US Biopharmaceuticals: Coverage Recap from Day 2 of Our Vegas Conference

研报英文原文证据摘录

US Biopharmaceuticals: Coverage Recap from Day 2 of Our Vegas Conference

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US Biopharmaceuticals

Coverage Recap from Day 2 of Our Vegas

Conference

Price Objective Change

Caribou Biosciences (CRBU) 14 May 2026

Management highlighted best-in-class potential for its allogeneic CAR T portfolio, with Equity

EHA durability updates key to supporting pivotal confidence in LBCL and competitive United States

positioning in MM. We maintain Buy and $6 PO. Biopharmaceuticals

Aktis Oncology (AKTS) AlecResearchW. StranahanAnalyst

ASCO data should derisk the miniprotein radiopharma approach, while management sees BofAS +1 646 743 2109

post-Padcev mUC as the quickest path for AKY-1189 and mCRPC/basket studies as alec.stranahan@bofa.com

broadening AKY-2519 optionality. We maintain Buy and $34 PO. Matthew Guggenbiller

Research Analyst

Immatics NV (IMTX) BofAS+1 646 855 5170

Management emphasized the breadth of the PRAME opportunity, with SUPRAME data in matthew.guggenbiller@bofa.com

2026e as the key near-term catalyst. We maintain Buy and $17 PO.

Krystal Biotech (KRYS) See Abbreviations page 7-8 >>>

We came away more constructive on global Vyjuvek growth and dermatology pipeline

optionality, raising our PO on higher peak penetration assumptions for NK and HHD. We

reiterate Buy and raise PO to $364 (from $323; model changes in KRYS section).

Perspective Therapeutics (CATX)

Management framed upcoming registrational path clarity for VMT-α-NET as the key

2026e milestone, with cohort 2 data supporting a potentially attractive profile versus

Lutathera. We maintain Neutral and $6 PO.

Erasca (ERAS)

Management remains confident in RAS-pathway differentiation, but investor focus

remains on defining optimal development paths in NSCLC, PDAC, and CRC as datasets

mature.