US Healthcare A Look at Today‘s Stock Movers, News & Key Data

Research evidence excerpt

US Healthcare A Look at Today‘s Stock Movers, News & Key Data

Global Research

2 July 2026ab

US Healthcare Equities

AmericasA Look at Today’s Stock Movers, News & Key

Data Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

What We Thought Was Interesting Today +1-212-713 3630

Today’s UBS Crowding Data highlights crowding trends for Distributors names as of Andrea Alfonso

6/30. Today, UNH, CNC, ELV, and MOH are crowded long together, while CLOV is Analyst

crowded short. The 30-day average shows crowding remains broadly long across MCOs, andrea.alfonso@ubs.com

led by UNH, CNC, ELV, MOH, and CI, while CLOV remains crowded short. Investor +1-212-713 1342

focus: (1) impact to distributors/retail pharmacies from potential CMS cuts to 340B Sean Gardner

reimbursement; (2) thoughts on positioning headed into 2Q print with overarching Associate Analyst

focus on the following themes – utilization (chemotherapy, labs), bad debt/changes in sean.gardner@ubs.com

payor mix, impact from elevated oil/resin pricing, and still lagging vet visit trends for +1-212-713 1132

Animal Health; (3) reasons for the moves higher today in ALGN (factor-driven) and ELV Nicolo Menez

(HIX data, factors); (4) thoughts on today’s outperformance from distributors and Analyst

continued dissection of sustainability of core Pharma EBIT growth (CAH expected to nicolo.menez@ubs.com

provide initial FY27 expectations with the upcoming quarter) and how to think about +1-212-713 3183

moving parts (IRA revenue headwind); (5) recent MDLN outperformance (and effect of

moderating resin prices; and (6) drivers of LFST’s continuing outperformance. In today’s

news articles (page 4), proposed CMS rule looks to dramatically cut 340B

reimbursement, and CMS launches pilot offering Wegovy and Zepbound coverage for