CAMP4 Moving To Overweight On CMP-002 Potential & Takeaways From Our 2026 Biotech Conf Call Series

Research evidence excerpt

CAMP4 Moving To Overweight On CMP-002 Potential & Takeaways From Our 2026 Biotech Conf Call Series

J P M O R G A N North America Equity Research

16 June 2026

CAMP4 ▲Overweight

Previous: Neutral

Moving To Overweight On CMP-002 Potential & CAMP, CAMP US

Price (15 Jun 26):$3.96

Takeaways From Our 2026 Biotech Conf Call Series ▲Price Target (Dec-27):$9.00

Prior (Dec-26):$5.00

We are upgrading CAMP4 (CAMP) to Overweight (from Neutral prior) and SMid Biotechnology

ACadjusting our price target (PT) to $9 for December 2027 (from $5 for Anupam Rama

December 2026 prior). We recently also hosted CAMP4 as part of our 2026 J.P. (1-212) 622-0900

Morgan Biotech Conference Call Series and wanted to pass on some quick anupam.rama@jpmorgan.com

thoughts. Joyce Zhou

(1-212) 622-7212

joyce.zhou@jpmorgan.com• We see CAMP shares as undervalued on the potential for CMP-002 in

SYNGAP1-related disorder on a probability-adjusted basis into the high- J.P. Morgan Securities LLC

single digit / share range (probability of success is also a key lever over the

next ~12-18 months now that the program is definitively set to enter the

Key Changes (FYE Dec)

clinic in 2H26). Additionally, we will be monitoring the company’s

Prev Cur Δ

September R&D Day, which should also highlight potential longer-term Adj. EPS - 26E ($) (0.90) (0.97) -8.0%

pipeline levers. Adj. EPS - 27E ($) (0.69) (0.87) -27.0%

• Of note, CAMP4 has now completed GLP tox studies for CMP-002 and Quarterly Forecasts (FYE Dec)

received regulatory feedback from several jurisdictions, which has allowed the

Adj. EPS ($)

company to tighten up their guidance to 2H26 for entering the clinic. 2025A 2026E 2027E

• On our call, CAMP4 noted that they are initially focused on setting up Q1Q2 (0.62)(0.62) (0.32)A(0.27)