US Pharmaceuticals & Biotechnology "Q2 Biotech Catalyst Heatmap -- Getting..."

研报英文原文证据摘录

US Pharmaceuticals & Biotechnology "Q2 Biotech Catalyst Heatmap -- Getting..."

and the total market capitalization change in the events we are tracking was +$43B on

positive events vs. -$32B on negative events -- see Figure 3MarketCapChangeonMajorEvents.

Figure 2: Average Stock Move for Positive of Negative Events

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Source: UBS Research

Figure 3: Market Cap Change on Major Events

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Market hange on Maj

Cap C ts

We highlight some of our key themes and takeaways from H1 below:

1. Major focus on KRAS w/ winners and read across for the sector -- Phase

III topline RASolute 302 data moved RVMD shares +41% and the stock has

continued to climb higher as KRAS has been recognized as a major investment

theme and opportunity not just for RVMD but others including TNGX (+53%)

PRMT5 on strong Phase I combo data with daraxonrasib and there is read-across

to others as well including IDYA w/ MAT2A/PRMT5 targeted drugs. RVMD is a

widely institutionally owned stock and we think the strong transformational data

has driven broader interest in the space not only for healthcare specialists but

generalists too -- and this should all be (+) for the sector.

2. Rare disease companies bouncing back on good regulatory news -- We

have seen big (+) moves from several rare disease companies that have received

constructive regulatory guidance and/or may be able to re-submit NDA/BLAs after

previously receiving negative feedback or a CRL -- we are seeing this as a theme in

the wake of the departures of former FDA leaders including Marty Makary and

Vinay Prasad. These include recent updates from QURE (+78%), REPL (+86%), and

RGNX (+16%) on positive and guidance on a path forward to file for potential

approvals.

3.