $AVBP at a Buy rating and a $45 PT (was $43) and said that it views AVBP's firmonertinib as well-positioned across the EGFR Ex20ins and PACC mutation NSCLC landscape.
$ORIC JNJ BDTX $CGEM
Truist added that its view is supported by an encouraging efficacy and tolerability profile that underpins their $1.1B peak revenue estimate.

[quantumup @Quantumup1]

BTIG (a/o Dec. 10),🏁 $AVBP at a Buy rating and a $45 PT.
$ORIC $BDTX
Cantor (a/o Dec 22),🏁 AVBP at an Overweight rating.

Oppenheimer (a/o Jan. 6), reiterated AVBP at an Outperform rating and a $44 PT

Here's what the Analysts had to say:

[quantumup @Quantumup1]

Cantor y'day⬆️ $SPRY's PT to $30 (was $12), reit'd OW
~Models ARS-2 for chronic spontaneous urticaria, w/ a '30 launch, w/ $575M in sales by '33 & pot'l to drive meaningful long-term upside if dev't/commercialization are successful.
$CLDX $SNY - REGN NVS
AQST TEVA
Cantor said: We hosted a webinar to provide a more in-depth review of our work on SPRY's clinical program for CSU flares following our report yesterday.

We believe this program represents a differentiated and under-appreciated opportunity that warrants greater investor attention.

Based on our analysis and checks, we have a high degree of conviction in its likelihood of success.

[quantumup @Quantumup1]

Northland Capital🏁 $SPRY Outperform; $25
$AQST $TEVA PFE NSRX
Northland Capital said in its initiation report:
ARS' neffy® is a needle-free intranasal epinephrine product that addresses well-documented barriers to injectable epinephrine use.

We expect neffy adoption to be driven by both new prescriptions and conversion from existing injectable users, achieving U.S. peak sales >$1B.

Further, we see improvement in access (commercial coverage, removal of prior authorization, PBM formulary inclusion, and Medicaid coverage) positioning neffy as the standard of care.