US Biopharmaceuticals: 1Q26 Earnings Review: NTLA, ERAS, AKTS, CATX, SANA

研报英文原文证据摘录

US Biopharmaceuticals: 1Q26 Earnings Review: NTLA, ERAS, AKTS, CATX, SANA

Accessible version

US Biopharmaceuticals

1Q26 Earnings Review: NTLA, ERAS, AKTS,

CATX, SANA

Price Objective Change

NTLA: back on track but execution now key for HAE, ATTR 12 May 2026

NTLA’s 1Q26 print was largely consistent with our updated view post HAELO data (see Equity

thoughts on HAELO data here): HAE is now the lead near-term value driver following United States

positive HAELO topline data and initiation of a rolling BLA (submission completion Biopharmaceuticals

expected 2H26e), while ATTR is back on track but still carries commercial/safety Alec W. Stranahan

execution questions. Patient screening has resumed in both MAGNITUDE and Research Analyst

MAGNITUDE-2 (MAGNITUDE-2 enrollment completion expected in 2H26e), which is BofAS+1 646 743 2109

directionally positive after the prior holds but does not fully answer how enhanced liver alec.stranahan@bofa.com

monitoring/exclusion criteria could impact enrollment or eventual adoption. Overall, we Matthew Guggenbiller

Research Analyst

see minimal thesis change from the print: regulatory execution/durability and BofAS

physician/payor willingness to adopt a one-time gene-editing therapy remain key swing +1 646 855 5170

matthew.guggenbiller@bofa.com

factors, while nex-z value is back on the table but gated by safety characterization and

enrollment velocity. We reiterate Neutral and revise PO to $19 (from $20) as we update

OpEx trends and share count (changes per-share contributions). See abbreviations at end of note

ERAS: durable efficacy now the debate post ‘0015 data >>>

We’d argue recent data (see thoughts on readout here) suggests that ERAS-0015 is

active but we think investor focus remains on whether the asset can show durable