JPM | US Healthcare: HCA, TGTX, AKTS, AGMB, SPTX CEO Call

研报英文原文证据摘录

JPM | US Healthcare: HCA, TGTX, AKTS, AGMB, SPTX CEO Call

Elif Korkmaz - Specialist Sales - US Healthcare AC North America Specialist Sales J P M O R G A N

elif.korkmaz@jpmorgan.com JPM | US Healthcare: HCA, TGTX,

J.P. Morgan Securities LLC AKTS, AGMB, SPTX CEO Call

14 July 2026

watching the Ph 3 profile of remibrutinib in the upcoming RMS readout. It remains unclear on the upside/downside for TG.

Aktis Oncology: Revisiting Our Thesis. - Fye Note

Roughly six months since the IPO and with six months until the start of 1Q27, the window during which we expect to see the first

clinical efficacy data from AKTS platform, we wanted to revisit the story and why we remain positive on the stock. Aktis shares

are up 38% YTD since the IPO in Jan vs XBI/NBI +25%/13%. Recall that AKTS has a radiopharmaceutical platform, a novel

means of delivering targeted radiation to treat cancer and a field of oncology we are very bullish on. Aktis’s platform specifically

leverages proprietary miniprotein binders directed against clinically validated targets (which reduces clinical risk), but are still

potential first-in-class radiopharmaceuticals. Further, AKTS focuses on developing products for targets expressed in large tumor

types; lead asset is [225Ac]Ac-AKY-1189 for bladder cancer which targets Nectin-4, the same target as Pfizer’s Padcev. Since the

IPO in January, AKTS has also initiated a phase Ib trial for a second asset, [225Ac]Ac-AKY-2519, a B7-H3 targeted product with

initial focus in metastatic castration resistant prostate cancer (mCRPC) which we also expect to move into a second phase Ib

basket trial this year. Recall that at ASCO, AKTS presented data supporting the therapeutic window for ‘2519 and we see

potential for initial ph Ib data in mCRPC in 2027 (see ‘ASCO Takeaways’).