Biotech Monthly: Coverage Highlights and Upcoming Catalysts

Research evidence excerpt

Biotech Monthly: Coverage Highlights and Upcoming Catalysts

July 1, 2026 Biotech Monthly: Coverage Highlights and

Upcoming Catalysts

Thomas Shrader, PhD, CFA

(212) 527-3551 tshrader@btig.com

WHAT YOU SHOULD KNOW: In this month's edition of our Biotech Monthly, we Julian Harrison highlight recent initiations, data previews, and important notes from our coverage

(617) 345-4055 jharrison@btig.com universe. Coverage catalysts expected in 2026 and 2027 are included in the following

Jeet Mukherjee, Ph.DBIOTECHNOLOGY pages.

(332) 400-5178 jmukherjee@btig.com

Thomas Shrader: Kambiz Yazdi

■ Invivyd (IVVD, Buy, $10 PT): First Participants Dosed in LIBERTY. Controlled (212) 588-6580 kyazdi@btig.com

Comparison to mRNA Vaccines Central to Future Commercialization Efforts. Jinnie Kim, PhD

■ Novavax (NVAX, Buy, $19 PT): ACOG Recommended Vaccine Schedule Includes (212) 882-2344 jinnie.kim@btig.comINDUSTRY COVID and Flu for Pregnant People. More Reinforcement that Babies Represent an Andrew Kassin

Important Risk. Thoughts on the Evolving COVID Protection Landscape. (617) 345-4042 akassin@btig.com

Blake Gitler ■ Opus Genetics (IRD, Buy, $12 PT): R&D Event Firmed Up Timelines and Laid Out the

(212) 527-3540 bgitler@btig.com De-Risked Pipeline. September BEST1 Cohort 1 Readout Likely Next Big Catalyst.REPORT NDR Recap: What's the BEST1 Outcome in September? Thoughts on Signs of

Activity, Functional Endpoints and Dose Escalation.

■ NRX Pharmaceuticals Inc (NRXP, Buy, $25 PT): NRX-101 Looks to Leverage the

NRX-100 Experience. Expanded Access for NRX-101 After the FDA Agrees to Review

Real World Data in Support of NRX-100.

Julian Harrison:

■ Liquidia Corporation (LQDA, Buy, $109 PT): Raising Our PT to $109 from $59 After