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Citizens reiterated $IDYA Market Outperform-$42 after the Co's ESMO presentation. $IMCR $PFE NVS REPL MRK ESAIY AMGN AZN AABBV DSNKY ZLAB Citizens said in its note: IDEAYA Biosciences presented three updates across the emerging darovasertib franchise: novel data in HLA-A*02 positive mUM, from the neoadjuvant setting in OptimUM-09, and sub-group analyses from the pivotal OptimUM-02 study in HLA-A*02 negative mUM. While darovasertib generated mOS in the HLA-A*02-positive subgroup that was on par with the HLA-A2-negative subgroup in treatment-naïve patients, darovasertib also proved that there is some level of efficacy in 2L+ patients and could support its use post-tebentafusp. Doctor feedback was positive.

H.C. Wainwright reiterated $SPTX Buy-$50 after Seaport announced that the first patient has been dosed in a Ph2a trial in Australia evaluating GlyphAgo, in adults w/ generalized anxiety disorder (GAD) and sleep disturbance. $DFTX $HELP LLY ABBV H.C. Wainwright said -- Glyphago is a novel, "Glyphed" oral prodrug of agomelatine, a clinically validated MT1/MT2 melatonin receptor agonist and serotonin 2C (5-HT2C) receptor antagonist. Agomelatine has demonstrated statistically significant separation from placebo in four third-party placebo-controlled studies in GAD. In the six-week Phase 2a clinical trial, patients with GAD and co-morbid sleep disturbance are randomized in a double-blind manner to one of two dose levels of GlyphAgo, 16mg/day (containing ~5mg agomelatine) or 32mg/day (containing ~10mg agomelatine). The trial is designed to establish proof-of-pharmacology by evaluating the effects of GlyphAgo on sleep, assessed by patient-reported sleep outcomes, including the Insomnia Severity Index (ISI), and EEG-based measures of sleep architecture. Additional endpoints include anxiety severity as measured by the Hamilton Anxiety Scale (HAM-A), overall illness severity (Clinical Global Impression-Severity (CGI-S)) and safety, tolerability, and pharmacokinetics. Seaport expects to report top-line data from this trial in early 2028. The two Glyphago dose levels selected for the Phase 2a trial are supported by Phase 1 data showing that GlyphAgo achieves clinically relevant agomelatine exposures while delivering substantially less drug than the 25mg dose of agomelatine that is approved for the treatment of GAD in Australia and major depressive disorder in Australia and the European Union. We reiterate our Buy rating and 12-month price target of $50.

H.C. Wainwright reiterated $SNDX Buy; PT $38 $KURA $ABBV - RHHBY OTSKY BMY INCY AVLN SNY H.C. Wainwright said in its note: Ahead of 3Q earnings, we completed a deeper diligence effort around NPM1m AML biology and market dynamics that provides a granular understanding of the unique headwinds and underappreciated opportunities within R/R NPM1m AML. Our work centered on revisiting commercial assumptions for the NPM1m AML market as compared to KMT2Ar. We spoke to leading hematologist-oncologists to gain a quick perspective on how targeted therapies like Revuforj are being integrated into existing treatment algorithms, and how those protocols diverge between different genetic subsets of AML in both the frontline and R/R setting. Overall, we came away with a nuanced view of the NPM1m market where frequent actionable co-mutations create headwinds from established targeted therapies in treatment sequencing, rather than from menin inhibitors.

Stifel🏁 $LYEL Buy; PT $36 $GILD ACLX IOVA $LEGN NVS ALLO AUTL Stifel said in its initiation report: We believe Rondecabtagene autoleucel (Ronde-cel) is a best-in-class, dual-targeting CD19/CD20 autologous CAR T-cell therapy yielding improved clinical outcomes vs. standard-of-care CD19-targeting CAR T-cell therapy in relapsed/refractory DLBCL. We believe an ongoing registrational development effort including pivotal trials in both 3L+ (PINACLE) and 2L (PINACLE-H2H) DLBCL will establish Ronde-cel-mediated clinical superiority and support regulatory approvals (2H28 and 2H30, respectively) in an efficacy-driven market where competitively differentiated, later-to-market entrants have historically captured meaningful market share gains vs. incumbent products. We anticipate emerging competition from ex vivo (KITE-753) and in vivo (LB2501) CD19/CD20 CAR T-cell candidates to remain an investor focal point — but believe our ~$1.9B global peak sales estimate appropriately accommodates additional competitive entrants. We believe LYL273 — an autologous GCC-targeting CAR T-cell therapy engineered to overcome the biological limitations of CAR T-cell efficacy in solid tumors — remains significantly underappreciated and could emerge as an important longer-term valuation lever with incremental clinical de-risking.

Stifel reiterated $LXEO Buy-$17 after recently hosting the Co's mgmt (CEO, CMO and CFO) team on a NDR and at its cardiometabolic day. $BIIB $LRMR PTCT SLDB RCKT TYNA Stifel said -- We're reiterating our Buy rating, and key takeaways include: (1) on the LX2006 pivotal study in FA-CM: management is confident they can meet a 15% effect-size on LVMI based on the ph 1/2 data and their thoughtful patient selection strategy, (2) a meaningful number of patients have already enrolled in the concurrent NH study that are eligible to rollover to the pivotal, making them confident in timelines (2H27 data), (3) the recent Mantle deal bolsters their FA portfolio with programs that complement LX2006 in FA-CM, and (4) notably, management is confident that the efficacy signal for LX2020 PKP2-ACM should deepen over time--with a robust potential effect on NSVTs--and they believe the upcoming 12mos readout (YE26) is sufficient to get a good read on the drug.

Canaccord⬆️ $ABBV-$273, reit Buy/said: ABBV's acquisition of $APGE for ~$10.1B net makes very good strategic sense adding a potential mega-blockbuster Immunology asset for AD/asthma that should be a major growth driver in the next decade. KYMR CRVS ORKA REGN - SNY $LLY Canaccord Genuity added—APGE (CG covered by Edward Nash) has been developing its key product Zumilokibart for atopic dermatitis (AD) as the lead indication, and has shown very impressive Ph2 data outperforming other key IL-13 competitors in the space (LLY's Ebglyss and REGN/SNY's Dupixent) while also offering more convenient Q12W-Q24W dosing. The AD Ph3 will start in 2H26 (ABBV confident it can replicate Ph2 results) with data expected in 2028 and a potential launch in early-2030. ABBV believes Zumi has "mega-blockbuster" potential (>$10B) as a possible best-in-class drug in this very large and still under-penetrated market. ABBV already has a dominant Immunology franchise with Skyrizi and Rinvoq where it has executed extremely well, so we're confident ABBV will also execute very well with Zumi (this is in its wheelhouse). This deal should really help ABBV continue its strong growth into the next decade, which has been one of the areas that investors have questioned not giving the company much credit for its pipeline. Zumi can also serve as a pipeline in a product (similar to Skyrizi and Rinvoq) expanding into several other high-value indications, including into asthma as a combination with a TSLP (APG273) enabling ABBV to venture more into respiratory (has been a strategic initiative). Part of our positive thesis on ABBV has been dependent on strong execution with BD to further build out the pipeline in a meaningful way, and the APGE deal appears to have hit the mark. Reiterate our BUY, we updated our model to account for the deal, and raised our price target to $273 from $265.

Goldman Sachs reit'd $INSM Buy-$194 and revised its '27 forecast to $2.7B vs $2.4B prior—supported by geographic expansion in Japan. [MRK CSLLY GSK AZN UTHR TRVI LQDA ARMP] Goldman Sachs said in its note: Looking forward, we see further upside potential from the expansion of Brinsupri into comorbid COPD/asthma patients, with the magnitude of the incremental opportunity expected to gain clarity in mid-2027 as claims/COPD foundation data emerge (details within). With robust commercial execution -- including for Arikayce which is in its 9th year of launch and set for a label expansion to the larger 1L NTM setting (Jan 28 PDUFA, no AdCom expected) -- alongside continued progress on the pipeline via the Ph3 PALM program (poised to unlock an underappreciated $6 billion+ in peak sales for TPIP across PAH, PH-ILD, IPF, and PPF) and early gene therapy optionality, we see INSM as an attractive growth story positioned for a re-rating as the business transitions to cash flow positivity in 2027.

Stifel⬇️ $INSM to $195 from $200 and reiterated Buy [VRNA - MRK CSLLY ARMP AZN GSK UTHR LQDA TRVI] Stifel said in its note: Another consecutive quarter of investor concerns re: potentially-softening Brinsupri demand was, once again, met with a healthy beat ($400M vs. $379M Consensus) and an encouraging refinement of FY26 sales guidance which, at the (conservative) high-end, implies a near-$2B run-rate YE26 exit velocity. We anticipate recent Brinsupri commercialization in Japan (with favorable pricing in-hand) should provide an additional 4Q26/FY27E+ tailwind – particularly given the documented sensitivity of Asian patients to DPP1 inhibition. Arikayce 1L label-expansion in the U.S. (1Q27) and Japan (1H27) should also emerge as a mostly-underappreciated contributor to FY27 top-line growth. We're encouraged by the "six-months-ahead-of-schedule" cadence defining PALM-ILD patient enrollment and we continue to believe TPIP peak sales collectively generated across four potential indications could outpace Brinsupri. We believe the emergence of early-stage pipeline catalysts throughout FY27 – including preliminary P1 data disclosures for both gene therapy assets (DMD/ALS) – should improve sentiment. Updated model mostly reflects modestly-higher 4Q26/FY27E+ OpEx estimates.

JPMorgan🏁 $ABCL Overweight-$17 and said -- We conducted a physician pulse check in September to better understand the perception of ABCL's lead asset, ABCL635, in menopausal hot flashes (VMS). $ALPMY $BAYRY LLY VERU VTGN JPMorgan added—We recruited 13 physicians who together treat a total of ~4.1K menopausal VMS patients, and asked for their qualitative and quantitative feedback on the early Week 4 data that ABCL reported in early August. The perception of the early VMS results was highly favorable, signaling broad appreciation of ABCL635's differentiation (e.g., infrequent subQ injection, strong VMS reduction at Week 4, and better safety than Veozah and Lynkuet). Qualitatively, the surveyed respondents see continued growth in the target sub-segments for the neurokinin-targeted class over the next 5 years. More importantly, ~60% of our surveyed respondents expect 25%+ of their entire VMS population to be on ABCL635 based on the latest profile, while on average, all respondents expect ~38% of their total VMS population to be on ABCL635. All in all, our pulse check showcased strong receptivity for ABCL635 based on the early Week 4 data cut for VMS. While our survey has a small sample size and asks for feedback based on Week 4 data cut in an ongoing trial, the feedback, particularly their commentary was well received and supportive of ABCL's pursuit of VMS. The feedback bodes well overall for ABCL, as we look for additional data disclosure in the very near term.

H.C. Wainwright reiterated $IMRX Buy-$14 and said -- The first approval of a RAS-directed therapy in metastatic pancreatic cancer is an important milestone for the field, but we do not view it as weakening the atebimetinib thesis. $RVMD $ERAS TNGX BBOT ANL VSTM H.C. Wainwright added—If anything, we think the initial investor reaction risks are conflating two very different clinical opportunities. The newly approved therapy is positioned in second-line metastatic disease, while atebimetinib is already enrolling a global randomized Phase 3 study in previously untreated patients, where the unmet need remains considerably larger. More importantly, atebimetinib is not being developed as another direct RAS inhibitor competing for the same molecular niche. Our thesis has always been that MEK sits at the convergence point below RAS and RAF, giving atebimetinib the potential to suppress MAPK signaling across G12D, G12V, G12R, other RAS variants and potentially RAS wild-type tumors without requiring patients to carry a particular allele. That distinction is particularly important in PDAC, where molecular heterogeneity makes a broadly applicable first-line therapy inherently valuable. We reiterate our Buy and our 12-month price target of $14.

OPY🏁 $ZURA OP/$17 W/ a focus on Ph2-ready asset tibulizumab, sees Co having 2 emerging clinical pipeline programs4 HS / SSc /is intrigued by '106's pot'l to uniquely address HS, where the mkt oppy for next generation IL-17 Tx's is continuing to be better appreciated by the St.

Berenberg⬆️ $LLY Buy-$1,400 from Hold-$1,220 and said -- Our 2026 RORI analysis published today (RORI 2026) confirms Eli Lilly's strong track record of delivering best-in class returns on investment. $NVO $VKTX AMGN JNJ MRK PFE ABBV BMY Berenberg added—We upgrade to Buy and raise our price target to USD1,400 (c25% upside). Investor expectations for Lilly to maintain its lead in the fast-growing obesity market are undoubtedly high. We are confident in this and see upside to FY 2026 guidance. Meanwhile, the external pipeline investment that obesity success is fuelling remains underestimated, in our view. Year to date, Lilly has committed cUSD60bn on more than 25 business development deals, with plenty of capacity to spend more. Many of the resulting new pipeline entrants have multibillion-dollar sales potential and offer important diversification optionality. Zepbound/Mounjaro are now established market leading brands in obesity and diabetes. Although off to a slow start, we expect the imminent diabetes approval for Foundayo (oral GLP-1) to unlock significant demand. The Medicare Bridge programme is fuelling a steep uptick in Lilly's obesity drug demand. We see upside to FY 2026 guidance.

UBS⬆️the PT on $AMZN to $275 was $264 and reiterated at a Buy rating, says "we preview Amazon's 4Q24 results, which it will report on Feb 6. We maintain our Buy rating and raise our price target to $275 from $264. We make significant updates to our model again - outside adjusting for FX, which serves as a headwind to revenue, we modestly revise down our CapEx for Amazon's e-comm franchise. Concurrent with this report, we recalibrated in our model $AMZN's current footprint of global fulfillment, sortation, and same-day delivery infrastructure and hence our build expectations for 2025 and beyond, to find that $AMZN may be entering a period of lower capital intensity for its e-commerce franchise. On our ~10% FXN global GMV growth expectation for 2025/2026, it may not need to add fulfillment center (FC) capacity until 2026. And while we expect it will likely continue to add same day delivery capacity (distribution stations) this year, we note that the cost of these are a fraction of the larger FCs. Hence while we continue to budget ~$30B in CapEx for its e-comm business for 2025e, we may see downward revisions through the year to drive potential FCF upside."

H.C. Wainwright reitd $INSM Buy-$220/said--We attended CHEST 2026 in Phoenix, AZ, where Insmed's ASPEN analysis and first 24-month TPIP data in PH-ILD, together with our KOL conversations, sent a clear message: VRNA - $MRK $CSLLY ARMP AZN GSK UTHR LQDA H.C. Wainwright added— Brinsupri demand is durable, and physician interest in once-daily TPIP is building ahead of Phase 3. Overall, we view the meeting as positive for both the Brinsupri launch and the TPIP program, and we organize our key takeaways by pipeline programs: (1) Brinsupri persistence looks strong. Physicians reported -6-month persistence ranging from — the majority' to 100% and a new ASPEN analysis linking sputum color to NSP activity and exacerbations could, in our view, help identify and document the exacerbations payers require. Insmed also launched Brinsupri 25mg in Japan on October 19, adding a third major market; (2) In PH-ILD, we view the first 24-month OLE data as the most incremental TPIP update at CHEST, de-risking long-term tolerability in a fragile population ahead of PALM-ILD. Stable FVC is encouraging for the anti-fibrotic story. Insmed's Adelphi physician survey also suggests that PH-ILD remains under-diagnosed and under-treated, which we believe leaves meaningful room for a convenient once-daily option; (3) In IPF and PPF, we view TETON as a positive read-across for TPIP. The Tyvaso TETON results discussed at Insmed's symposium showed that inhaled treprostinil slowed FVC decline in IPF, which supports the rationale behind TPIP's fibrosis program. KOLs we spoke with described four-times-daily dosing as burdensome, noting that patients are not always consistent with frequently dosed medications, and said a once-daily option could broaden use further. We believe this positions TPIP to expand the treated population in fibrotic lung disease, rather than simply compete for the same patients. Taken together, we believe CHEST added to our confidence in Brinsupri's real-world durability and global reach, while the first 24-month PH-ILD data and the supportive read-across in IPF and PPF add new support for TPIP outside PAH; we are therefore maintaining our current model assumptions and reiterating our Buy rating and $220 price target per share.

Citi⬆️ $KYMR's PT to $150,⬆️2032 KT-621 penetration ests to 6% and risk-adj'd peak sales to $2.5B while Adding to its Upside 90-day Catalyst Watch; maintained Buy ahead of Phase 2b BROADEN2 readout in AD (YE26e). $REGN - $SNY APGE - ABBV CRVS NKTR GSk AUPH NVS RHHBY Citi said -- Ahead of Kymera's KT-621 Phase 2b BROADEN2 readout in AD (YE26e), we see an attractive setup supported by encouraging early efficacy and a potentially differentiated oral profile. Indeed, Phase 1b study delivered 63% mean EASI improvement at Day 29 and historical AD trials suggest efficacy can continue improving through Week 16. We believe ~45-50% placebo-adj mean EASI improvement, 30-35% points of placebo-adj EASI-75, early itch relief, clear dose selection, and no routine laboratory monitoring would represent a competitive outcome. Our KOL was bullish, calling KT-621 commercially compelling and estimating 20-25% potential market share if efficacy approaches Dupixent and safety remains clean. Accordingly, we raise our 2032e penetration assumption to 6% from 3%, driving 2032e KT-621 risk-adjusted peak sales to $2.5B from $2.0B. Conversely, weak categorical efficacy, delayed itch relief, or monitoring would undermine the oral thesis. Maintain Buy/High Risk, TP to $150 from $135.