External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.</li><li>The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.</li><li>This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.The study failed to meet its primary endpoint, with the treatment arm underperforming standard of care.This was a catastrophic negative surprise to us - the Phase II data in a relatively large patient cohort was statistically significant and compelling from a clinical relevance perspective. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Blindsided: COAST Phase III Flop

<ul><li><span data-sheets-root="1">We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration).</span></li><li><span data-sheets-root="1"> OPT-302 is a biologic inhibitor designed to trap VEGF-C/D and is used in combination with standard of care anti-VEGF-A therapies for wet AMD. </span></li><li><span data-sheets-root="1">Overnight, Regeneron Pharmaceuticals (REGN-NASDAQ: US$716.90 | BUY, TP US$1152.00 | John Newman, Canaccord Genuity LLC, US), one of the market leaders in the anti-VEGF-A space released its 4Q result. </span></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration). OPT-302 is a biologic inhibitor designed to trap VEGF-C/D and is used in combination with standard of care anti-VEGF-A therapies for wet AMD. Overnight, Regeneron Pharmaceuticals (REGN-NASDAQ: US$716.90 | BUY, TP US$1152.00 | John Newman, Canaccord Genuity LLC, US), one of the market leaders in the anti-VEGF-A space released its 4Q result. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Offshore Result: Implications from REGN 4Q24 Update

<div><ul><li>We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).</li><li>There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.</li><li>Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. </li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We are initiating coverage of Opthea Limited (OPT-ASX) with a BUY rating and a price target of $1.25. OPT is a Phase III biopharmaceutical company focused on developing drugs for two opthalmic disorders, wet AMD (age related macular degeneration) and DME (diabetic macular oedema).There are gaps in the current standard of care (SoC) that anti-VEGF therapies (VEGF-A inhibitors) can provide with regard to the extent of the VEGF pathway inhibition and efficacy.Lead asset, sozinibercept (OPT-302), is a biologic inhibitor designed to trap VEGF-C/D. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX200 (AS51 INDEX)</a> and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.</li>
<li>Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.</li>
<li>The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.</li>
</ul>


There is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes for the S&amp;P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.
Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.


S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

<ul>
<li>S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.</li>
<li>The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.</li>
<li>The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Index changes.</li>
</ul>


S&amp;P DJI have proposed methodology changes to the S&amp;P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Index changes.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

Australia

Opthea Limited is a biologics drug developer for ophthalmic diseases. The Company develops therapies for diabetic macular edema, corneal neovascularization and transplantation, and dry eye disease. Opthea serves patients and healthcare providers in Australia.

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Opthea Ltd (OPT AU)

Opthea Limited - Blindsided: COAST Phase III Flop

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.

Canaccord Genuity

Opthea Limited - Offshore Result: Implications from REGN 4Q24 Update

We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration).

Canaccord Genuity

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

The product is unique and differentiated and on a de-risked basis we see the opportunity for peak sales of US$1b and upside to >$3, pending...

Canaccord Genuity

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

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Opthea Limited - Blindsided: COAST Phase III Flop

OPT released Phase III data from its COAST study in wet AMD, assessing OPT-302 in combination with Eylea (standard of care) vs Eylea monotherapy.

Canaccord Genuity

Opthea Limited - Offshore Result: Implications from REGN 4Q24 Update

We recently initiated on Opthea. The Phase III biopharma is focused on developing OPT-302 for wet-AMD (age-related macular degeneration).

Canaccord Genuity

Opthea Limited - Eye on the Prize: Zooming in on OPT-302

The product is unique and differentiated and on a de-risked basis we see the opportunity for peak sales of US$1b and upside to >$3, pending...

Canaccord Genuity

S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

The review period for the September rebalance is done and the proposals in the market consultation will be implemented. That means a lot of change...

Brian Freitas

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated