Core Insights - Investment strategist Shay Boloor has identified ten sub-$10 billion market-cap companies poised to benefit from long-term trends leading into 2026, focusing on essential platforms and hard infrastructure rather than short-term narratives [1][19] Company Summaries - **Ondas Holdings (NASDAQ: ONDS)**: Developing a wireless connectivity layer for industrial and autonomous drones, with strong revenue growth momentum and a year-to-date stock increase of over 230% [2][3] - **Cipher Mining (NASDAQ: CIFR)**: Transitioning to a digital infrastructure owner with large-scale power and data-center assets, stock up over 250% year to date [6] - **Jumia Technologies (NYSE: JMIA)**: Refining its e-commerce and logistics model in Africa, with improved order volumes and a stock gain of about 215% [7] - **DigitalOcean Holdings (NYSE: DOCN)**: Regaining investor confidence with strong earnings and positioning as an AI inference cloud, stock up 40% year to date [8] - **IREN Limited (NASDAQ: IREN)**: Expanding compute capacity with record profitability and a nearly 285% stock increase [9] - **ClearPoint Neuro (NASDAQ: CLPT)**: Advancing image-guided navigation platforms for neurosurgeons, with a stock decrease of 18% year to date [10] - **Eos Energy Enterprises (NASDAQ: EOSE)**: Developing zinc-based energy storage systems for high-load environments, stock up 170% year to date [11] - **Navitas Semiconductor (NASDAQ: NVTS)**: Supplies gallium nitride power chips for AI data centers, stock up 145% year to date despite near-term pressures [14] - **Viking Therapeutics (NASDAQ: VKTX)**: Developing GLP-1 therapies for obesity and diabetes, with a stock decrease of about 10% [16] - **TransMedics Group (NASDAQ: TMDX)**: Scaling its organ care system with a focus on logistics, stock up about 90% [18]

THIS IN HER 2026 INVESTMENT THEMES IS LISA THOMAS, MANAGING DIRECTOR AND DEPUTY HEAD OF GLOBAL RESEARCH AT TD COWEN. LISA, GOOD MORNING. GOOD TO SEE YOU. >> HEY, GOOD TO SEE YOU, FRANK.>> SO YOU CAME OUT WITH SOME SOME OUTLOOKS FOR 2026. HOW MUCH OF THIS IS DEPENDENT ON NOT ONLY GETTING A CUT TODAY, BUT THE FED CONTINUING TO CUT. >> YOU KNOW THEY'RE REALLY NOT.THESE ARE THE LONGER TERM THEMES RIGHT. SO EACH YEAR WE REALLY TRY TO PULL BACK THE APERTURE AT TD COWAN AND LOOK AT THE BROAD INVESTMENT THEMES THAT ...

Core Viewpoint - Eledon Pharmaceuticals has experienced significant activity recently, with a focus on their developments and data presented at the ASN conference [2]. Group 1: Company Overview - Eledon Pharmaceuticals is represented by Steve Perrin, President and CSO, at the Guggenheim Healthcare Innovation Conference, following the absence of CEO DA Gros due to travel issues [1]. - The company is in a phase of discussing its journey and recent data, indicating a proactive approach to engaging with stakeholders and investors [2]. Group 2: Recent Developments - The discussion will include insights from last week's ASN conference, highlighting key takeaways and future steps for Eledon Pharmaceuticals [2].

Group 1 - The company has experienced significant momentum following the release of data for brepocitinib in dermatomyositis and Graves' disease, indicating strong market potential for the asset [2] - Brepocitinib is expected to be filed next year and launched in 2027, with anticipation from the Key Opinion Leader (KOL) community and patients [2] - The clinical trial for brepocitinib demonstrated strong efficacy across 10 statistically significant endpoints, marking it as one of the cleanest trials in the CFO's 25-year healthcare career [2][3]

Core Insights - Several companies have emerged as top losers in the market, experiencing significant price movements and changes in stock performance [1] Company Summaries - **Bullfrog AI Holdings, Inc. (NASDAQ:BFRGW)**: The stock price decreased slightly to $0.41, with fluctuations between $0.41 and $0.5, and a market capitalization of approximately $4.2 million. The company remains a notable player in the healthcare sector due to its innovative approach, including licensing agreements with prestigious universities for disease treatment [2][6] - **Boqii Holding Limited (NYSE:BQ)**: The stock price dramatically dropped to $4.06, with a range from $1.62 to $56.1, indicating high volatility. The pet-focused platform in China faced challenges and acknowledged unusual trading activity in its Class A ordinary shares on October 30 and 31, 2025 [3][6] - **Charles & Colvard, Ltd. (NASDAQ:CTHR)**: The stock price adjusted to $0.7, with a market cap of approximately $2.2 million. Known for fine jewelry, including moissanite jewels and lab-grown diamonds, the company continues to innovate in the luxury goods sector [4][6] Industry Trends - Despite facing challenges reflected in their stock prices, these companies continue to innovate and push boundaries in their respective sectors, attracting attention from investors and industry analysts [5]

Core Insights - Tecan reports mid-single-digit local currency growth in Q3 2025, confirming its full-year 2025 outlook despite previous declines in Q1 and Q2 [1][2][3] Financial Performance - Sales for Q3 2025 increased by a mid-single-digit percentage in local currencies, following a mid-single-digit decline in Q1 and a low-single-digit decline in Q2 [2] - The Life Sciences Business experienced a low-single-digit sales decline, while the Partnering Business achieved a sales increase in the low teens percentage range [2] - Order intake exceeded sales in Q3, maintaining a book-to-bill ratio above 1 [2] Full-Year Outlook - Tecan confirms its full-year sales outlook, expecting sales in local currencies to range from a low single-digit percentage decline to low single-digit percentage growth, with current trends indicating performance will be in the lower half of this range [3] - The adjusted EBITDA margin forecast for full-year 2025 is reiterated at 17.5% to 18.5% of sales [4] Impact of Tariffs and Exchange Rates - The estimated net impact on the adjusted EBITDA margin for 2025 could be around 100 basis points due to higher reciprocal tariff levels [5] - If the current US dollar to Swiss franc exchange rate persists, it may lead to an additional negative impact of approximately 100 basis points on the adjusted EBITDA margin [5] Mid-Term Outlook - Tecan maintains its mid-term outlook, anticipating a return to average organic growth rates in the mid- to high-single-digit percentage range under normal market conditions [6] - Full normalization of end markets is not expected until 2026, with guidance for 2026 to be provided alongside full-year 2025 results [6] Regional Performance - Sales in the US Academia & Government sector are trending toward the middle of the initially assumed range, while demand in China remains subdued [7] - Biopharma sales in the second half of 2025 are expected to align with stable sales development seen in the first half [7] - Newly launched products and growth segments are contributing positively, with sales to the largest Partnering Business customer expected to be stable compared to the prior year [7] Market Positioning - Tecan is well-positioned to benefit from robust underlying megatrends driving increased demand for healthcare solutions [8] - The company generated sales of CHF 934 million (USD 1,062 million; EUR 984 million) in 2024, with a global presence in over 70 countries [9]

Core Insights - Thermo Fisher Scientific is a global leader in providing innovative solutions for healthcare, life sciences, and industrial applications, competing with major players like Agilent Technologies and Danaher Corporation [1] Financial Outlook - Redburn Partners set a price target of $575 for Thermo Fisher, indicating a potential price increase of approximately 7.24% from its current trading price of $536.19, reflecting confidence in the company's growth prospects [2] - The company's stock price has decreased by $2.98 or -0.55%, trading between $535.63 and $549.26 today, with a market capitalization of approximately $202.47 billion and a trading volume of 2,148,682 shares [4] Product Innovation - Thermo Fisher recently introduced the Molecular Microscope® Diagnostic System to enhance the evaluation of lung transplant rejection, aiming to improve detection and provide quantifiable results for timely treatment decisions [3][5]

Core Insights - Acentra Health's Chief Health and Informatics Officer, Dr. Ryan Bosch, has been recognized as a 2025 Innovator in Health Care by the Washington Business Journal for his contributions to healthcare innovation [1][2] Company Overview - Acentra Health is a technology and health solutions company focused on improving health outcomes for clients and the populations they serve [1] - The company combines public sector knowledge, clinical expertise, and technological innovation to modernize healthcare experiences for various partners [4] Leadership and Contributions - Dr. Bosch is a practicing internal medicine physician and a U.S. Air Force veteran, known for integrating social risk data with clinical and claims information to enhance care delivery in state Medicaid programs [2] - Under Dr. Bosch's leadership, Acentra Health has improved health outcomes for vulnerable populations across 47 states [2][3] - His efforts in data modernization have enabled states to utilize predictive analysis to address health disparities and reduce program costs [3] Innovation and Impact - Dr. Bosch's work focuses on transforming complex data into actionable insights, allowing public and commercial sector partners to provide smarter, more connected care [3] - The company aims to raise the standard of care while advancing the field of population health through data-driven strategies [3]

Group 1 - The US is considered the best country for innovation in life sciences, with a strong belief in its capacity for research and development [1][2] - The country possesses essential elements for innovation, including universities, research institutions, talent attraction, capital markets, and capable companies [2] - There is an optimistic outlook for the life science industry, with a belief that it will continue to lead in healthcare innovation despite historical ups and downs [3]

Company Overview - Acentra Health is a technology and health solutions company focused on improving outcomes for government and commercial healthcare clients [1][5] - The company partners with 45 state agencies and 15 federal clients to enhance health outcomes and generate cost savings through advanced health IT and integrated health solutions [4] Leadership Recognition - CEO Todd Stottlemyer has been named to the 2025-26 Virginia 500 Power List, marking his fourth consecutive nomination, which recognizes top leaders in various sectors [1][2] - Stottlemyer's leadership has contributed to Acentra Health's growth and expansion, including multiple acquisitions since he joined the company in 2018 [2][3] Community Engagement - Stottlemyer is actively involved in civic leadership, serving on boards and councils that promote education and economic opportunity as pathways to better health outcomes [3] - Acentra Health has been a trusted partner to the Virginia Department of Medical Assistance Services since 2007, supporting two million residents under the Cardinal Care Medicaid program [4]