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US Biopharmaceuticals: Today’s tape: four undervalued opportunities
研报英文原文证据摘录
US Biopharmaceuticals: Today’s tape: four undervalued opportunities
Accessible version
US Biopharmaceuticals
Today’s tape: four undervalued
opportunities
Industry Overview
Finding opportunities in the SMid-cap rotation 11 June 2026
SMid-cap biotechs have had a tough year (NBI +1% vs. SPX +6%), with nearly 2/3rds of Equity
the NBI’s constituents underperforming the broader market. While some of this reflects United States
company-specific setbacks, there has also been rotation out of Health Care with reasons Biopharmaceuticals
to avoid more volatile subsectors like Biopharma (see note, Tales from the Biotape, vol Jason Zemansky
4). As is often the case, the drawdown has not been discriminating, and we’d argue Research Analyst
several stocks have sold off despite little change to the underlying story. Below, we BofAS+1 646 855 4280
highlight four names—Insmed (INSM), BridgeBio (BBIO), Rocket (RCKT), and Acumen jason.zemansky@bofa.com
(ABOS)—where valuations look disconnected from fundamentals, creating what we see Jacqueline Plesset
Research Analyst
as potentially attractive opportunities ahead of near-term clinical, regulatory, and/or BofAS
commercial updates that could drive a meaningful upswing, if not an outright re-rating. +1 646 855 0014
jacqueline.plesset@bofa.com
INSM: Valuation still looks meaningfully disconnected
We recognize the bear arguments that have left shares -47% YTD after a messy 1Q
raised concerns around the narrative (see our 1Q takes, Concerns overdone). Last year’s Abbreviations:
run may have elevated Brinsupri’s expectations, but ongoing debate over persistence, ADH1: autosomal dominant hypocalcemia type 1
patient growth, and prescriber dynamics seems overdone given a launch we think most IP: intellectual property
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