Disappointing Ph3 TRIDENT Data, but We Remain Supportive on Panc Opportunity

Research evidence excerpt

Disappointing Ph3 TRIDENT Data, but We Remain Supportive on Panc Opportunity

ld not be relied

upon as individual investment advice. As always, an investor’s decision to buy or sell a security must depend on individual circumstances, including

existing holdings, time horizons and risk tolerance. Piper Sandler sales and trading personnel may provide written or oral commentary, trade ideas, or

other information about a particular stock to clients or internal trading desks reflecting different opinions than those expressed by the research analyst.

Piper Sandler will buy and sell securities of the subject company on a principal basis, regardless of whether it is a registered market maker in those

securities. In addition, Piper Sandler offers technical research products that are based on different methodologies, may contradict the opinions contained

in fundamental research reports, and could impact the price of the subject security. Recommendations based on technical analysis are intended for the

professional trader, while fundamental opinions are typically suited for the longer-term institutional investor.

Overweight (OW): Anticipated to outperform relative to the median of the group of stocks covered by the analyst.

Neutral (N): Anticipated to perform in line relative to the median of the group of stocks covered by the analyst.

Underweight (UW): Anticipated to underperform relative to the median of the group of stocks covered by the analyst.

Other Important Information

The material regarding the subject company is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does

not purport to be complete. This report is solely for informational purposes and is not intended to be used as the primary basis of investment decisions.