Daily Brief Health Care: Oura, Intuitive Surgical, Abivax, Bioventix, Ziyond Pharmaceutical, Hologic Inc, Cosmos Health , Alexion Pharmaceuticals and more

• Oura’s planned 50 million-share IPO at $40–$44 per share has been postponed, with the company citing market conditions.
• Despite a reported multiple-times-oversubscribed book, market conditions and an aggressive valuation step-up contributed to the offering being shelved.
• Oura’s 5 million paid members and growing subscription business remain central to its investment story, but the timing of a potential IPO remains uncertain.

• Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.
• Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.
• The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. 

• Short sellers made decisive moves this week ending September 26.
• Energy refining ETF CRAK saw SI hit 36.8% of float – up 38% in seven days.
• Mortgage REIT RWT saw the sharpest build, with SI surging 215% to 22.1% of float as borrow dried up.

• Abivax (ABVX FP) has achieved a pivotal clinical inflection with the successful completion of its global Phase 3 ABTECT program evaluating lead asset obefazimod (ABX464)—a first-in-class oral miR-124 enhancer—demonstrating superior placebo-adjusted clinical remission rates (~39-40% at Week 44) in moderately to severely active Ulcerative Colitis (UC), setting up a planned U.S. FDA New Drug Application (NDA) submission in late Q4 2026.
• The company substantially eliminated near-term financial overhang following landmark capital raises that secured over €767M in net proceeds in mid-2026, extending the pro-forma liquidity runway into Q4 2029 and fully funding pre-commercial U.S. launch infrastructure, European market access preparation, and the ongoing Phase 2b ENHANCE-CD trial in Crohn’s Disease.
• While single-asset clinical concentration and high competitive rivalry across the Inflammatory Bowel Disease (IBD) landscape remain key investment risks, obefazimod’s novel upstream mechanism of action, benign cardiovascular profile relative to JAK inhibitors, and long-term 7-year safety durability position Abivax as a high-conviction mid-cap biopharma asset with significant standalone commercial potential and M&A optionality.

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• Our 2021 thesis failed on its own terms: the shares fell about 61% and total return was roughly −42%, although revenue and profit grew modestly.
• The error was framing royalties as a perpetual bond: streams expire, troponin delivered a quarter of the cited estimate, and China eroded the edges.
• At about 11× earnings and a near-10% yield, the market now prices a run-off; neurology’s move into approved tests is the option.

• The core characteristics of Ziyond’s business model is “wide product coverage, online channelization, marketing-driven growth”.But the market size of specific segment where the core product is located is not large
• Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&D investment, and intensified market competition. Ziyond’s profitability has not yet stabilized.
• Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.

• Hologic, Inc. reported third quarter fiscal 2025 revenue of $1.024 billion, up 0.4% year-over-year and approximately $14 million above the high end of guidance.
• Non-GAAP EPS increased 1.9% to $1.08, exceeding guidance by $0.01.
• Non-GAAP operating margin remained above 30%, supported by expense discipline and tariff mitigation.

• Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets.
• Cosmos Health had two announcements that further demonstrates the improving growth trajectory for the company and why investors are missing an improving investment opportunity.

• Alexion Pharmaceuticals (ALXN) maintains an entrenched global leadership in complement-mediated rare diseases, anchored by its blockbuster anti-C5 monoclonal antibodies Soliris (eculizumab) and the next-generation, longer-acting Ultomiris (ravulizumab), which together capture dominant market share across Paroxysmal Nocturnal Hemoglobinuria (PNH), atypical Hemolytic Uremic Syndrome (aHUS), generalized Myasthenia Gravis (gMG), and Neuromyelitis Optica Spectrum Disorder (NMOSD).
• The company demonstrates an exceptional financial compounding profile, supported by a 5-year revenue CAGR of 19.53%, non-GAAP operating margins consistently exceeding 50%, and superior cash generation culminating in a 5-year Free Cash Flow CAGR of 49.42%, providing substantial financial flexibility to fund high-value pipeline expansion and strategic business development.
• Alexion’s long-term competitive moat is fortified by its rapid commercial lifecycle conversion from Soliris to Ultomiris (providing intellectual property protection through 2035+), geographical market expansion, and pipeline diversification across proximal complement targets (Factor D inhibitors) and metabolic enzyme replacement therapies (Strensiq, Kanuma).

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