Healthcare Analyst

Wilfred Yuen

Thematic (Sector/Industry)

<ul>
<li>
LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data</li>
<li>
Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2</li>
<li>More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...</li>
</ul>



LEGN 2Q26 results on track, with continued robust QoQ growth of Carvykti and improved operating margin (also thanks to milestone income); catalysts in 2H: in vivo CAR-T data

Jacobio announced positive profit alert for 1H26, thanks to licensing income from AZ deal on pan-KRAS and income generated from Allist deal on KRAS G12C and SHP2
More updates from BeOne, Innovent, Laekna, Insilico Medicine, Allist, Impact Therapeutics...


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Biopharma was heavily pressured by the appointment of Dr. Vinay Prasad as the FDA’s Center for Biologics Evaluation and Research (CBER) head and concerns over Most-Favored-Nation (MFN) drug pricing.</li><li>The group is again wary of the FDA with Prasad overseeing the regulation of biologics, including vaccines, cell and gene therapies, and blood supply.</li><li>While not anti-vaccine, Prasad’s ideology is closer to RFK Jr. than former CBER head Peter Marks.</li></ul>

Biopharma was heavily pressured by the appointment of Dr. Vinay Prasad as the FDA’s Center for Biologics Evaluation and Research (CBER) head and concerns over Most-Favored-Nation (MFN) drug pricing.The group is again wary of the FDA with Prasad overseeing the regulation of biologics, including vaccines, cell and gene therapies, and blood supply.While not anti-vaccine, Prasad’s ideology is closer to RFK Jr. than former CBER head Peter Marks.

Biopharma Week in Review - New CBER Head and MFN Headlines Renew Prior Fears

<ul><li>Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.</li><li>M&amp;A activity also helped biotech, with NVS acquiring RLGS at a 108% premium and MKKGY buying SWTX after months of speculation.</li><li>Sentiment remained cautious among industry leaders, with another potential sign of regulatory disruption as the FDA missed Stealth’s (private) PDUFA date.</li></ul>

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.M&amp;A activity also helped biotech, with NVS acquiring RLGS at a 108% premium and MKKGY buying SWTX after months of speculation.Sentiment remained cautious among industry leaders, with another potential sign of regulatory disruption as the FDA missed Stealth’s (private) PDUFA date.

Biopharma Week in Review - Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Roche Holding Ltd. (RHHBY) reported initial Phase 1 data for oral GLP-1R agonist CT-996 in obesity patients, showing a 6.1% placebo-adjusted weight loss (p&lt;0.001) at four weeks.</li><li>While the weight loss compares favorably with approved injectables at four weeks (1-3% adjusted), the lack of details in the CT996 data, like baseline body weight, limits any cross-trial comparison. </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Roche Holding Ltd. (RHHBY) reported initial Phase 1 data for oral GLP-1R agonist CT-996 in obesity patients, showing a 6.1% placebo-adjusted weight loss (p&lt;0.001) at four weeks.While the weight loss compares favorably with approved injectables at four weeks (1-3% adjusted), the lack of details in the CT996 data, like baseline body weight, limits any cross-trial comparison. 

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Revolution Medicines, an American oncology-focused biotechnology company, has made considerable progress in developing therapies for patients with RAS-addicted cancers.</li>
<li>We launched coverage of the stock In November 2023 and added Revolution Medicines to our high conviction list of ideas.</li>
<li>RevMed shares has massively outperformed in 2024 with shares up ~92% YTD vs. a ~12% gain on the XBI. I established a $55 PT and see the valuation as full. </li>
</ul>


Revolution Medicines, an American oncology-focused biotechnology company, has made considerable progress in developing therapies for patients with RAS-addicted cancers.
We launched coverage of the stock In November 2023 and added Revolution Medicines to our high conviction list of ideas.
RevMed shares has massively outperformed in 2024 with shares up ~92% YTD vs. a ~12% gain on the XBI. I established a $55 PT and see the valuation as full. 


2023 High Conviction Update: Revolution Medicines, Time To Take Profits?

United States

Revolution Medicines, Inc. operates as an oncology company. The Company discovers novel targeted therapies to inhibit elusive frontier targets within notorious growth and survival pathways. Revolution Medicines serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Revolution Medicines (RVMD US)

China Healthcare Weekly Wrap (10-14 Aug)

1) LEGN 2Q results: Cavykti QoQ growth; in vivo CAR-T updates in 2H; 2) Jacobio profit alert on license income: AZ (pan-KRAS) and Allist (KRAS G12C...

Wilfred Yuen

Biopharma Week in Review - New CBER Head and MFN Headlines Renew Prior Fears

Biopharma was heavily pressured by the appointment of Dr. Vinay Prasad as the FDA’s Center for Biologics Evaluation and Research (CBER) head and...

Water Tower Research

Biopharma Week in Review - Macro and M&A Boost Biotech; NVO Moves to Slow LLY Obesity Lead

Biotech fared better than pharma, as macro trends mostly favored growth stocks and LLY weakness pressured the large cap group.

Water Tower Research

Biopharma Week in Review - Jul 22, 2024

Roche Holding Ltd. (RHHBY) reported initial Phase 1 data for oral GLP-1R agonist CT-996 in obesity patients, showing a 6.1% placebo-adjusted weight...

Water Tower Research

2023 High Conviction Update: Revolution Medicines, Time To Take Profits?

I remove Revolution Medicines stock from my high conviction list of ideas due to achieving a $55.00 price target and full valuation relative to peers.

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)