US Healthcare

研报英文原文证据摘录

US Healthcare

Global Research

1 July 2026ab

US Healthcare Equities

AmericasA Look at Today’s Stock Movers, News & Key

Data Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

What We Thought Was Interesting Today +1-212-713 3630

There is a meaningful unwind of momentum today that is driving outsized movements Andrea Alfonso

in stocks, exacerbated by lower volumes due to the upcoming holiday weekend and Analyst

typical start of quarter repositioning. Today’s UBS Crowding Data highlights crowding andrea.alfonso@ubs.com

trends for CROs names as of 6/29. ICLR, MEDP, IQV, and FTRE are crowded long, while +1-212-713 1342

CRL and CERT are crowded short. Company Focus: Comparing MDLN Share Prices Sean Gardner

vs. Resin Futures Pricing: Given today’s MDLN share price move and the company’s Associate Analyst

exposure to resin costs, we analyzed MDLN’s stock performance relative to the sean.gardner@ubs.com

propylene futures index. Since last April, the two series have exhibited a broadly inverse +1-212-713 1132

relationship: periods of higher resin pricing have generally coincided with pressure on Nicolo Menez

MDLN’s share price. This relationship appears to remain intact, as the recent decline in Analyst

propylene prices has coincided with a sharp rebound in MDLN shares. Investor Focus: nicolo.menez@ubs.com

(1) thoughts on positioning headed into 2Q print with overarching focus on the +1-212-713 3183

following themes – utilization (chemotherapy, labs), bad debt/changes in payor mix,

impact from elevated oil/resin pricing, and still lagging vet visit trends for Animal Health;

(2) reasons for the moves higher today in ALGN (factor-driven) and ELV (HIX data,

factors); (3) thoughts on today’s outperformance from distributors with a focus on