Morning Summary - Jun 10 2026

研报英文原文证据摘录

Morning Summary - Jun 10 2026

MORNING SUMMARY

June 10, 2026

RATING CHANGES

NUVALENT, INC. Neutral

NUVL - Downgrading to NEUTRAL on Pending GSK Acquisition

Brad Canino

212 823 6558, brad.canino@guggenheimpartners.com NUVL $123.25 Price$124.00Target

CLICK HERE TO ACCESS THIS REPORT Current Q Next Q Current FY Next FY

Published on June 9, 2026 $0.0 $3.6 $26.9 $300.0

Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

$9,736 Rev($)M - -

Key Message: We are downgrading NUVL to NEUTRAL from BUY on the proposed acquisition by GSK for $124/share in an all-cash transaction representing

a transaction value of approximately $10.6bn, which is expected to close in early 3Q26, per GSK. We are decreasing our price target to $124/sh from $151

previously to reflect the proposed acquisition price.

PRICE TARGET CHANGES

ZEVRA THERAPEUTICS, INC. Buy

ZVRA - New Orange Book Patent Extends Potential Miplyffa

Exclusivity to 2041 ZVRA $12.09 Price$29.00TargetEddie Hickman, Ph.D.

212 518 9904, eddie.hickman@guggenheimpartners.com

Current Q Next Q Current FY Next FY

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$40.3 $42.3 $164.0 $207.5

Published on June 9, 2026

$715 Rev($)M - -

Key Message: This week, ZVRA announced that it submitted U.S. Patent No. 11,707,456 for Orange Book listing on Miplyffa, a synthesis process patent

covering the preparation of arimoclomol citrate. This extends the possible exclusivity period to November 2041 from ~2034, where we currently model

LOE based on the pending PTE on the '460 composition patent (which expires in 2029 absent extension). While this type of patent (synthesis process)

is not always as robust as composition-of-matter or method-of-use claims, we believe this news will meaningfully extend the patent life of Miplyffa given