BioBUZZ - Sunshiny Day

Research evidence excerpt

BioBUZZ - Sunshiny Day

Biotechnology

EQUITY RESEARCH Industry Report

June 20, 2026

Research Analysts:

Eric Schmidt Editor's note: BioBUZZ is a weekly roundup of our discussions with investors.

212-294-7724

Eric.Schmidt@cantor.com We believe a better understanding of buyside sentiment can facilitate better

Josh Schimmer investment decision-making.

310-282-6513

Josh.Schimmer@cantor.com

Prakhar Agrawal Biotech - can we have confidence in the FDA this time around? The XBI was

212-610-3614 up a whopping 5.1% this week and now stands at a 5-year high. Much of

Prakhar.Agrawal@cantor.com the strength was attributed to another round of favorable FDA interactions

Olivia Brayer Saunders

212-428-5907 (QURE, LXEO) in the post-Makary era. While some funds jumped into

Olivia.Brayer@cantor.com the fray immediately, other investors took a more measured approach,

Carter Gould wondering whether we are falling for the same old trick again.

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Carter.Gould@cantor.com ●The key area of debate is how much weight we should place on a senior Kristen Kluska

212-915-1927 leadership team that appears favorably inclined toward patient choice.

Kristen.Kluska@cantor.com Political forces appear to be pushing the FDA in this direction, and many

Steve Seedhouse investors applaud that shift.

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Steve.Seedhouse@cantor.com ●Those who are more cautious cite the somewhat impenetrable nature

Yanni Souroutzidis

929-730-2656 of FDA review staff, the limited impact that prior FDA leadership

Yanni.Souroutzidis@cantor.com has had on drug reviews, and the "interim" status of the new

Pete Stavropoulos, Ph.D. Commissioner. They see risk that internal debates over specific drug

212-915-1966 reviews could again spill over into the public eye. Pete.Stavropoulos@cantor.com