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.
Jefferies🏁 $ABCL Buy-$21 and said--AbCellera is turning a proven antibody discovery engine into a promising clinical pipeline led by ABCL635, a monthly subq NK3R antibody for VMS.
[ALPMY BAYRY LLY VERU VTGN]
Ph2 4W data looks unprecedented/ best-in-class on efficacy, safety, with convenience, in a market where demand is proven with significant unmet need.
12W/ OLE data (early '27) and a Ph3 start could further de-risk ~$5B+ opp'y, with un-capped pipeline/ partnership value as call options.
We initiate at Buy with a $21 PT.
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--Yesterday, Immuneering provided an update on atebimetinib that puts the focus on survival follow-up and execution of its pivotal pancreatic cancer program.
[ $RVMD TNGX $ERAS ]
Management is extending follow-up in the Phase 2 atebimetinib plus modified gemcitabine/nab-paclitaxel (mGnP) cohort because patients are living longer than projected, with updated results from the 55-patient cohort now expected in 1H27.
While investors will have to wait for the underlying data, we view the stated reason for additional follow-up as encouraging against the previously reported 17.3-month median OS.
Meanwhile, enrollment in Phase 3 MAPKeeper 301 is ahead of schedule, allowing the company to expand the trial from approximately 510 to 570 patients and potentially bring forward the readout.
Mid-2028 remains the formal topline guidance.
Taken together, the update supports continued interest in atebimetinib's survival potential while showing progress toward the randomized study needed to establish its benefit. Hence, we reiterate our Buy rating and $14 PT.
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.
Guggenheim reit'd New Top Pick $ZURA at Buy-$20 and said:
[ $NVS UCBJY $MLTX ]
The HS market is presently led by a robust cohort of IL-17 inhibitors, with Cosentyx & Bimzelx establishing the commercial beachhead, along with potential adoption of MLTX's sonelokimab. Yet despite this therapeutic momentum, the class appears to be converging on a persistent efficacy ceiling of roughly Δ17.5% placebo-adjusted HiSCR-75, a plateau that argues more for mechanistically differentiated approaches (i.e., other MoAs, combos/multi-specifics).
We continue to view Tibulizumab's dual IL-17A × BAFF targeting as a genuinely interesting therapeutic positioning, engaging both T- & B-cell-mediated inflammation.
Our scenario analysis frames an approximately ~$14B HS market opportunity by 2035E, underpinned by rising diagnosed prevalence, a substantial runway in biologics penetration (currently only ~3%), competitive drug pricing dynamics in HS, and an addressable population that remains largely bio-naïve.
In our view, this combination collectively leaves meaningful headroom for agents that reach beyond single-target IL-17 inhibition.
We currently estimate ~$1.6B in peak sales for Tibulizumab in HS, implying roughly ~10% total HS market share by 2033E.
Reiterate BUY, PT remains $20. ZURA is our new Top Pick.
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.
Wells Fargo⬆️ $LLY to $1,500 from $1,330 and reiterated Overweight—Takes the high-end of 2026 revenue guidance (Guidance= $91-92B; WF est 92B).
[ $VKTX $NVO [JNJ ABBV MRK]]
Truist⬆️LLY to $1,612, reit'd Buy and said--We remain Buyers of LLY following strong 3Q26 growth resulting in financial guidance raise (see first look here).
In obesity, we believe that Lilly is still in early stages with only ~10% market penetration in obesity.
We believe that expansion of its existing incretin franchise plus the success of pipeline products (retatrutide, EloraTZP) will continue to cement LLY dominance in "diabesity" for years to come.
In addition, Lilly continues key developments in neuroscience, immunology and oncology that we believe will provide near- and longer-term sources of growth.
Reiterate Buy; increase PT to $1,612 from $1,376, prior.
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.
Canaccord Genuity reit'd $AMZN Buy-$330 and said--Amazon reported strong Q3 results, with revenue in line with consensus, Ol well above guidance at a record margin, and AWS accelerating for a sixth consecutive quarter to its fastest pace in nearly five years.
[ $GOOGL]
With core compute and storage growing at their fastest rates in several years alongside triple-digit Al growth, management introduced a new projection of more than 40% AWS growth in both 2027 and 2028.
That framework rests on capacity blocks reserved years in advance and a backlog up triple digits y/y to more than 3x AWS' run rate.
In commerce, trends were steady after adjusting for the Prime Day shift, with units growing mid-teens year to date, while advertising growth slowed on the same timing shift and tougher comps.
The cost of the AWS build is increasing evident in FCF, which was sharply more negative as Q3 CapEx reached a new quarterly high, the same profile that has pressured other prints this earnings season, including Alphabet's yesterday.
Shares are under pressure after hours, with AWS growth well short of buy-side expectations and the Q4 outlook modestly below consensus on both revenue and Ol, with the latter impacted by Amazon Leo capitalization moving into 1Q27. We think the market is taking an overly bearish view against capital intensity this earnings season, and Amazon's spend is supported by demand that is already contracted, with most Al capacity on at least five-year terms. We believe the market reaction doesn't fully reflect accelerating AWS growth and improving visibility into future demand. We raise our estimates and maintain our BUY rating and $330 price target.
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."
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.
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.
Oppenheimer⬆️ $KYMR's PT to $140, reiterated Outperform following early encouraging KT-579 results and sees pot'l 40%⬆️for model on +VE BROADEN2/KT-621 results.
[GSK AUPH AZN RHHBY BIIB NVS BMY ABBV [REGN - SNY CRVS APGE/ABBV NKTR CLDX]]
Oppenheimer said in its note: On Thursday KYMR reported convincing results from the KT-579 HV study, along with 3Q financial results.
KT-579 demonstrated potent degradation of IRF-5 with doses levels 2-6 all exhibiting ≥90% degradation of the target.
Management expects to go into a quiet period in the coming days with the evaluation of the BROADEN2 dataset to begin shortly. Top-line results for this key dataset in AD are on track for release before year-end.
We increase our PT from $125 to $140 following these encouraging early results for '579, and see a potential further ~40% upside to our model on positive BROADEN2 results.
The company ended 3Q with cash of $1.6B anticipated to support operations into 2029.
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.
Mizuho just cut the PT's on about 19 Bitech stocks, but surprisingly to me there was only 1 that they thoroughly hatcheted by about a quarter: INSM's PT to $154 from $195.
All the rest: AMLX, AXSM, BLTE, CRBP, CRVS, HRMY, IDYA, IMTX, IMMX, IMRX, IMCR, LONA, NMRA, PVLA, RGNX, TARS, VSTM, and ZNTL were all basically minor trims.
Truist reiterated $MBX Buy-$88 and said--We see favorable risk/reward heading into MBX-4291's (GLP-1/GIP; obesity) 4Q26 readout.
[ $VKTX [[ NVO LLY KLRA GPCR ]]
Truist added--We believe MBX-4291's potential for differentiation comes from -
1) Once-monthly dosing;
2) Low peak-to-trough drug exposure that aims to improve Gl tolerability;
3) Better adherence relative to weekly injections.
In our view, if '4291 achieves our base case of 7-9% weight loss, 0-15% GI-AEs and PK that confirms monthly dosing, we could see shares up +15-25%.
While we acknowledge the strength of competitor data (i.e. VK2735, Bero), we believe that a full-package asset that captures a segment of the >$100B obesity market would be value-creating and also attractive to potential large cap buyers.
Citizens reitd $MBX Mkt OP-$86/said--We view MBX 4291 as one of the more differentiated injectable obesity candidates in development, with the preliminary Phase 1 data looking encouraging and a more robust assessment coming this quarter.
$NVO VKTX $LLY KLRA GPCR
Citizens added— We have already seen data from the first eight patients showing encouraging weight loss, minimal Gl adverse events, and a PK profile designed for once-monthly dosing. The next key catalyst for MBX is the upcoming unblinded Phase 1 Cohort C data, where management is targeting 12-week weight loss in the range of leading incretin therapies (~6-8% pbo-adj.) with a differentiated tolerability profile.
Beyond MBX 4291, MBX plans to advance two additional obesity candidates into the clinic in 2027, making the upcoming dataset an important validation step of the PEP platform.
We assign MBX 4291 a 20% POS and conservatively model > $2B in peak sales, reflecting a massive obesity market that remains largely untapped, with only ~5% of eligible U.S. patients treated despite Wegovy and Zepbound already generating ~$25B in combined 2025 sales.
Wells Fargo⬆️ $MSFT to $750 from $725, reiterated Overweight and Provided its Reads, plus Valuations & Estimates:
Wells Fargo said:
1) Multi-model Al: Foundry revenue >3x y/y, OSS model revenue +10x and multi-model agentic customers +5x y/y, reinforcing MSFT's model-agnostic approach;
2) Security: Architecture increasingly converging on identity + security + agents with MSFT Purview auditing >7.6B agent activities to date, up 5x q/q;
3) Al Adoption: Copilot DAUs +50% q/q & 5x y/y, customers actively consuming credits +75% in the Q, and Github agentic credit consumption up >2x since usage-model introduced.
Valuation & Estimates: Shares trade at 26.5x P/E on our NTMe in AH trading.
Our $750 PT (raised on higher ests, multiples) is derived from ~30x P/E on our Fwd NTMe, justified in our view by unprecedented scale + durability and series of favorable LT tailwinds still ahead.
FY27 revs to / from $398.5B / $394.0B, FCF $30.3B / $9.4B, EPS $19.83/$19.59. FY28 revs to / from $489.9B/$483.8B, FCF $42.1B/$13.3B, EPS $23.86 / $23.66.
B | Riley reiterated $MDGL Buy-$670 ahead of earnings.
[ $IVA $NVO RHHBY LLY SGMT ALGS VKTX ]
B | Riley said in its note: We reiterate our Buy rating and $670 PT on MDGL ahead of the 3Q print, where our analysis of IQVIA data points to U.S. Rezdiffra net sales coming above consensus of ~$404M, and closer to the ~$415M range.
3Q weekly sales ran 16%, 21%, and 35% above 2Q in July, August, and September, leading to +23% Q/Q growth, which was supported by 9% TRx, and -2% NRx (vs -24% in 2Q) (Exhibits 1-4).
We remain anchored on two metrics: net patient adds (~6.75k in 2Q) and net sales per average patient (~$8.0k).
The first tells us whether the patient base is still compounding at the 2Q pace net of discontinuation, and the second whether pricing continues to hold after the January GTN reset. Early October sales, TRx, and NRx are running 14%, 16%, and 21% above 3Q averages, supporting early 4Q strength.
The larger YE swing factor remains IVA's (NR) lanifibranor (lani) Phase 3 (Ph3) NATIV3 F2/F3 topline in 4Q26, where we walk through potential scenarios below.
Importantly, we do not see a zero-sum outcome, but one in which both may reside.
MDGL shares down 26% YTD (vs +28% XBI) suggest some risk is priced in, where the totality of data, including fibrosis improvement, weight gain, and bone-turnover signals, could remove the overhang and provide for a rebound into 4Q and OUTCOMES readout.
In addition, upcoming catalysts include
(1) MDGL's 18 abstracts at AASLD'26,
(2) NVO's (NR) Ph3 SYNCHRONY Real-World efruxifermin's non-invasive tests (NITs) readout in F1-F4 patients in 4Q26,
(3) NVO's Ph3 SYNCHRONY Histology and Roche's (NR) Ph3 ENLIGHTEN-Fibrosis follow in 2027, and
(4) MDGL's event-driven Ph3 MAESTRO-NASH OUTCOMES (n = 845) remains guided to a 2027 topline, which could widen the label to ~245k compensated cirrhosis (F4c) patients, where no therapy is approved.
Goldman Sachs resumed coverage on $MDGL with a Buy rating and a price target of $704.
$IVA LLY $NVO SGMT ALGS VKTX
Goldman Sachs said -- MDGL is a commercial stage company focused on discovering, developing, and commercializing novel therapeutics for metabolic dysfunction-associated steatohepatitis (MASH; previously non-alcoholic steatohepatitis (NASH)).
The cornerstone of the company's commercial portfolio is Rezdiffra (resmetirom), a once-daily, oral, liver-directed thyroid hormone receptor (THR)-ẞ selective agonist which was the first approved medication for NASH patients with moderate to advanced fibrosis (F2 to F3) and has now achieved a trailing twelve month revenue run rate of $1.3bn after only nine quarters of launch.
Expansion opportunities for the pipeline are now underway via the ongoing Ph3 MAESTRO-NASH OUTCOMES trial of Rezdiffra in compensated MASH cirrhosis (F4C), alongside newly licensed assets including MGL-2086 (an oral GLP-1 receptor agonist in Ph1), ervogastat (Ph2 oral DGAT-2 inhibitor), and multiple siRNA programs targeting genetic drivers of NASH.
Mizuho⬆️ $AXGN's PT to $65, reiterated Outperform and Provided Key Post-Call Updates from its Call with Management.
[IART BAX SYK MDT ABT BSX AMIX]
Mizuho said:
1) base organic growth of +27% being driven by inflection in Breast along with continued "double-digit" growth in combined Extremities + OMF channels,
2) Breast Resensation penetration reached +11% of the estimated 140-150k annual reconstruction surgeries exiting September,
3) plan in Breast is to eventually reach top 2k Plastic Surgeon sites focused on tissue sparing surgeries (up from 500 live sites today),
4) co will double Breast salesforce from the current 31 to realize full growth potential,
5) +$34mn of incremental Nerve Tape contribution is net of Axoguard Connector + Nerve Cap, and
6) Prostate Open-Label study data was better than prior pilot + single-site studies setting initial contribution into next year.
We raise top-line growth outlook for 2027 to 24% (prior 21%) which supports our new, Street high $65 PT (from $58).
Truist🏁 $AXGN and said -- Initiating with Buy and $60 PT on AXGN, a unique high-growth peripheral nerve repair co, mkting the first (and only) Biologic allograft (Avance) w/in a portfolio of nerve repair products.
$IART $BAX SYK MDT ABT BSX AMIX
Truist added—AXGN plays in a large, barely penetrated TAM (~$5B) and should be capable of supporting dd growth across a wide set of procedures.
Even with substantial outperformance (238% LTM vs. -10% IHI) we see room to run further and durable upside to our above CNS 20%+ rev growth ests. through '29E as the adoption curve across mult. procedures should steepen via rising rep adds+productivity.
Urology represents TAM expansion/upside and we also expect inflecting profitability and improving FCF.
Jefferies⬆️ $REPL's PT to $29 from $24 and reiterated Buy.
[IOVA BMY REGN AMGN MRK]
Jefferies said in its note: 3-wks post-Tudri launch, roughly 20 accounts have formulary access and more than 15 have prescribed, w/ mgmt seeing pot'l to roughly double initiating accounts by YE26.
Jefferies added it is encouraged by visceral and regional-center adoption, and remains positive w/ account conversion, repeat use, and dosing volumes next to watch.
Cantor reiterated $REPL at Overweight and said -- Investor attention has quickly shifted to Tudriqev's (RP1) launch and commercial opportunity following the drug's recent approval for advanced melanoma.
$IOVA $BMY REGN AMGN MRK
Cantor added—We hosted a webinar with Dr. Eric Whitman, Medical Director of the Oncology Service Line at Atlantic Health System and Founding Director of the Atlantic Melanoma Center, to discuss his expectations for Tudriqev's adoption...~80-90% of patients who have exhausted available therapies could be eligible for Tudriqev, vs. only ~25-30% who may ultimately be eligible for or receive TIL therapy (Amtagvi, IOVA, NC) by his estimate.
Recall that Amtagvi is already annualizing at ~$400M.
This supports our view that Tudriqev has peak sales potential of ~$1B.
Cantor🏁 $SPRO Overweight-$6 and said--Spero is a clinical-stage biopharmaceutical company developing SP001 (anti-CD40L mAb), with its lead indication in IgG4-Related Disease (IgG4-RD).
[IVBIY IVBXF AMGN IMVT ZBIO BMY SNY ARGX [GSK]]
Previously, Spero developed therapies in the antibiotic space. This summer, it shifted into I&I by licensing SP001 from Innovent Biologics (NC).
Spero will be investigating SP001 for the treatment of IgG4-RD (Phase 2 study starting in 2Q27) while Innovent investigates the same drug for the treatment of Sjögren's disease in China (Phase 2 study starting in early 2027).
We believe investors have yet to pick up on this new strategy, making SPRO an under-the-radar stock.
Oppenheimer reiterated $URGN Outperform-$60 after hosting the Co. for non-deal roadshow meetings in Denver and Los Angeles last week and coming away more confident in Zusduri's commercial opportunity.
[CGON TYRA JNJ TARA MRK LLY IBRX]
Oppenheimer said in its note: Management continues to expect essentially linear quarterly growth through 2026, and we see potential for inflection next year off planned DTC marketing.
Launch momentum should more than offset any seasonal headwind from lighter 3Q procedure volumes; we maintain our above-consensus $66.0M estimate.
We believe the patient and provider incentives favoring Zusduri over surgery remain underappreciated.
With fewer than 10% of ~6,500 targeted physicians having tried the product, early adopters poised to broaden use, and favorable reimbursement, our confidence in our 2030E peak sales forecast of $1.2B has increased.
H.C. Wainwright reiterated $URGN Buy-$45 and said -- New patent claims may extend exclusivity until 2044, whereas our model assumes generic erosion starting in 2031—driving massively material upside to our current forecasts.
$CGON $TYRA MRK LLY IBRX
H.C. Wainwright also said—Yesterday, UroGen reported that it had received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent application no. 18/784,354 entitled "Treatment of Low-Grade Intermediate-Risk Non-Muscle-Invasive Bladder Cancer (LG-IR-NMIBC) With a Thermally Gelling Pharmaceutical Composition Containing Mitomycin."
The allowed claims cover methods of treating patients with recurrent LG-IR-NMIBC without a transurethral resection of a bladder tumor (TURBT), supported by data from the ENVISION and ATLAS trials.
The U.S. patent, once issued, will have an expiration date in July 2044.
These claims apply to both UroGen's marketed product ZUSDURI (formerly UGN-102) as well as its line-extension updated formulation, designated UGN-103.
If these claims prove resistant to legal challenges, they could result in extension of market exclusivity for more than a decade beyond our current assumptions, driving massively material upside to our current forecasts.
We await confirmation of the life cycle management strategy for ZUSDURI ahead of assigning credit to durability of revenues from this franchise in our model. As such, we reiterate our Buy rating and 12-month price target of $45.
Citizens reit'd $CELC Mkt OP-$177 and said--Incremental mCRPC data for Celcuity's gedatolisib + darolutamide following progression on ADT + ARPI continue to support the potential of PI3K/AKT/mTOR inhibition in hormonal-driven cancers.
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Dose-responsive PSA50 activity, encouraging interim rPFS, including the landmark 6-month rPFS rate that looks attractive versus SoC docetaxel, and a manageable tolerability profile support continued development and should help establish the RP2D ahead of a planned Phase 2 evaluating two dose levels.
Importantly, activity was observed irrespective of PTEN status, which could represent a meaningful point of differentiation.
Capivasertib has now validated pathway inhibition in the substantially earlier HSPC setting through CAPITELLO-281, but its indication is limited to PTEN-deficient disease (~25% of patients).
Geda activity irrespective of PTEN, if confirmed in a larger study, points to a broader opportunity for gedatolisib in this laterline setting.
Cantor🏁 $CELC Overweight; PT $140
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Cantor said in its initiation report:
Celcuity is a commercial-stage oncology company that recently launched its first product, Revtorpyk (gedatolisib), a dual pan-PI3K/mTOR inhibitor, in second-line (2L) HR+/HER2- breast cancer.
The initial approval covers PIK3CA-wildtype patients (~60% of the 2L population), with an expected expansion into PIK3CA-mutant disease next year that would address the entire 2L population.
We view Celcuity as one of the few commercial-stage oncology companies with a credible path to multi-billion-dollar peak sales, offering investors an attractive launch driven growth story with additional strategic optionality.
Citi recommends buying $SOFI (Buy-$30) shares, plus said despite the elevated rate environment, SoFi's credit trends remained favorable with lower net charge-offs—believes the quarter shows SoFi's growth is broadening beyond balance sheet lending.
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Needham said, SOFI's 3Q results beat Street expectations on the top and bottom line, largely due to better performance in the core lending business.
In addition, loan platform volumes appear to be re-accelerating, and we believe the tech platform is also showing signs of improvement as new deals ramp and the headwind from Chime moving processing in-house is nearly behind SOFI.
We believe these factors all contributed to a notable FY26 guidance raise and above-consensus FY27 outlook.
Coming off the print, we see several reasons to remain bullish on SOFI, as new products (SMB loans, HELOCs, tokenized deposit accounts, etc.) continue to ramp and are paired with a strong core business and rejuvenated credit card portfolio, all of which we believe can be meaningful growth drivers for the next several years.
We are reiterating our Buy rating and $24 target.
$SOFI treat the 10/27 mark (3Q26E EPS of $0.07 vs. $0.165 consensus) as a downside sensitivity and an event risk, not the organizing principle: a 10th-percentile mark costs ~$0.24 of one-time EPS and leaves $1.11 of FY28E EPS (18x = $20) intact for ~0.5pt of CET1 (~15% by 2H27E on our model), and 16.9% of float short suggests much of it is discounted.
believe SOFI among the neos represents most compelling tuck in value for an incumbent bank or tech platform.
H.C. Wainwright says the $BEAM (Buy-$80) BEAM-301 data presented today at the ESGCT congress strengthens its conviction in the platform's pot'l across hematology and liver-targeted genetic diseases — sees higher PoS for both BEAM-302 and BEAM-301 — for '301, the early fasting and starch-reduction findings are encouraging.
BofA reiterated $BEAM Buy-$47 and said - Limited impact from Prime arbitration loss, '302 still leader in next-gen AATD
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BofA added—The arbitration resolution (in favor of Prime Medicine, uncovered) in our view has limited impact to Beam as the ruling narrowly applies to PM647 rather than the overall prime editing estate.
For context, Beam filed an AAA arbitration demand on April 16, 2025 alleging breach of the 2019 collaboration and license agreement, failure to transfer technical information, trade secret misappropriation and related business torts; Prime filed its own demand on April 18, 2025 seeking confirmation that its AATD program sat within its contractual field.
Prime now has a clear path to put PM647 into clinical studies, targeting IND submissions in 3Q26e (initial data 2027e).
We continue to see the core Beam debate as shifting toward AATD pivotal execution after strong BEAM-302 biomarker data, with Prime remaining a distant competitive threat at this point (see our management call takeaways). We maintain our Buy rating and $47 PO.