Citizens reiterated $CRNX Market Outperform: $95~says $CAMRF update an incremental VE for Crinetics—nonetheless it views Oclaiz as a non-threat to Palsonify. $NVS RICFY PFE IPSEY AZN Citizens said: Camurus' CRL is primarily related to manufacturing so we expect it can be resolved over time, but FDA may need to reinspect its third-party manufacturer and scheduling may result in an even further delay. We view the update as an incremental positive for CRNX; however, we did and do not view Oclaiz as a major competitive threat to Palsonify. Oclaiz is still a monthly injectable SSA and has advantage of self-administration over approved injectables but is still an injection, and we still anticipate a waning of effect toward the end of a treatment cycle. Palsonify's daily oral convenience and super efficacy and safety profile should make it a preferred option for most acromegaly patients. Palsonify's early launch metrics have looked strong with >430 start forms as of 1Q26, ~70% of patients on paid drug already, and $10M in 1Q26 sales. Oppenheimer from May 11, in image:

Goldman Sachs➡️ $ORIC from Early-Stage Biotech to a Buy rating and a $15 PT. $PFE IPSEY VIR CADL BAYRY NVS $JNJ Goldman Sachs said in its note: We move ORIC to a Buy rating (from Early Stage Biotech) following clinical data which demonstrated a potentially differentiated profile for rinzimetostat in prostate cancer (GSe: $2.6B peak sales), and ahead of key de-risking Ph3 data for the class in MEVPRO-1 (expected in 2026). We view the key debate for the stock as whether rinzimetostat can realize multi-blockbuster revenue potential in prostate cancer, with outstanding questions on both the class (PRC2 inhibition) and profile of rinzi to be further elucidated this year. ORIC recently presented Ph1b dose optimization data for rinzimetostat at the registrational dose, delivering competitive efficacy vs. benchmarks and a differentiated safety profile; if this profile is sustained (with updated results anticipated in 2H26), we anticipate meaningful share capture in the ~$7B addressable market of post-abiraterone mCRPC, consistent with precedent for second-to-market entrants. We view PFE's MEVPRO-1 read-out as the key clinical catalyst for the class near-term, and therefore conducted a proprietary statistical analysis stressing the study's probability of success under a range of treatment and control arm assumptions; we view a relatively high PoS under most likely bull and base case assumptions, noting 30-40% upside to our current valuation of ORIC based on positive results. Separately, ORIC continues to advance its EGFR inhibitor, enozertinib, across EGFR mutant lung cancer, with a clinical and program update anticipated mid-year (GSe: $700M).

Citizens⬇️ $CRNX's PT to $95 (was $97) and reiterated at a Market Outperform rating. $NVS $PFE IPSEY NBIX Citizens said in its note: Palsonify is off to a strong launch, consistent with our recent physician survey, with continued expansion of the prescriber base and early signs of improving reimbursement (see our 2Q survey here). When we take a look at the early metrics, CRNX has received >430 start forms as of 1Q26, and 70% of patients are on paid drug. If all of those patients stayed on drug for the rest of the year (without assuming any GTN/compliance discounts), that group would represent ~$66M in revenue. This makes us comfortable with our $64M revenue estimate for 2026 (vs. consensus of $62M). CRNX is now proving it can commercialize its drugs, and by mid-year the company will have four pivotal trials ongoing in carcinoid syndrome, pediatric and adult CAH, and Cushing's syndrome, which will provide multiple late-stage readouts, likely starting in 2027. With a strong balance sheet providing runway beyond all of those readouts and a deep preclinical pipeline, CRNX remains one of our favorite names in the smid-cap space.

$COGT FDA Acceptance of New Drug Application (NDA) with Priority Review for Bezuclastinib in Combination with Sunitinib for Patients with GIST. $DCPH $BPMC $SNY investors.cogentbio.com/news…

$MDGL Madrigal to Present New F4 Data from the Company’s MASH Program at EASL 2026 Demonstrating the Effects of Rezdiffra on Markers of Cardiovascular and Portal Hypertension Risk

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $IBRX ImmunityBio Secures U.S. Patents for 𝐀𝐍𝐊𝐓𝐈𝐕𝐀 𝐁𝐂𝐆 Through 𝟐𝟎𝟑𝟓 👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ➤ ImmunityBio receives 𝟓 issued U.S. patents covering 𝐀𝐍𝐊𝐓𝐈𝐕𝐀 𝐁𝐂𝐆 therapies. ➤ Patent protection extends through at least 𝟐𝟎𝟑𝟓. ➤ Claims cover 𝐍𝐌𝐈𝐁𝐂 treatment methods, dosing regimens, and commercial kits. ➤ Portfolio protects approved 𝐀𝐍𝐊𝐓𝐈𝐕𝐀 plus BCG intravesical therapy platform. ➤ Supports ongoing 𝐐𝐔𝐈𝐋𝐓-𝟐.𝟎𝟎𝟓 registrational trial in bladder cancer. ➤ Patents align with exclusive U.S. 𝐓𝐨𝐤𝐲𝐨-𝟏𝟕𝟐 𝐁𝐂𝐆 supply agreement. ➤ ImmunityBio says portfolio strengthens long-term 𝐛𝐥𝐚𝐝𝐝𝐞𝐫 𝐜𝐚𝐧𝐜𝐞𝐫 franchise positioning.

Oppenheimer reiterated $ORIC Outperform/$15, and said, ORIC reported fourth quarter and full year 2025 results that support what increasingly feels like a two-shots-on-goal story. $PFE $JNJ TAK AZN NVS AVBP BDTX Rinzimetostat continues to look competitive in mCRPC with 55% PSA50, 20% PSA90, and 59% ctDNA clearance, and has now moved into dose optimization ahead of a planned 1H26 Phase 3 start. While Pfizer's upcoming MEVPRO-1 readout will be a pivotal moment for the PRC2 class, we believe rinzi can differentiate on safety and PK. In parallel, enozertinib's exon 20 and PACC data has demonstrated systemic activity and compelling CNS control, with the Phase 3 monotherapy dose selected and combo with subcutaneous amivantamab progressing. We will be hosting ORIC management for a fireside chat during our Healthcare Conference on Wednesday, February 25th at 12:00 PM EST. Reiterate Outperform.

$INMB Receives FDA Fast Track Designation for XPro1595 in Early Alzheimer's Disease

Citizens⬇️ $CRNX to $96 from $105 and reiterated at Market Outperform $AZN $IPSEY NBIX NVS PFE Citizens said in its note: Early launch metrics reinforce our confidence in Palsonify's differentiated oral profile and long-term acromegaly opportunity, with physicians in our recent survey expecting 20-30% adoption—implying a $670M-$1B U.S. market versus our ~$560M peak sales estimate. CRNX also announced it received a positive opinion from the EMA's CHMP for paltusotine, recommending marketing authorization in the EU and positioning the program for EU approval. In the pipeline, CRNX has three ongoing pivotal trials in carcinoid syndrome, pediatric and adult CAH and a pivotal Phase 2/3 for Cushing's syndrome kicking off this half. Management is especially excited about CRN09682, a non-peptide drug conjugate, which is in Phaser 1 for neuroendocrine tumors which could unlock a new class of drugs. While management did not provide Palsonify guidance, we model $63M in 2026 sales vs. consensus of $63M. As the top line grows, investors will turn focus to the multiple pivotal readouts that will drive medium- and long-term growth.

Biotech Stock Catalyst Watchlist Ph2 & Ph3 readouts in Q2 2026 / H1 2026 (1️⃣/2)... $RHHBY Phase 2 $CYTK Phase 3 $TARA Phase 2 $CADL Phase 3 $VRCA Phase 2 $EDSA Phase 3 $CRDF Phase 2 $GALT Phase 2/3 $BDTX Phase 2 $COGT Phase 3 $AAPG Phase 3 $AAPG Phase 3 $IMNM Phase 3 $PFE Phase 3 $PFE Phase 2 $BDTX Phase 2 $MRNA Phase 2 $RVMD Phase 3 $PFE Phase 3 $BCYC Phase 2/3 $PFE Phase 3 $AGEN Phase 2 $BCDA Phase 2 $PFE Phase 3 $CLRB Phase 2 $IDYA Phase 2/3 $IMRX Phase 2a $GLSI Phase 3 $PFE Phase 2 $AAPG Phase 3 $PFE Phase 2 $PFE Phase 2 $BCTX Phase 3 $KPTI Phase 3 $IRON Phase 2 $GPCR Phase 2 $BMEA Phase 2 $PFE Phase 2b $LLY Phase 3 $DNLI Phase 2 $CGON Phase 2 $CGON Phase 3 $IONS Phase 3 $GNPX Phase 2a $BMRN Phase 3 $VALN Phase 3 $VTGN Phase 3 $ZNTL Phase 2 Check out the image for more details!

Cantor reiterated $MIRM Overweight; $140 $VIR $GILD ASMB ALGS Cantor said—2026 projected revenue across MIRM's products is $630-650M with meaningful growth still ahead, especially if Livmarli succeeds in the EXPAND study - which we expect it will and will push peak sales towards $1B/yr. MIRM is already approaching profitability with its existing portfolio; volixibat and brelovitug synergize nicely and should see meaningful bottom-line contribution. While it's premature to pinpoint the ultimate PSC/PBC split for volixibat (in part because we lack insight into pricing, and in part because PBC is bigger but has more competitor dynamics) - we still believe this asset can easily surpass $1b in peak sales and potentially approach $2B - especially if we factor ex-U.S. sales (MIRM plans to launch in selective territories). Brelovitug for HDV appears to be meaningfully derisked, and we expect positive data this year - the HDV market is a little hazier, but on a global basis, we're comfortable assuming peak sales in the $300-500M range. So with a line of sight to peak sales in the $3B range (or higher) and our model forecast for nearly $8/share in EPS in 2030 growing to ~$13/share in 2032, we still see considerable upside from the current -$100/share stock price and ~ $6B mkt cap.

$xbi Exclusive: $MRK, rivals eye deal for $INBX experimental cancer drug, okizekibart, tied to Keytruda, sources say. 🎩 @Reuters