BioBUZZ - Up, Up and Away

Research evidence excerpt

BioBUZZ - Up, Up and Away

Biotechnology

EQUITY RESEARCH Industry Report

June 27, 2026

Research Analysts:

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

310-282-6513

Josh.Schimmer@cantor.com We believe a better understanding of buyside sentiment can facilitate better

Eric Schmidt investment decision-making.

212-294-7724

Eric.Schmidt@cantor.com

What a rally! XBI is up nearly 20% over the past month. Incredible Prakhar Agrawal

212-610-3614 momentum, but since we're all traumatized by this sector, many are asking

Prakhar.Agrawal@cantor.com - what lurks in the background that could spoil this party?

Olivia Brayer Saunders

212-428-5907 ●With strong fundamentals, transition to profitability, and signs of a Olivia.Brayer@cantor.com

more lenient FDA, what could possibly go wrong? Typically, we consider Carter Gould

212-915-1794 the usual suspects - dumping too much risk onto the public markets

Carter.Gould@cantor.com from overly speculative IPOs, possible political rhetoric around drug

Kristen Kluska pricing, China risks, and macro issues. But none of these seem to be

212-915-1927 barreling down on us, so here's to hoping the good times will roll. Kristen.Kluska@cantor.com

Steve Seedhouse

212-915-1240

Steve.Seedhouse@cantor.com AARD (Josh) - Who knows what? We picked up some investor rumblings

Yanni Souroutzidis about the company's pending un-blinding of the terminated P3 HERO study

929-730-2656 of ARD-101 for PwS - does the company know something about the results?

Yanni.Souroutzidis@cantor.com

Pete Stavropoulos, Ph.D. ●We touched base with AARD management - they note the data is still 212-915-1966

Pete.Stavropoulos@cantor.com blinded and being scrubbed, with results anticipated in the coming

Li Watsek weeks.