Q-dub Hunting For Laggards. MLTX CRNX SRPT IVA in re-rate basket. VRDN VERA need to beat launch

研报英文原文证据摘录

Q-dub Hunting For Laggards. MLTX CRNX SRPT IVA in re-rate basket. VRDN VERA need to beat launch

Biotechnology - Immunology

Cardiometabolic

Genetic Medicines - Market Weight

Immunology - Market Overweight

Q-dub Hunting For Laggards. MLTX CRNX SRPT IVA in July 5, 2026

re-rate basket. VRDN VERA need to beat launch

The Wolfe Byte

The massive biotech rally has prompted investors to track down the biggest laggards and winnards. MLTX CRNX

SRPT IVA are our favorite laggards. Should random profit-taking persist, ZBIO KYMR ORKA SYRE are at risk.

Separately, model updates to BBIO MDGL INSM

With XBI +24% in the last month, recent buyside conversation suggests that investors are hunting for the laggards

and winnards. We believe valuation arguments should become credible for companies that are post-phase 3 (with

consensus on label expectations) and absent of gating catalysts. The APGE deal (our M&A report) cast a positive halo

on a select group of stocks, especially the 'pipeline-in-a-drug I&I basket' (our sector report), but several were left out of

the fun. We argue that the recent laggards SRPT CRNX MLTX can simply trade up on valuation whereas VERA & VRDN

must beat launch expectations. 'Super winnards' (L1M return ZBIO +60%, KYMR +58%, ORKA +51%, SYRE +24%) are

at risk of random profit-taking, which may explain arbitrary single-day weakness recently (ORKA -10%, DNTH -7%,

SYRE -4%).

Laggards that can easily re-rate due to valuation alone

MLTX (OP) has been extremely unresponsive to the biotech rally. L1M idio return -12%. TEEN data positions Moonlake

to capture patients ahead of some competition and the potential label could enable 'best-in-class' status. While we