BioPharma: Updated Catalyst Calendar for Our Coverage Universe (Next 12 Months)

Research evidence excerpt

BioPharma: Updated Catalyst Calendar for Our Coverage Universe (Next 12 Months)

Deutsche Bank

Research

North America Industry Date

Pharmaceuticals BioPharma 15 May 2026

Updated Catalyst Calendar for Our Coverage

David Hoang, M.D., Ph.D. Universe (Next 12 Months)

Research Analyst

+1-212-250-1184

Key Takeaways

Post 1Q26 earnings, we refresh our catalyst calendar, including estimated Sam Beck

upside/downside stock moves, for all names in our coverage universe over the Research Associate

+1-929-354-4311 next ~12 months, from mid-‘26 through 1H27 (Figures 1 & 2). Our coverage in

small/mid-cap US biotech is primarily focused on CNS and I&I with selected large

cap names (AXSM, JAZZ, NBIX), that includes many late clinical- and

commercial-stage companies relevant for both biotech specialists and healthcare

generalists running long/short and long-only investment strategies. As we

approach 2H26, we continue to like some of our best-performing compounders

where we see more room to run, including Buy-rated AXSM, APGE, JAZZ, PRAX,

SYRE, and XENE. We also take a thematic view on psychedelics becoming a

leading therapeutic class for mood disorders (depression, anxiety), with high

conviction on ATAI as a best-in-class play that is well-positioned to become a

market leader using the Spravato commercial model. Names where we are on the

sidelines include Hold-rated HRMY (Wakix IP legal overhang) and Hold-rated

NBIX (fuller valuation reflecting Ingrezza and Crenessity), while our outlook

remains bearish on Sell-rated SRPT (Elevidys still pressured, PMOs at risk of

competition/erosion to next-gen exon skippers, and unclear value of licensed

siRNA assets in FSHD/DM1).

Recall our process is centered on a high-touch client model emphasizing: 1) near-