Q3-em Ownership Stake Shake. Puts & Takes PHVS AVTX DNTH KMYR IMVT MLTX 

Research evidence excerpt

Q3-em Ownership Stake Shake. Puts & Takes PHVS AVTX DNTH KMYR IMVT MLTX

ship maturity should create a more

robust stock, but the status as a consensus long (and trading at a slightly higher multiple than peers) makes flawless

newsflow from Dianthus, argenx & Biogen tremendously important.

KYMR (PP) Post phase 1b AD, stock has faded some but held up relatively well into a year of minimal data. We point

to a noticeable shift in KYMR's ownership, now with a larger skew of long-duration investors. This further makes it

clear to us that stories requiring only a few words ('oral Dupixent') more quickly grow toward a mature ownership

base. Although we love the IRF5 degrader (see our deep dive primer here), we doubt that investors would be quick

to assign value to biomarker data as lupus clinical trials are infamously troublesome (see primer).

IMVT (OP) holder base attracting a greater skew of longer-duration investors. However, plenty of room for

diversification, as IMVT currently maintains the most concentrated ownership across all of our names. Argenx casting

a positive halo on Graves' (see upgrade report) could explain the increased representation of long-duration investors,

which should create a sturdier valuation floor for IMVT Positive surprise with D2T RA data likely continuing to push

IMVT in this direction, but revenue generation may be required to achieve a meaningful shift toward a more diversified

investor base.

MLTX (OP) A sizable shift toward longer-duration investors, likely caused by the Type B Meeting update.

Correspondingly, MLTX has held the majority of gains, suggesting an upgrade in the stock's robustness. Compounding

HS value from here likely requires Teen data and approval. With little rheumatology value in the stock a positive