Summary of Key Points from Biotechnology Equity Research Conference Call Industry Overview - The report focuses on the biotechnology sector, specifically highlighting companies with significant potential for growth and upcoming catalysts in 2026. Key Companies and Their Outlook 1. **Dianthus Therapeutics, Inc. (DNTH)** - Market Cap: $1.82 billion - Price Target: $66 - Key catalysts include: - CIDP Phase III interim analysis in Q2 2026 - Initiation of gMG Phase III study in mid-2026 - Phase II MMN topline data in 2H26 - Potential for significant upside based on peak revenue estimates of ~$2 billion across neuromuscular diseases [19][20][24] 2. **Taysha Gene Therapies, Inc. (TSHA)** - Market Cap: $1.50 billion - Price Target: $11 - Focus on pivotal study for TSHA-102 in Rett syndrome with potential for a 6-month interim readout by YE26/1Q27 [26][27] 3. **Tyra Biosciences (TYRA)** - Market Cap: $1.36 billion - Price Target: $32 - Major catalysts include: - Phase III data for achondroplasia in early 2026 - Initial data for IR-NMIBC in 1H26 - Potential to disrupt the market with oral FGFR3 inhibitors [31][35] 4. **Tango Therapeutics, Inc. (TNGX)** - Market Cap: $1.15 billion - Price Target: $14 - Expected to show de-risking data for vopimetostat in combination with RVMD's RAS inhibitors in 2026 [37][40] 5. **ORIC Pharmaceuticals (ORIC)** - Market Cap: $783 million - Price Target: $23 - Key catalysts include dose-optimization data for prostate cancer and validating data from PFE's MEVPRO-1 trial [42][48] 6. **Solid Biosciences (SLDB)** - Market Cap: $463 million - Price Target: $15 - Focus on DMD program with key regulatory feedback expected in 1H26 [49][53] Major Catalysts and Events - **Upcoming Catalysts:** - RARE and MREO Phase III ORBIT final analysis expected in Dec'25/Jan'26 with potential stock movements of +100%/-30% [2] - ALNY, CRSP, and others expected to provide revenue guidance and business plans early in 2026 [1] - Regulatory events including FDA's Rare Disease Day on 2/23/26 [12] - **Drug Launches:** - Expected launches in 2026 include drugs from ALNY, ARWR, KALV, and others targeting various conditions [3] Financial Updates - **Price Target Changes:** - ARWR raised from $67 to $90 - KOD raised from $24 to $39 [6][10] Market Dynamics - **Pricing Stability:** - 2026 net pricing expected to remain stable with current Medicare contracts influencing high gross-to-net (GTN) guidance [12] - **Strategic Interest:** - Potential for M&A activity as companies like ORIC attract interest due to their prostate cancer programs [43] Conclusion - The biotechnology sector is poised for significant developments in 2026, with multiple companies presenting strong investment opportunities based on upcoming catalysts, drug launches, and strategic positioning in the market.

Group 1: Microsoft Corporation - Microsoft Corporation continues to show strong performance in cloud computing, with Azure revenue growth of 35% year-over-year [1] - The company reported a total revenue of $52.9 billion for the last quarter, reflecting a 12% increase compared to the previous year [1] - Microsoft’s focus on AI integration across its products is expected to drive future growth and enhance competitive positioning [1] Group 2: California Resources Corp - California Resources Corp has seen a significant increase in oil production, reporting a 10% rise in output to 130,000 barrels per day [1] - The company’s financial health is improving, with a net income of $150 million for the last quarter, up from $100 million a year earlier [1] - California Resources Corp is actively pursuing sustainability initiatives, aiming to reduce carbon emissions by 25% by 2025 [1] Group 3: Tango Therapeutics Inc - Tango Therapeutics Inc has made advancements in its drug pipeline, with two candidates entering late-stage clinical trials [1] - The company reported a cash position of $200 million, providing a strong runway for ongoing research and development [1] - Partnerships with larger pharmaceutical companies are being explored to enhance the development of its therapies [1]

Core Insights - Jefferies has released a report on the outlook for the U.S. biotech industry in 2026, highlighting key clinical trial data disclosures, new drug approvals, and policy dynamics that could lead to value re-evaluation for companies in the sector [1] Six Preferred Stocks - Jefferies identified six companies as core recommendations for 2026 based on market catalysts and valuation potential: - Dianthus Therapeutics (DNTH.US), target price $66: Focused on claseprubart for various neuromuscular diseases, with peak revenue estimated at $2 billion [2] - Taysha Gene Therapies (TSHA.US), target price $11: TSHA-102 for Rett syndrome, with peak revenue potential of $2 billion and a key trial data disclosure expected by the end of 2026 [2] - Tyra Biosciences (TYRA.US), target price $32: Dabogratinib for bladder cancer and achondroplasia, with critical data expected next year [3] - Tango Therapeutics (TNGX.US), target price $14: Collaboration with Revolution Medicines for a pancreatic cancer treatment, with data expected in mid-2026 [3] - ORIC Pharmaceuticals (ORIC.US), target price $23: Two potential assets targeting prostate cancer and lung cancer, with key data expected next year [4] - Solid Biosciences (SLDB.US), target price $15: Focused on gene therapy for Duchenne muscular dystrophy, with critical meetings with the FDA planned for 2026 [4] Seven Undervalued Companies - The report also highlighted seven undervalued companies with significant catalysts: - Ultragenyx Pharmaceutical (RARE.US), target price $114: Expected key catalysts in 2026, including data for treatments for osteogenesis imperfecta and Angelman syndrome [5] - Beam Therapeutics (BEAM.US), target price $41: Updates on AATD therapy and SCD therapy expected in 2026, showcasing strong potential [5] - Aurinia Pharmaceuticals (AUPH.US), target price $21: Steady growth in lupus nephritis treatment, with new drug development paths expected to expand growth [6] - Kodiak Sciences (KOD.US), target price $39: Anticipated data from three pivotal trials in 2026, with significant potential for stock volatility [7] - Intellia Therapeutics (NTLA.US), target price $45: Key data for hereditary angioedema therapy expected in mid-2026, with sufficient cash reserves to support operations [7] - Compass Therapeutics (CMPX.US), target price $8: Data for cholangiocarcinoma therapy expected in early 2026, with a significant market opportunity [8] - KalVista Pharmaceuticals (KALV.US), target price $38: First oral treatment for hereditary angioedema expected to see rapid growth in 2026 [8] Five Potential Acquisition Targets - Jefferies identified five companies that may become acquisition targets in 2026 due to their unique assets or market positions: - Arrowhead Pharmaceuticals (ARWR.US): Strong RNAi product line for cardiovascular and metabolic diseases [9] - Celcuity (CELC.US): Unique efficacy of gedatolisib in breast cancer [9] - ORIC Pharmaceuticals: High-value prostate and lung cancer projects [9] - Travere Therapeutics (TVTX.US): Potential for significant market expansion in rare kidney diseases [9] - KalVista Pharmaceuticals: First-mover advantage in oral HAE treatment [9]

Industry Overview - The biotech sector has shown a strong recovery in 2025, with the Nasdaq Biotechnology Index rising by 33.1% year to date after bottoming out in April 2025 due to potential steep tariffs impacting the pharma and biotech sectors [1][2] - Key drivers of this rally include new drug approvals, a positive pipeline, regulatory updates, and a surge in mergers and acquisitions (M&A) activity, with the FDA approving over 42 drugs so far this year [2][3] M&A Activity - The year has seen a significant increase in M&A activity, driven by the changing landscape and focus on AI-driven drug discovery, as large pharmaceutical and biotech companies seek to expand and diversify their product portfolios amid rising generic competition [3] Regulatory Agreements - The Trump administration has signed agreements with major pharma and biotech companies, including Gilead Sciences, Amgen, Merck, and Novartis, aimed at lowering prescription drug prices for chronic conditions [4] - These companies are expected to collectively invest at least $150 billion in domestic production in the near term, indicating a commitment to innovation in medical treatments [5] Company Highlights EyePoint, Inc. (EYPT) - EYPT focuses on developing innovative therapeutics for serious retinal diseases, with its lead candidate, Duravyu, being evaluated in late-stage studies for wet age-related macular degeneration [7][11] - EYPT's shares have surged by 140.5% in 2025, with a current average target price of $34.18 representing an upside of 100.35% [12] ANI Pharmaceuticals (ANIP) - ANIP is a diversified biopharmaceutical company with a strong focus on rare diseases, particularly through its ACTH-based injection, Cortrophin Gel, which saw sales jump by 70% year over year to $236 million in the first nine months of 2025 [13][14] - The stock has gained 52.9% over the year, with a current average target price of $109.25 representing an upside of 31.9% [16] Tango Therapeutics (TNGX) - Tango Therapeutics is focused on precision oncology, developing treatments based on synthetic lethality for specific tumors, with promising pipeline candidates including PRMT5 inhibitors for various cancers [17][19] - TNGX shares have increased by 163.8% in the past year, with a current average target price of $13.22 representing an upside of 56.26% [21]

Industry Overview - The biotech industry has shown strong performance in 2025 despite a challenging macroeconomic environment, driven by new drug approvals and pipeline progress [1] - Mergers and acquisitions (M&A) surged in 2025, with large pharmaceutical and biotech companies expanding their portfolios through strategic collaborations and acquisitions [2] - The Zacks Biomedical and Genetics industry has outperformed both the Zacks Medical sector and the S&P 500, gaining 22.1% in the last six months compared to 12.5% and 16.5% respectively [18] Key Trends - Innovation and execution are critical, with a focus on high-profile drugs and innovative pipeline development, particularly with the rise of AI technology in drug discovery [6] - Successful commercialization is essential for drug uptake, often requiring collaborations with larger firms due to funding and expertise limitations of smaller biotechs [7] - Pipeline setbacks and potential tariffs pose challenges, as drug development is costly and time-consuming, with many drugs taking years to gain regulatory approval [13][14] Notable Companies - Amicus Therapeutics (FOLD) has performed well, with its lead drug Galafold showing strong demand and recent FDA approval for Pombiliti + Opfolda boosting its portfolio [24] - ANI Pharmaceuticals (ANIP) has seen significant growth in its rare disease franchise, with sales of its ACTH-based injection Cortrophin Gel surging 70% year-over-year [28] - Arcutis Biotherapeutics (ARQT) is focused on treating inflammatory skin diseases, with its lead product Zoryve performing well and expanding its label [32] - Tango Therapeutics is developing precision medicine for oncology, with promising data from its ongoing studies [36] - Pacira BioSciences (PCRX) maintains momentum with its lead drug Exparel and is looking to expand its label further [38]

Core Viewpoint - Tango Therapeutics, Inc. is set to present at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, highlighting its focus on precision medicine for cancer treatment [1]. Company Overview - Tango Therapeutics is a clinical-stage biotechnology company focused on discovering novel drug targets and developing precision medicine for cancer treatment [3]. - The company employs the genetic principle of synthetic lethality to identify and create therapies targeting critical cancer-related elements [3]. Event Details - Barbara Weber, M.D., the President and CEO of Tango Therapeutics, will deliver the corporate presentation at 9:45am PST/12:45pm EST [1]. - A live webcast of the presentation will be available on the company's website, with a replay archived for 90 days post-event [2].

Group 1 - Tango Therapeutics, Inc. (TNGX) closed at $9.63, with a 22.4% gain over the past four weeks, and a mean price target of $13.22 suggests a 37.3% upside potential [1] - The mean estimate includes nine short-term price targets with a standard deviation of $1.39, indicating variability; the lowest estimate is $11.00 (14.2% increase), while the highest is $15.00 (55.8% increase) [2] - Analysts show strong agreement on TNGX's ability to report better earnings, with a positive trend in earnings estimate revisions, which is a strong indicator of potential upside [4][11] Group 2 - The Zacks Consensus Estimate for TNGX has increased by 2.3% due to one upward revision in the last 30 days, with no negative revisions [12] - TNGX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential upside [13] - While consensus price targets may not be reliable for exact gains, they can provide a directional guide for price movement [14]

Summary of Tango Therapeutics FY Conference Call Company Overview - **Company**: Tango Therapeutics (NasdaqGM:TNGX) - **Focus**: Small molecule precision oncology targeting novel cancer pathways - **Key Programs**: Three clinical programs including bopametastat (TNG462), TNG456, and TNG260 [5][8] Key Clinical Programs Bopametastat (TNG462) - **Type**: MTA cooperative PRMT5 inhibitor - **Clinical Data**: - Overall response rate of 27% in over 150 patients, compared to 23% for BMS504 [5][6] - Median progression-free survival (PFS) of 6.4 months [5] - In second-line pancreatic cancer, overall response rate of 25% with median PFS of 7.2 months, significantly better than standard chemotherapy (2-3.5 months) [6][14] - In a selective cohort (excluding certain cancers), overall response rate was 49% with median PFS exceeding 9 months [7] - **Market Potential**: Approximately 60,000 MTAP-deleted cancer patients in the US annually, including 20,000 pancreatic cancer patients [8] TNG456 - **Description**: Brain-penetrant version of TNG462, targeting glioblastoma (GBM) [7] - **Patient Population**: 40% of GBM patients are MTAP-deleted, with about 8,000 new cases annually in the US [7] TNG260 - **Status**: Early proof of concept in non-small cell lung cancer (NSCLC) patients with specific mutations [8] Competitive Landscape - **Main Competitor**: BMS504, with ongoing studies exploring various dose levels [11] - **Differentiators**: Bopametastat shows superior safety profile (less GI toxicity, less rash) and has a defined dose for pivotal studies [11][13] - **Strategic Positioning**: Tango is the first PRMT5 inhibitor to combine with KRAS inhibitors, enhancing its competitive edge [13] Clinical Trial Design and Strategy - **Upcoming Pivotal Study**: - Focused on second-line pancreatic cancer, comparing bopametastat to standard chemotherapy [27] - Approximately 300 patients, utilizing a hierarchical design for statistical efficiency [27][28] - **FDA Alignment**: Successfully completed end-of-phase meeting with FDA, confirming trial design [29] Market Dynamics - **Emerging Treatments**: KRAS inhibitors like Diraxonracib expected to gain approval, with Tango positioning itself for second-line treatment [24] - **Combination Strategies**: Plans to explore combinations of bopametastat with Diraxonracib in both pancreatic and NSCLC [34] Financial Outlook - **Cash Runway**: Sufficient funds to support operations through 2028, covering pivotal studies and ongoing clinical trials [47] Key Takeaways - **Focus for 2026**: Execution of pivotal studies and advancing combination therapies with Revolution Medicines [47] - **Long-term Vision**: Aim to establish a strong position in both second-line and frontline treatment settings for pancreatic cancer and other malignancies [25][47]

Core Insights - Tango Therapeutics, Inc. is participating in the Piper Sandler 37th Annual Healthcare Conference on December 3, 2025, with Adam Crystal, M.D., Ph.D., President of Research & Development, scheduled for a fireside chat [1] Company Overview - Tango Therapeutics is a clinical-stage biotechnology company focused on discovering novel drug targets and advancing precision medicine for cancer treatment [3] - The company utilizes the genetic principle of synthetic lethality to develop therapies targeting critical cancer-related targets [3] - More information about the company can be found on their website [3]

Core Insights - Tango Therapeutics, Inc. (TNGX) is being initiated with a Buy rating due to its successful development of its lead candidate, PRMT5 [2] Company Overview - Tango Therapeutics is focused on the biotechnology sector, particularly in developing innovative therapies [2] - The company has a robust pipeline that includes its lead candidate, which is positioned for potential market success [2] Analyst Background - The analysis is provided by a seasoned investor with extensive experience in the biotech sector, leveraging an Applied Science background to identify long-term value in healthcare investments [2]