US Pharmaceuticals & Biotechnology Large Cap crowded longs/shorts based on UBS proprietary Quant data

Research evidence excerpt

US Pharmaceuticals & Biotechnology Large Cap crowded longs/shorts based on UBS proprietary Quant data

Global Research

19 July 2026ab

US Pharmaceuticals & Biotechnology Equities

AmericasLarge Cap crowded longs/shorts based on UBS

proprietary Quant data Pharmaceuticals

Michael Yee

Analyst

michael.yee@ubs.com

We ranked our Large Cap Pharma/Biotech coverage universe from most to least +1-305-536 9101

net crowded. According to UBS Quant Crowding Scores, the most crowded longs in

Dina Elmonshed

the group as of 14 July 2026 are LLY, BMY, and VRTX, while AMGN is currently the

most crowded short (Figure 1USPharma/BiotechCoverageCrowdingScoreasof14-July-26). dina.elmonshed@ubs.com

+1-212-649 8276

Some stocks tend to maintain relatively stable crowding levels due to their size, liquidity, Kyle Yang, CFA

and importance in institutional portfolios and benchmark indices. As a result, we focus Associate Analyst

not only on the crowding level itself, but also on how crowding is changing over time. kyle.yang@ubs.com

While the crowding score reflects how crowded a stock is today, changes in crowding +1-212-713 1458

help identify whether investor positioning is building or unwinding over time. This is Matthew Hagood

consistent with findings from UBS Quant Research, showing that shifts in crowding over Associate Analyst

time often provide a more valuable signal than level alone (The Consequences of matthew.hagood@ubs.com

Crowding Turning Points). +1-212-713 1107

Madeleine Lee

We compare current crowding scores as of 14 July with levels from three Associate Analyst

months earlier (14 April 2026) to assess how investor positioning has changed madeleine.lee@ubs.com

+1-212-713 1476

heading into Q2 earnings (Figure 2UBSCoverageCrowdingScore-changeoverlast3months).

Roy Zawadzki, PhD