Spring Cleaning & Path Forward CRNX ARGX INCY VRTX

Research evidence excerpt

Spring Cleaning & Path Forward CRNX ARGX INCY VRTX

Biotechnology - Immunology

Cardiometabolic

Genetic Medicines - Market Weight

Immunology - Market Overweight

Spring Cleaning & Path Forward CRNX ARGX INCY VRTX May 18, 2026

The Wolfe Byte

Of the group, CRNX is most heavily tied to earnings (with what visibility we have), and over the near-term we

largely expect clinical data to drive the others. We make routine updates to our models CRNX INCY VRTX ARGX

and outline our estimates vs consensus & mgmt guidance.

●RSVP Monday June 29th Wolfe In-person Lunch H2 Preview to discuss 58+ biotech stocks

●Register webcast Arrowhead SHTG preview (May 28)

●Register webcast CARDIO-TTRansform preview (Jun 11)

●Register webcast Lightning Round Q3 catalysts (July 1)

CRNX (Peer Perform) 'stock in the zone of severe undervaluation for what is deserved'. Q1 earnings appear to show

one of two things (i) minor deceleration in patient add compared to Q4 (ii) high attrition rate from month to month. We

added details to our Palsonify launch model (link), assuming perpetual deceleration going forward, reaching acromegaly

peak 2032E and carcinoid peak 2035E. Our conservative math still arrives at $730M peak with Palsonify. The Palsonify

base business appears to be worth the high-teens ($17-19/sh) on both EV/peak and DCF, suggesting that the stock is

currently wobbling around <40% POS of a $3B+ atumelnant. Buyside consensus appears to suggest that atumelnant

could be & should be worth this much, and key to the stock is 'when mean reversion' will begin to happen. Stock fair

value $56/sh (we see EV/peak $53/sh and DCF $68/sh on 10.8% WACC)

ARGX (Peer Perform) back to a catalyst stock, but a potential bolus effect could invite a sneaky earnings surprise.