JPM | US Healthcare: IONS / ALNY, ARWR Tau, ZTS / ELAN / IDXX 2Q Prevs, GH, QGEN, Pharma 2Q Prev Call Monday 8:30am ET

研报英文原文证据摘录

JPM | US Healthcare: IONS / ALNY, ARWR Tau, ZTS / ELAN / IDXX 2Q Prevs, GH, QGEN, Pharma 2Q Prev Call Monday 8:30am ET

NY/ BBIO. I blasted a note

yesterday here summarizing investor debates and IONS mgmt takeaways.

Positioning in IONS remains still long tilted, we haven’t seen as much LO selling on the desk. However, investors are also

hesitant to step in ahead of next catalysts with the sequence of the events still uncertain: Lp(a) pelicarsen readout, ARWR

SHASTA read across for sHGT, and RARE’s Angelmans readacross.

On ALNY flows, most of the initial pre-mkt reaction yesterday seemed to be short covering driven. However, positioning prior to

yesterday had been getting more neutral for HFs vs a crowded short the stock has been for the past few months, and some long

onlies had small longs on. While HF sentiment was negative, investors had been finding it harder to articulate the bear case in the

near term - as the base case is now emerging around ALNY hitting 2Q numbers and being able to reiterate guidance. Early

positive reaction in ALNY seemed to be fading mid-day. A number of investors specifically highlighted IONS CEO’s comments

around taf monotherapy data vs Wainua monotherapy data which will be presented at ESC, that we might not see big differences

in efficacy – which is unexpected. Number of investors interpreted this comment as a net positive for stabilizers, and if taf/

stabilizers are as good as silencers that could drive more stabilizer use, and BBIO’s Attruby continues to be the best positioned

one in the stabilizer class (hence BBIO continued run up, and potential neg for ALNY). Second highlight was about comments

regarding trial length – if study went on for longer it would have been UNFAVORABLE to overall results given the lack of