US Biotechnology 2026 Spring Sector Check-Up: Latest Views & Buyside Survey Results Slides

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US Biotechnology 2026 Spring Sector Check-Up: Latest Views & Buyside Survey Results Slides

Key Takeaways from 2026 Mid-Year Buyside Survey and J.P. Morgan

Biotech Team Top Picks

We recently ran a buyside survey from April 24th to May 4th to gather the latest thoughts and sentiment on the Biotech sector. There

were 39 investors who participated in the survey (49% hedge fund / 46% long-only / 5% other).

Key Takeaways from our Mid-Year Buyside Survey...

Heading into the rest of 2026, investors generally have positive expectations for Biotech relative to the broader market (S&P

500) with ~64% of respondents expecting it to outperform, ~21% expecting in-line performance and ~15% expecting it to

underperform.

These results are nearly identical to our prior buyside survey conducted at the end of 2025 (link).

The top three factors cited as driving Biotech for the rest of 2026: 1) M&A activity, 2) clinical readouts, and 3) interest

rates/financing environment.

Top buyside Large Cap (>$10B in market cap) ideas:

Long idea: BBIO

Short idea: MRNA

Top buyside SMid Cap (<$10B in market cap) ideas:

Long ideas: ABVX, XENE, and ORIC

Short ideas: ERAS and NMRA

Our surveyed investors highlighted Ionis as having an important year with both the phase 3 HORIZON data for pelacarsen in

Lp(a)-CVD and the phase 3 CARDIO-TTRansform data for eplontersen in ATTR-CM appearing in the top clinical catalysts cited

for the rest of 2026.

From a single catalyst perspective, Cytokinetics’ phase 3 ACACIA-HCM data was most frequently highlighted (though

this catalyst has already played out).

Survey respondents chose disease areas of investor attention and/or strategic interest to be 1) oncology (including

radiopharmaceuticals), 2) I&I, and 3) neurology and neuropsychiatry.