The SMID Point

研报英文原文证据摘录

The SMID Point

line for the top-end as well. The recent acquisition in the gulf (discussed here) will

remain top-of-mind and is not yet included in our estimates. We expect the call to

focus on the integration and timing of that deal as well as their operational

cadence through year-end. Operationally, Genovesa has returned to production

while the first Monument well has been drilled and the CPN well is expected to

begin flowing in September. We retain our Buy rating with a reduced target price of

$18/share given recent pricing volatility and macro uncertainty.

Buy | Target price US$18.00

Paul Diamond | Scott Gruber

Bull/Bear: Talos Energy Inc (TALO.N)

Veradermics, Incorporated (MANE.N) - Age subgroup analysis reinforces broad

male efficacy; clean cardiac profile remains intact

Veradermics presented new Study 302 age subgroup data today at the ongoing

2026 American Academy of Dermatology Innovation Academy, showing

remarkably consistent VDPHL01 efficacy in men aged <40 and ≥40. Indeed, target

area hair count gains were +30 to +34 hairs/cm² across both age groups and

dosing regimens, suggesting that the topline win (note here) was not driven by

younger or potentially easier-to-treat patients. Patient-reported outcomes were

numerically better in younger men, especially with BID, but remained robust in

older patients. The only debate is peripheral edema, which reached 8.5% in older

BID patients versus 2.9% in younger patients, although event numbers were small

and the overall cardiac safety profile remains clean. We’d argue that the data

further de-risk broad use in males, while the recent female phase 2 results (note

here and here) provide meaningful additive upside ahead of Study 306 in 1H27.

Maintain Buy/High...

Buy/High Risk | Target price US$160.00