Morning Summary - Jul 20 2026

Research evidence excerpt

Morning Summary - Jul 20 2026

MORNING SUMMARY

July 20, 2026

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INITIATION OF COVERAGE

AN2 THERAPEUTICS, INC. Buy

ANTX - BUY - Don't Miss This Turnaround Story: An Oral Hematocrit

Control Option For PV Would

Buy Rating and $9 Price Target Be Valuable; Initiating Coverage with a ANTX $4.68 Price$9.00Target

Brad Canino

212 823 6558, brad.canino@guggenheimpartners.com Current Q Next Q Current FY Next FY

$0.0 $0.0 $0.0 $0.0CLICK HERE TO ACCESS THIS REPORT

Published on July 19, 2026 Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

$169 Rev($)M - -

Key Message: We think ANTX shares can experience significant upside within the next 18 months if epetraborole proves to be the first oral drug

that controls hematocrit in patients with polycythemia vera (PV). Hematocrit control is the essential goal of therapy because it reduces thrombotic risk

in patients with PV, but today it is poorly achieved with frequent phlebotomies (blood draws) and cytoreductive therapies that have toxicity. Epetraborole has