Six clocks ticking into H2. Three likes VRTX INCY SRPT. Three debates

研报英文原文证据摘录

Six clocks ticking into H2. Three likes VRTX INCY SRPT. Three debates

Biotechnology - Immunology

Genetic Medicines - Market Weight

Immunology - Market Overweight

Six clocks ticking into H2. Three likes VRTX INCY SRPT. June 29, 2026

Three debates

The Wolfe Byte

We name several new bullish ideas H2. VRTX (on Sionna, next-gen CF, Vera, Vor) INCY (on earnings revision) SRPT

(on narrative transition). We expect several catalysts to be heavily debated over the next few months, including:

ATTR (Astra) Lpa (Novartis) and DM (argenx)

Three H2 ideas. Positive VRTX. Since our bearish report on the potential disruptor Sionna (webcast), Sionna has

presented higher-dose data as well as low KD. That said, our near-term concern remains the same: exposure is

too low even on the higher doses (low KD may not help) and any published analyses vs Trikafta have been using

disproportionally concentrations. Even if VRTX trades down (e.g. 15-20pt sweat), Vertex's next-gen CF product in H2

(likely to be announced at earnings) could pre-emptively chase away the Sionna overhang.

Positive INCY. Jakafi has continued to grow and a higher ceiling should combine well with XR launch metrics at earnings.

With 2.5yrs to LOE, we believe hitting higher than low-teens switch rate (consensus) is possible and likely (guidance

10-30%). Updates to payer coverage or conversion ratios (plus expected price improvement on Opzelura) should prompt

revision. We are still also waiting for dormant narratives to 'wake up', including povoricitinib launch and TGFβR2×PD-1

(update in H2; we'd become highly bullish if bleeding risks are contained; but CTLA4 combo is another opportunity).

Positive SRPT. Continued weakness makes us comfortable on sales or Cohort 8 (less non-amb in stock). Consensus