模型更新及2Q要点：EIKN / PLRX / MGX / ALLO

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

14 August 2026

Model Updates & 2Q Key Takes

EIKN / PLRX / MGX / ALLO

We provide a recap of 2Q results across some of the names in our coverage universe

this week. In this note, we highlight key tidbits and update our models for Eikon

(EIKN), Pliant (PLRX), Metagenomi (MGX), and Allogene (ALLO).

SMid Biotechnology

Eikon (EIKN, OW): We update our model with 2Q financials and share count.

Key changes in our model include: adjusting our expense assumptions to be in line

with the current run rate. Reflecting the changes, we establish our Dec-2027 PT of

$29 (previously Dec-2026 PT of $29). For those interested, this is our take on the

print. Reiterate OW.

Sarah Medeiros, PhD

Brian Cheng AC

(1-212) 622-0449

(1-212) 622-3957

J.P. Morgan Securities LLC

Pliant (PLRX, UW): Enrollment in PLN-101095’s Ph 1b FORTIFY expansion is

progressing ahead of schedule. Interim data is reiterated for next year. Separately,

the co. reiterated plans for an update in 2H on the next step related to its integrintargeted delivery platform. Net-net, we look forward to the next portfolio update

in the back half. The path forward, in our view, could fundamentally change the

direction of the portfolio and re-engage investors back into the story in the near

term. We update our model with 2Q financials and share count and tweak our

expense assumptions. Maintain UW.

Metagenomi (MGX, N): MGX’s 2Q was in line. MGX reiterated plans to submit

an IND for ‘001 in hemA in 4Q, followed by a trial start next year. We spoke with

mgmt earlier this week to catch up on the latest. IND-enabling work is expected to

be completed by the end of 3Q. Beyond hemA, MGX continues to evaluate

additional indications for its large-gene-integration system, which is designed to

enable durable protein replacement through gene insertion. Net-net, it is good to

see the progress made towards the clinical milestone at MGX. We await the

regulatory update and preparation towards the filing. We update our model with the

latest 2Q results. Maintain Neutral.

Allogene (ALLO, N): ALLO’s 2Q was overall an incremental update. cema-cel

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