ASCO: 1L NSCLC Competition Heating Up, Risk to SMMT from Sac-TMT and Pumi

Research evidence excerpt

ASCO: 1L NSCLC Competition Heating Up, Risk to SMMT from Sac-TMT and Pumi

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based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published May 22, 2026 1:17 A.M.

Recommendation Distributed May 22, 2026 1:17 A.M.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-

month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistently

below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with an

average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.