US Pharmaceuticals & Biotechnology: SMID Cap Biotech Crowding and Trading Flows

Research evidence excerpt

US Pharmaceuticals & Biotechnology: SMID Cap Biotech Crowding and Trading Flows

Global Research

20 July 2026ab

US Pharmaceuticals & Biotechnology Equities

AmericasSMID Cap Biotech Crowding and Trading Flows

Pharmaceuticals

Michael Yee

We ranked our SMID Biotech coverage from most to least net crowded. Analyst

According to UBS Quant Crowding Scores, the most crowded longs in the group as of michael.yee@ubs.com

15 July 2026 are RVMD, APGE, SRRK, SDGR and JBIO while OLMA, BEAM, MRNA, +1-305-536 9101

ZLAB and ANAB are currently the most crowded shorts (Figure 1SMIDBiotechCoverageCrowdingScoreasof15-July-26). Dina Elmonshed

Analyst

Some stocks tend to maintain relatively stable crowding levels due to their size, liquidity, dina.elmonshed@ubs.com

and importance in institutional portfolios and benchmark indices. As a result, we focus +1-212-649 8276

not only on the crowding level itself, but also on how crowding is changing over time. Kyle Yang, CFA

While the crowding score reflects how crowded a stock is today, changes in crowding Associate Analyst

help identify whether investor positioning is building or unwinding over time. This is kyle.yang@ubs.com

consistent with findings from UBS Quant Research, showing that shifts in crowding over +1-212-713 1458

time often provide a more valuable signal than level alone (The Consequences of Matthew Hagood

Crowding Turning Points). Associate Analyst

matthew.hagood@ubs.com

+1-212-713 1107

We compare crowding scores as of 15 July with levels from three months earlier

(15 April 2026) to assess how investor positioning has changed heading into Q2 Madeleine Lee

Associate Analyst

earnings (Figure 2SMIDBiotechCoverageCrowdingScore-changeoverlast3months).

madeleine.lee@ubs.com

+1-212-713 1476

Most crowded longs as of 15 July:

Roy Zawadzki, PhD