Track record
Every buy, sell, and watch call Biotech Distilled has published — scored against XBI, the biotech index.
As of Nov 6, 2026 · hypothetical editorial record, not investment advice
How to read this page
- Buy
- A buy call I published — Core = higher conviction.
- Spec buy
- A speculative buy — higher risk, smaller-size idea.
- Avoid
- A call to stay away — scored by the loss it sidestepped.
- Buy▵
- Conviction changed since the call opened — e.g. opened as a Spec buy, now a Buy. The badge shows today's conviction; the linked post is the opening call. Hover the badge for the date it changed.
- Entry
- The first closing price after I published the call — if I posted after the 4pm ET close, that's the next session's close, since it's the first price you could actually have traded at.
- Now
- The latest available closing price — on a closed call, the price it exited at, not today's price.
- Return
- Percent change from Entry to Now. Read it with the call type: on a buy, higher is better; on an avoid it is the stock's move, so a big positive number means the avoid was wrong. vs XBI is the column that scores every call the same way.
- vs XBI
- XBI is the biotech index ETF. This is Return minus XBI's return over the same dates — the value added beyond just buying the index. For avoids, the loss saved vs holding XBI.
- Dates
- Opened and Closed are the market sessions the call was priced at, which is usually the session after the post — a call published after the 4pm ET bell on a Friday prices on Monday. Hover a date to see which post it came from.
- Open / Closed
- Open = still live. Closed = realized; the return runs to the first close after I flipped the call. Where a buyout settled at a known cash price, I use that instead.
Top buy calls
| Call | Buy | Now | Return | vs XBI |
|---|---|---|---|---|
| ETON Eton Pharmaceuticals Buy | $18.22 | $56.46 | +209.9% | +189.8 |
| SYRE Spyre Therapeutics Buy | $33.47 | $103.86 | +210.3% | +183.1 |
| REPL Replimune Group Buy | $9.00 | $21.62 | +140.2% | +126.2 |
| CAPR Capricor Therapeutics Spec buy | $4.17 | $9.00 | +115.8% | +115.6 |
| DRTS Alpha Tau Medical Spec buy | $5.90 | $13.72 | +132.5% | +112.2 |
| DFTX Definium Therapeutics Buy | $15.02 | $33.27 | +121.5% | +101.5 |
| IBRX ImmunityBio Buy | $3.95 | $8.63 | +118.6% | +96.1 |
| XERS Xeris Biopharma Spec buy | $7.93 | $15.20 | +91.7% | +95 |
| XNCR Xencor Buy | $21.49 | $35.75 | +66.4% | +65.9 |
| ABSI Absci Buy | $5.90 | $10.17 | +72.4% | +59.4 |
What I told you to avoid
| Call | Since | Stock | Saved vs XBI |
|---|---|---|---|
| RVPH Reviva Pharmaceuticals Avoid | Jan 26, 2026 | -93.9% | +113.1 |
| LGVN Longeveron Avoid | May 11, 2026 | -78.4% | +91.4 |
| NRSN NeuroSense Therapeutics Avoid | Jul 13, 2026 | -88.5% | +86.5 |
| APVO Aptevo Therapeutics Avoid | Jun 16, 2026 | -72.7% | +85.2 |
| ACTU Actuate Therapeutics Avoid | Jul 20, 2026 | -76.5% | +77.3 |
| OTLK Outlook Therapeutics Avoid | Jul 27, 2026 | -59.1% | +60.1 |
| MRKR Marker Therapeutics Avoid | Mar 16, 2026 | -36.9% | +59.7 |
| IXHL Incannex Healthcare Avoid | Mar 16, 2026 | -32.3% | +55.2 |
Calls that paid off
Buy calls I closed in the green — including takeouts. Entry → exit, realized.
| Call | Bought | Exited | Return | vs XBI |
|---|---|---|---|---|
| FBRX Forte Biosciences Acquired | Apr 6, 2026 | Jul 28, 2026 | +189.9% | +173.6 |
| CRNX Crinetics Pharmaceuticals Acquired | Apr 2, 2026 | Jul 7, 2026 | +124.4% | +97.3 |
| ATAI Atai Beckley Acquired | Dec 24, 2025 | Jul 17, 2026 | +72.3% | +50.2 |
| APGE Apogee Therapeutics Acquired | May 5, 2026 | Jun 23, 2026 | +59.5% | +49.6 |
| CNTA Centessa Pharmaceuticals plc Acquired | Mar 16, 2026 | Jun 23, 2026 | +43.2% | +24.4 |
| QURE uniQure Spec buy | Jun 18, 2026 | Jun 23, 2026 | +5.9% | +1.4 |
| ENTA Enanta Pharmaceuticals Buy | Feb 17, 2026 | Jul 6, 2026 | +4.7% | -24.5 |
Every call
| Call | Entry | Now | Return | vs XBI | Status | Opened |
|---|---|---|---|---|---|---|
| ETON Eton Pharmaceuticals Buy | $18.22 | $56.46 | +209.9% | +189.8 | Open | Feb 19, 2026 |
| SYRE Spyre Therapeutics Buy | $33.47 | $103.86 | +210.3% | +183.1 | Open | Dec 18, 2025 |
| FBRX Forte Biosciences Buy▵ | $26.44 | $76.65 | +189.9% | +173.6 | Closed Jul 28, 2026 | Apr 6, 2026 |
| REPL Replimune Group Buy▵ | $9.00 | $21.62 | +140.2% | +126.2 | Open | Jun 1, 2026 |
| CAPR Capricor Therapeutics Spec buy | $4.17 | $9.00 | +115.8% | +115.6 | Open | Aug 4, 2026 |
| RVPH Reviva Pharmaceuticals Avoid | $6.04 | $0.37 | -93.9% | +113.1 | Open | Jan 26, 2026 |
| DRTS Alpha Tau Medical Spec buy | $5.90 | $13.72 | +132.5% | +112.2 | Open | Jan 7, 2026 |
| DFTX Definium Therapeutics Buy | $15.02 | $33.27 | +121.5% | +101.5 | Open | Jan 14, 2026 |
| CRNX Crinetics Pharmaceuticals Buy | $37.23 | $83.53 | +124.4% | +97.3 | Closed Jul 7, 2026 | Apr 2, 2026 |
| IBRX ImmunityBio Buy▵ | $3.95 | $8.63 | +118.6% | +96.1 | Open | Jan 15, 2026 |
| XERS Xeris Biopharma Spec buy | $7.93 | $15.20 | +91.7% | +95 | Open | Aug 7, 2026 |
| LGVN Longeveron Avoid | $8.38 | $1.81 | -78.4% | +91.4 | Open | May 11, 2026 |
| GOSS Gossamer Bio Avoid | $34.29 | $14.00 | -59.2% | +88.9 | Closed Aug 24, 2026 | Mar 2, 2026 |
| NRSN NeuroSense Therapeutics Avoid | $14.60 | $1.68 | -88.5% | +86.5 | Open | Jul 13, 2026 |
| APVO Aptevo Therapeutics Avoid | $4.54 | $1.24 | -72.7% | +85.2 | Open | Jun 16, 2026 |
| ACTU Actuate Therapeutics Avoid | $1.40 | $0.33 | -76.5% | +77.3 | Open | Jul 20, 2026 |
| XNCR Xencor Buy▵ | $21.49 | $35.75 | +66.4% | +65.9 | Open | Jul 30, 2026 |
| ACTU Actuate Therapeutics Avoid | $6.49 | $2.89 | -55.5% | +62.2 | Closed May 12, 2026 | Jan 7, 2026 |
| VNDA Vanda Pharmaceuticals Avoid | $6.20 | $4.00 | -35.5% | +61.9 | Closed Oct 28, 2026 | Feb 17, 2026 |
| OTLK Outlook Therapeutics Avoid | $1.06 | $0.44 | -59.1% | +60.1 | Open | Jul 27, 2026 |
| MRKR Marker Therapeutics Avoid | $1.41 | $0.89 | -36.9% | +59.7 | Open | Mar 16, 2026 |
| ABSI Absci Buy▵ | $5.90 | $10.17 | +72.4% | +59.4 | Open | May 8, 2026 |
| IXHL Incannex Healthcare Avoid | $3.31 | $2.24 | -32.3% | +55.2 | Open | Mar 16, 2026 |
| KAPA Kairos Pharma Avoid | $2.17 | $0.87 | -59.9% | +53.7 | Closed Oct 7, 2026 | Aug 18, 2026 |
| PHIO Phio Pharmaceuticals Avoid | $1.32 | $0.80 | -39.3% | +50.9 | Open | Apr 15, 2026 |
| ORKA Oruka Therapeutics Buy | $63.18 | $102.86 | +62.8% | +50.8 | Open | May 13, 2026 |
| ATAI Atai Beckley Spec buy | $4.19 | $7.22 | +72.3% | +50.2 | Closed Jul 17, 2026 | Dec 24, 2025 |
| APGE Apogee Therapeutics Buy | $83.29 | $132.88 | +59.5% | +49.6 | Closed Jun 23, 2026 | May 5, 2026 |
| ELTX Elicio Therapeutics Avoid | $3.29 | $1.51 | -54.2% | +48.8 | Open | Jul 6, 2026 |
| EXEL Exelixis Spec buy▵ | $41.36 | $69.57 | +68.2% | +46.2 | Open | Jan 30, 2026 |
| EVMN Evommune Avoid | $13.29 | $6.92 | -47.9% | +45.5 | Closed Oct 2, 2026 | Jun 30, 2026 |
| CING Cingulate Avoid | $5.84 | $5.09 | -12.8% | +45.4 | Closed Aug 14, 2026 | Mar 30, 2026 |
| ALDX Aldeyra Therapeutics Avoid | $1.23 | $0.63 | -48.5% | +45 | Open | Sep 30, 2026 |
| PCSA Processa Pharmaceuticals Avoid | $2.87 | $2.04 | -28.9% | +43.6 | Closed Jul 30, 2026 | Apr 13, 2026 |
| HELP Helus Pharma Spec buy | $6.61 | $8.96 | +35.6% | +39.4 | Open | Jun 30, 2026 |
| OVID Ovid Therapeutics Spec buy | $1.81 | $2.85 | +57.5% | +39 | Open | Jan 27, 2026 |
| ONCY Oncolytics Biotech Avoid | $0.77 | $0.44 | -42.9% | +39 | Open | Sep 17, 2026 |
| TLSA Tiziana Life Sciences Avoid | $1.11 | $0.69 | -37.8% | +38.7 | Open | Oct 6, 2026 |
| GANX Gain Therapeutics Avoid | $1.71 | $1.03 | -39.8% | +38.3 | Open | Oct 2, 2026 |
| IVVD Invivyd Avoid | $0.96 | $0.56 | -41.6% | +35.6 | Open | Sep 22, 2026 |
| KYMR Kymera Therapeutics Buy | $87.35 | $131.73 | +50.8% | +35.3 | Open | Apr 9, 2026 |
| BMEA Biomea Fusion Avoid | $0.84 | $0.57 | -32.2% | +33.8 | Open | Oct 15, 2026 |
| CMPX Compass Therapeutics Avoid | $1.17 | $0.76 | -35.1% | +33.2 | Open | Sep 23, 2026 |
| COYA Coya Therapeutics Avoid | $4.34 | $2.99 | -31.1% | +32.7 | Open | Oct 15, 2026 |
| SION Sionna Therapeutics Avoid | $5.10 | $3.28 | -35.7% | +32 | Open | Aug 11, 2026 |
| PYPD PolyPid Spec buy | $4.78 | $6.14 | +28.5% | +31.4 | Open | Aug 13, 2026 |
| ZYME Zymeworks Buy▵ | $23.54 | $29.63 | +25.9% | +29.1 | Open | Aug 7, 2026 |
| CRBU Caribou Biosciences Avoid | $0.62 | $0.45 | -27.2% | +28.5 | Open | Oct 7, 2026 |
| TTRX Turn Therapeutics Spec buy | $6.42 | $9.48 | +47.7% | +28.5 | Open | Jun 2, 2026 |
| PTN Palatin Technologies Avoid | $9.12 | $6.27 | -31.2% | +28.3 | Open | Sep 29, 2026 |
| VSTM Verastem Buy▵ | $6.74 | $8.41 | +24.8% | +28.1 | Open | Aug 7, 2026 |
| LQDA Liquidia Spec buy | $33.94 | $44.40 | +30.8% | +27.1 | Open | Oct 14, 2026 |
| ARDX Ardelyx Avoid | $4.00 | $2.88 | -28% | +24.7 | Open | Aug 7, 2026 |
| CNTA Centessa Pharmaceuticals plc Buy | $28.29 | $40.50 | +43.2% | +24.4 | Closed Jun 23, 2026 | Mar 16, 2026 |
| CGON CG Oncology Buy | $53.81 | $75.99 | +41.2% | +22.3 | Open | Jan 23, 2026 |
| MBRX Moleculin Biotech Avoid | $11.34 | $8.70 | -23.3% | +20.8 | Open | Sep 24, 2026 |
| VOR Vor Biopharma Spec buy | $14.63 | $19.88 | +35.9% | +19.4 | Open | May 15, 2026 |
| LEGN Legend Biotech Spec buy | $20.65 | $23.40 | +13.3% | +17.8 | Open | Aug 12, 2026 |
| MDNAF Medicenna Therapeutics Avoid | $0.40 | $0.32 | -20% | +17.6 | Closed May 20, 2026 | May 14, 2026 |
| CMMB Chemomab Therapeutics Avoid | $1.64 | $1.32 | -19.5% | +16.7 | Open | Sep 28, 2026 |
| HELP Helus Pharma Avoid | $5.52 | $4.32 | -21.7% | +15.2 | Closed Mar 30, 2026 | Mar 9, 2026 |
| HURA TuHURA Biosciences Avoid | $1.81 | $1.63 | -9.9% | +13.6 | Open | Oct 13, 2026 |
| UNCY Unicycive Therapeutics Avoid | $5.13 | $4.70 | -8.5% | +13.3 | Closed Sep 30, 2026 | Jul 27, 2026 |
| VIR Vir Biotechnology Buy | $8.99 | $12.21 | +35.8% | +13 | Open | Mar 25, 2026 |
| TVTX Travere Therapeutics Buy | $40.29 | $49.60 | +23.1% | +12.6 | Open | Apr 20, 2026 |
| IRD Opus Genetics Spec buy | $3.71 | $4.18 | +12.7% | +12.5 | Open | Aug 4, 2026 |
| EYPT EyePoint Avoid | $0.41 | $0.36 | -12.2% | +11.5 | Open | Oct 20, 2026 |
| CYDY CytoDyn Avoid | $0.37 | $0.32 | -13.5% | +11.1 | Closed Apr 27, 2026 | Apr 21, 2026 |
| SPRB Spruce Biosciences Buy▵ | $41.60 | $46.55 | +11.9% | +10.3 | Open | Jul 28, 2026 |
| BEAM Beam Therapeutics Spec buy | $25.18 | $26.41 | +4.9% | +9.4 | Open | Sep 9, 2026 |
| JANX Janux Therapeutics Buy | $14.11 | $17.63 | +24.9% | +6.9 | Open | Apr 29, 2026 |
| ABOS Acumen Pharmaceuticals Avoid | $0.24 | $0.22 | -6.7% | +6.8 | Open | Nov 2, 2026 |
| FHTX Foghorn Therapeutics Avoid | $2.02 | $1.87 | -7.4% | +6 | Open | Oct 2, 2026 |
| RVMD Revolution Medicines Buy | $177.65 | $192.28 | +8.2% | +5.7 | Open | Nov 5, 2026 |
| PMVP PMV Pharmaceuticals Spec buy | $1.29 | $1.26 | -2.3% | +4.5 | Open | Sep 1, 2026 |
| AXSM Axsome Therapeutics Avoid | $139.61 | $132.37 | -5.2% | +3.4 | Open | Nov 3, 2026 |
| AARD Aardvark Therapeutics Avoid | $1.20 | $1.17 | -2.5% | +2.6 | Open | Nov 2, 2026 |
| CRVO CervoMed Avoid | $2.44 | $2.86 | +17.2% | +2 | Closed Aug 10, 2026 | Jun 11, 2026 |
| IMNM Immunome Spec buy | $17.91 | $18.71 | +4.5% | +1.9 | Open | Nov 5, 2026 |
| GRCE Grace Therapeutics Avoid | $2.16 | $2.10 | -2.8% | +1.4 | Closed Apr 28, 2026 | Apr 27, 2026 |
| QURE uniQure Spec buy | $46.29 | $49.04 | +5.9% | +1.4 | Closed Jun 23, 2026 | Jun 18, 2026 |
| CRVO CervoMed Avoid | $1.42 | $1.42 | 0%* | 0 | Open | Nov 6, 2026 |
| DTIL Precision Biosciences Spec buy | $10.60 | $10.60 | 0% | 0 | Open | Nov 6, 2026 |
| IRON Disc Medicine Buy | $79.48 | $78.91 | -0.7% | 0 | Open | Oct 20, 2026 |
| IMCR Immunocore Spec buy | $32.00 | $30.99 | -3.2% | -0.3 | Open | Sep 18, 2026 |
| ARTV Artiva Biotherapeutics Avoid | $4.28 | $4.15 | -2.9% | -0.4 | Open | Oct 28, 2026 |
| CLYM Climb Bio Buy▵ | $8.78 | $10.29 | +17.2% | -0.9 | Open | Apr 29, 2026 |
| ZBIO Zenas BioPharma Spec buy | $29.51 | $28.26 | -4.2% | -0.9 | Open | Aug 14, 2026 |
| BCTX BriaCell Therapeutics Avoid | $3.31 | $3.95 | +19.3% | -2.1 | Open | Jun 3, 2026 |
| IMVT Immunovant Buy | $26.08 | $30.53 | +17.1% | -2.5 | Open | Feb 2, 2026 |
| CRDL Cardiol Therapeutics Avoid | $1.01 | $0.99 | -1.5% | -2.8 | Open | Nov 4, 2026 |
| GHRS GH Research Buy | $15.75 | $18.61 | +18.2% | -3.3 | Open | Jan 20, 2026 |
| SGMT Sagimet Biosciences Spec buy | $8.75 | $9.85 | +12.6% | -3.5 | Open | Apr 28, 2026 |
| PTGX Protagonist Therapeutics Buy | $147.75 | $132.04 | -10.6% | -4.3 | Open | Aug 31, 2026 |
| RNAC Cartesian Therapeutics Buy | $6.93 | $7.53 | +8.7% | -4.6 | Open | May 27, 2026 |
| PCVX Vaxcyte Buy | $66.70 | $63.89 | -4.2% | -5.1 | Open | Oct 6, 2026 |
| PCSA Processa Pharmaceuticals Spec buy | $2.04 | $1.93 | -5.4% | -5.9 | Open | Jul 30, 2026 |
| GERN Geron Avoid | $0.95 | $0.95 | 0% | -6 | Closed Nov 5, 2026 | Oct 29, 2026 |
| ADCT ADC Therapeutics Spec buy | $1.64 | $1.58 | -3.7% | -6.2 | Open | Nov 5, 2026 |
| TENX Tenax Therapeutics Avoid | $1.62 | $1.80 | +11.1% | -7.7 | Closed Sep 1, 2026 | Aug 11, 2026 |
| BLTE Belite Bio Spec buy | $178.94 | $154.19 | -13.8% | -9.3 | Open | Aug 12, 2026 |
| PEPG PepGen Spec buy | $2.85 | $2.47 | -13.3% | -10.1 | Open | Aug 7, 2026 |
| CMPS COMPASS Pathways Buy | $7.85 | $8.61 | +9.7% | -10.2 | Open | Feb 23, 2026 |
| CBIO Crescent Biopharma Buy | $15.11 | $13.54 | -10.4% | -10.5 | Open | Jul 16, 2026 |
| GRCE Grace Therapeutics Spec buy | $2.12 | $1.85 | -12.7% | -11.3 | Open | Aug 6, 2026 |
| CYDY CytoDyn Avoid | $0.22 | $0.23 | +4.5% | -11.4 | Open | Sep 1, 2026 |
| RYTM Rhythm Pharmaceuticals Buy | $102.59 | $112.28 | +9.4% | -12 | Open | Jan 20, 2026 |
| DYN Dyne Therapeutics Buy | $16.58 | $18.07 | +9% | -12.5 | Open | Jan 20, 2026 |
| OCGN Ocugen Avoid | $0.78 | $0.93 | +18.6% | -13.1 | Open | Oct 16, 2026 |
| AMLX Amylyx Pharmaceuticals Spec buy | $38.60 | $29.50 | -23.6% | -13.3 | Open | Aug 19, 2026 |
| ADMA Adma Biologics Avoid | $9.16 | $10.06 | +9.8% | -13.7 | Closed Aug 6, 2026 | Jul 6, 2026 |
| OMER Omeros Buy | $15.71 | $16.92 | +7.7% | -14.1 | Open | Dec 26, 2025 |
| LGVN Longeveron Spec buy | $8.88 | $8.38 | -5.6% | -14.4 | Closed May 11, 2026 | Mar 16, 2026 |
| ENTA Enanta Pharmaceuticals Spec buy | $13.50 | $11.00 | -18.5% | -14.8 | Open | Aug 12, 2026 |
| MDNAF Medicenna Therapeutics Spec buy | $0.32 | $0.32 | -0.6% | -14.9 | Open | May 26, 2026 |
| ARVN Arvinas Spec buy | $8.40 | $7.42 | -11.7% | -15.6 | Closed Nov 4, 2026 | Aug 5, 2026 |
| BCTX BriaCell Therapeutics Spec buy | $4.47 | $3.76 | -15.9% | -15.6 | Closed Feb 23, 2026 | Feb 2, 2026 |
| NGNE Neurogene Spec buy | $31.45 | $25.31 | -19.5% | -15.7 | Open | Jun 30, 2026 |
| NVCT Nuvectis Pharma Spec buy | $24.48 | $20.91 | -14.6% | -16.3 | Open | Jun 24, 2026 |
| ADAG Adagene Spec buy | $1.84 | $2.00 | +8.7% | -16.6 | Open | Jan 2, 2026 |
| SABS SAB Biotherapeutics Spec buy | $3.67 | $3.03 | -17.3% | -17.5 | Open | Jul 16, 2026 |
| HELP Helus Pharma Spec buy | $6.73 | $5.52 | -18% | -18.1 | Closed Mar 9, 2026 | Feb 23, 2026 |
| SLDB Solid Biosciences Spec buy | $8.39 | $6.59 | -21.5% | -18.2 | Open | Aug 7, 2026 |
| ALLO Allogene Therapeutics Spec buy | $2.25 | $2.07 | -8% | -18.5 | Closed Jun 23, 2026 | Apr 27, 2026 |
| NRIX Nurix Therapeutics Buy | $15.91 | $15.30 | -3.8% | -19.1 | Open | Apr 13, 2026 |
| SMMT Summit Therapeutics Buy | $15.94 | $16.33 | +2.4% | -19.5 | Open | Feb 20, 2026 |
| BMEA Biomea Fusion Spec buy | $1.53 | $1.49 | -2.6% | -21.6 | Closed Sep 24, 2026 | Apr 28, 2026 |
| VERA Vera Therapeutics Buy | $31.27 | $29.79 | -4.7% | -22 | Open | Jun 3, 2026 |
| INBX Inhibrx Biosciences Spec buy | $122.26 | $84.52 | -30.9% | -23.5 | Open | Sep 3, 2026 |
| ARTV Artiva Biotherapeutics Spec buy | $10.60 | $7.84 | -26% | -23.7 | Closed May 20, 2026 | May 11, 2026 |
| SRPT Sarepta Therapeutics Spec buy | $17.79 | $17.82 | +0.2% | -23.7 | Open | Feb 13, 2026 |
| CLDX Celldex Therapeutics Buy | $33.86 | $29.87 | -11.8% | -24.1 | Open | Apr 16, 2026 |
| ENTA Enanta Pharmaceuticals Buy▵ | $13.86 | $14.51 | +4.7% | -24.5 | Closed Jul 6, 2026 | Feb 17, 2026 |
| ERAS Erasca Spec buy | $11.56 | $9.11 | -21.2% | -24.6 | Closed Apr 29, 2026 | Feb 11, 2026 |
| COGT Cogent Biosciences Buy | $37.00 | $31.64 | -14.5% | -24.9 | Open | Apr 20, 2026 |
| CGEM Cullinan Therapeutics Buy▵ | $12.57 | $11.31 | -10% | -25.7 | Open | Jan 22, 2026 |
| LENZ LENZ Therapeutics Spec buy | $5.04 | $3.50 | -30.6% | -26.1 | Open | Aug 12, 2026 |
| FBIO Fortress Biotech Spec buy | $2.30 | $2.03 | -11.7% | -26.3 | Closed Oct 2, 2026 | May 14, 2026 |
| TNGX Tango Therapeutics Buy▵ | $24.87 | $21.50 | -13.6% | -26.4 | Open | May 14, 2026 |
| CRDL Cardiol Therapeutics Spec buy | $1.02 | $1.01 | -1% | -26.7 | Closed Nov 4, 2026 | Mar 2, 2026 |
| PRQR ProQR Therapeutics Spec buy | $1.94 | $1.35 | -30.4% | -27.5 | Open | Sep 10, 2026 |
| CCCC C4 Therapeutics Buy▵ | $3.68 | $3.10 | -15.8% | -27.8 | Open | May 13, 2026 |
| CRVS Corvus Pharmaceuticals Buy | $11.50 | $10.54 | -8.3% | -28.4 | Open | May 19, 2026 |
| VRDN Viridian Therapeutics Buy | $29.17 | $28.49 | -2.3% | -28.4 | Open | Feb 5, 2026 |
| NTLA Intellia Therapeutics Spec buy▵ | $13.20 | $11.35 | -14% | -30.1 | Open | Apr 28, 2026 |
| ACRS Aclaris Therapeutics Buy | $4.47 | $3.90 | -12.8% | -30.8 | Open | Apr 29, 2026 |
| CBIO Crescent Biopharma Buy | $18.52 | $15.67 | -15.4% | -31.3 | Closed Jul 15, 2026 | May 11, 2026 |
| AKTS Aktis Oncology Buy▵ | $19.73 | $15.82 | -19.8% | -32.6 | Open | May 12, 2026 |
| JBIO Jade Biosciences Spec buy | $17.75 | $15.07 | -15.1% | -34.2 | Open | Jun 2, 2026 |
| ARVN Arvinas Spec buy | $10.78 | $8.14 | -24.5% | -34.6 | Closed Jun 23, 2026 | May 4, 2026 |
| AUTL Autolus Therapeutics Spec buy | $1.95 | $1.28 | -34.4% | -34.6 | Open | Aug 4, 2026 |
| QNRX Quoin Pharmaceuticals Spec buy | $6.22 | $3.65 | -41.3% | -35 | Open | Aug 31, 2026 |
| ELTX Elicio Therapeutics Avoid | $2.76 | $3.85 | +39.5% | -35.6 | Closed Jun 18, 2026 | Jun 16, 2026 |
| NRXP NRX Pharmaceuticals Spec buy | $3.03 | $2.38 | -21.5% | -35.9 | Open | Apr 27, 2026 |
| IMMX Immix Biopharma Buy | $10.66 | $8.06 | -24.4% | -37.2 | Open | May 12, 2026 |
| CHRS Coherus Oncology Spec buy | $1.26 | $0.77 | -39.1% | -37.6 | Open | Aug 6, 2026 |
| KURA Kura Oncology Buy | $9.22 | $7.27 | -21.1% | -37.6 | Open | May 15, 2026 |
| OCS Oculis Holding Spec buy | $11.99 | $7.49 | -37.5% | -37.7 | Open | Aug 4, 2026 |
| VRCA Verrica Pharmaceuticals Spec buy | $5.69 | $3.19 | -43.9% | -37.7 | Open | Aug 28, 2026 |
| RARE Ultragenyx Pharmaceutical Buy▵ | $26.86 | $15.43 | -42.6% | -38 | Open | Aug 12, 2026 |
| ACRV Acrivon Therapeutics Buy | $1.93 | $1.61 | -16.6% | -39.6 | Open | Jan 8, 2026 |
| IPSC Century Therapeutics Spec buy | $2.21 | $1.68 | -24% | -39.8 | Open | Jun 9, 2026 |
| RCUS Arcus Biosciences Buy▵ | $24.69 | $18.28 | -26% | -40 | Open | Jun 4, 2026 |
| AGMB Agomab Therapeutics Spec buy | $12.68 | $7.64 | -39.7% | -41.4 | Open | Jun 24, 2026 |
| GERN Geron Spec buy | $1.57 | $0.95 | -39.5% | -41.6 | Closed Oct 29, 2026 | Aug 6, 2026 |
| SANA Sana Biotechnology Spec buy | $3.26 | $2.37 | -27.3% | -41.7 | Open | Apr 27, 2026 |
| ALLO Allogene Therapeutics Spec buy | $1.79 | $1.04 | -41.9% | -42 | Open | Jul 16, 2026 |
| ANAB AnaptysBio Spec buy | $65.58 | $46.45 | -29.2% | -42 | Open | May 12, 2026 |
| KTTA Pasithea Therapeutics Buy | $0.77 | $0.58 | -24.8% | -44 | Open | May 18, 2026 |
| XENE Xenon Pharmaceuticals Buy | $57.40 | $39.17 | -31.8% | -45.8 | Open | May 4, 2026 |
| MPLT MapLight Therapeutics Spec buy | $12.92 | $6.93 | -46.4% | -45.8 | Open | Aug 5, 2026 |
| RCKT Rocket Pharmaceuticals Spec buy | $3.59 | $2.38 | -33.6% | -46.5 | Open | May 11, 2026 |
| SNDX Syndax Pharmaceuticals Buy | $20.56 | $9.54 | -53.6% | -46.5 | Open | Sep 4, 2026 |
| CLNN Clene Buy▵ | $5.18 | $3.95 | -23.7% | -46.6 | Open | Jan 12, 2026 |
| ZNTL Zentalis Pharmaceuticals Spec buy | $3.83 | $1.72 | -55% | -46.9 | Open | Aug 21, 2026 |
| MAIA MAIA Biotechnology Spec buy | $1.31 | $1.06 | -19.1% | -47.2 | Open | Mar 30, 2026 |
| TSHA Taysha Gene Therapies Buy | $6.46 | $4.33 | -33% | -47.4 | Open | Apr 27, 2026 |
| CUE Cue Biopharma Buy▵ | $26.91 | $18.73 | -30.4% | -47.6 | Open | Jun 3, 2026 |
| GRCE Grace Therapeutics Spec buy▵ | $3.83 | $2.16 | -43.6% | -47.7 | Closed Apr 27, 2026 | Jan 26, 2026 |
| VKTX Viking Therapeutics Buy | $36.41 | $26.84 | -26.3% | -48.2 | Open | Dec 23, 2025 |
| CNTB Connect Biopharma Spec buy | $2.54 | $1.24 | -51.2% | -49.5 | Closed Sep 16, 2026 | Aug 13, 2026 |
| NBP NovaBridge Biosciences Spec buy | $1.95 | $0.91 | -53.3% | -49.5 | Open | Jun 30, 2026 |
| DBVT DBV Technologies Buy | $20.27 | $14.70 | -27.5% | -50 | Closed Jul 17, 2026 | Dec 22, 2025 |
| KPRX Kiora Pharmaceuticals Spec buy | $2.32 | $1.56 | -32.8% | -50 | Closed Oct 30, 2026 | Apr 27, 2026 |
| GLSI Greenwich LifeSciences Spec buy | $22.25 | $15.17 | -31.8% | -50.2 | Open | Jun 5, 2026 |
| AKBA Akebia Therapeutics Spec buy | $1.16 | $0.70 | -40% | -51.2 | Closed Oct 15, 2026 | May 8, 2026 |
| GLUE Monte Rosa Therapeutics Buy | $17.50 | $10.57 | -39.6% | -51.8 | Open | Apr 14, 2026 |
| CYDY CytoDyn Spec buy | $0.32 | $0.22 | -31.2% | -54.1 | Closed Sep 1, 2026 | Apr 27, 2026 |
| CGTX Cognition Therapeutics Spec buy | $1.08 | $0.69 | -36.4% | -56.1 | Open | Mar 9, 2026 |
| OCGN Ocugen Spec buy | $1.65 | $1.00 | -39.4% | -58 | Closed Sep 24, 2026 | Jan 22, 2026 |
| KYTX Kyverna Therapeutics Buy▵ | $8.99 | $4.88 | -45.7% | -60.1 | Open | Apr 27, 2026 |
| INAB IN8bio Spec buy | $1.56 | $0.98 | -37.2% | -60.4 | Closed Aug 7, 2026 | Jun 2, 2026 |
| ARTV Artiva Biotherapeutics Spec buy | $7.27 | $4.28 | -41.2% | -61.1 | Closed Oct 28, 2026 | Jun 9, 2026 |
| VTVT vTv Therapeutics Spec buy | $36.41 | $21.03 | -42.2% | -63.7 | Open | Feb 4, 2026 |
| IMTX Immatics Buy | $10.45 | $6.36 | -39.1% | -64.4 | Open | Jan 2, 2026 |
| ATHE Alterity Therapeutics Buy | $4.73 | $2.43 | -48.6% | -65.3 | Open | May 1, 2026 |
| BBOT BridgeBio Oncology Therapeutics Spec buy | $6.75 | $2.04 | -69.8% | -65.3 | Open | Sep 9, 2026 |
| IMRX Immuneering Spec buy▵ | $6.66 | $3.68 | -44.7% | -68.1 | Open | Dec 29, 2025 |
| GANX Gain Therapeutics Buy▵ | $3.19 | $1.71 | -46.4% | -69 | Closed Oct 2, 2026 | Dec 22, 2025 |
| GPCR Structure Therapeutics Buy | $43.56 | $20.35 | -53.3% | -69.3 | Open | Apr 28, 2026 |
| ADCT ADC Therapeutics Avoid | $1.01 | $1.73 | +71.3% | -73.6 | Closed Oct 9, 2026 | Aug 14, 2026 |
| LRMR Larimar Therapeutics Buy | $5.23 | $2.39 | -54.3% | -74.6 | Open | Mar 2, 2026 |
| ALT Altimmune Buy▵ | $4.09 | $2.08 | -49.1% | -75.8 | Open | Jan 5, 2026 |
| CTMX CytomX Therapeutics Spec buy | $4.46 | $2.19 | -50.9% | -76 | Open | Mar 23, 2026 |
| CABA Cabaletta Bio Buy▵ | $3.31 | $1.30 | -60.7% | -77.2 | Open | May 15, 2026 |
| CRBU Caribou Biosciences Spec buy | $1.94 | $0.62 | -68.2% | -79.7 | Closed Oct 7, 2026 | May 8, 2026 |
| NGEN NervGen Pharma Spec buy | $3.85 | $1.33 | -65.5% | -79.9 | Open | Apr 27, 2026 |
| CATX Perspective Therapeutics Buy▵ | $2.73 | $1.21 | -55.7% | -80.9 | Closed Oct 26, 2026 | Jan 5, 2026 |
| PMN ProMIS Neurosciences Spec buy | $14.06 | $3.00 | -78.7% | -81.5 | Closed Nov 2, 2026 | Jul 29, 2026 |
| BIOA BioAge Labs Buy | $15.34 | $5.34 | -65.2% | -84.4 | Open | May 18, 2026 |
| STRO Sutro Biopharma Buy▵ | $33.59 | $9.62 | -71.4% | -85.8 | Open | Apr 27, 2026 |
| LXEO Lexeo Therapeutics Spec buy | $8.12 | $2.89 | -64.4% | -87.2 | Open | Jan 12, 2026 |
| TARA Protara Therapeutics Spec buy | $7.43 | $2.30 | -69% | -88.9 | Open | Feb 23, 2026 |
| MIST Milestone Pharmaceuticals Buy | $2.20 | $0.76 | -65.3% | -90.6 | Open | Dec 16, 2025 |
| ERAS Erasca Avoid | $9.11 | $19.50 | +114.1% | -93.5 | Closed Jul 14, 2026 | Apr 29, 2026 |
| WVE Wave Life Sciences Buy▵ | $13.44 | $3.37 | -74.9% | -98.2 | Open | Mar 3, 2026 |
| EYPT EyePoint Buy | $13.34 | $0.41 | -96.9% | -114.4 | Closed Oct 20, 2026 | May 1, 2026 |
| ABOS Acumen Pharmaceuticals Spec buy▵ | $2.71 | $0.24 | -91.1% | -116.2 | Closed Nov 2, 2026 | Mar 23, 2026 |
| GUTS Fractyl Health Spec buy | $25.08 | $0.93 | -96.3% | -116.7 | Open | Jan 7, 2026 |
| QURE uniQure Avoid | $17.99 | $46.29 | +157.3% | -146.6 | Closed Jun 18, 2026 | Mar 9, 2026 |
| REPL Replimune Group Avoid | $1.70 | $9.00 | +429.4% | -428.3 | Closed Jun 1, 2026 | Apr 13, 2026 |
No calls match these filters.
On BD's watch list
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APEX dated to end of January 2027 with ~$153M EV over cash creating asymmetric setup on paper, and AZD5462 LUMINARA mildly supportive of RXFP1 mechanism, but bear case (relaxin history, CADENCE 6MWD flatline, WuXi sole-sourcing) unchanged; small position may warrant sizing for binary-event tolerant readers but watch-list stance maintained for everyone else.
- SEPN Septerna Watch
At ~$1.5B EV with no patient PD data and two prior oral PTH1R agonist failures, the stock is fairly priced for the Q1 2027 binary; wait for clean MAD safety/PD data or a price near $30–35 before entering.
- SCYX Scynexis Watch
The stock is back at roughly half of net cash with both Phase 1 gates cleared and real kidney expertise on staff, but an ~$8M quarterly burn strains the 2029 runway, a financing toolkit (shelf + ATM) signals likely dilution before the Q4 2027 binary, and the mechanism remains unproven in a human kidney.
- LBRX LB Pharmaceuticals Watch
Q3 cash of $403.8M and NOVA-2 on track pass two of three thesis checks, but a newly disclosed $200M ATM introduces a soft ceiling on pre-data rallies without yet tripping the PASS trigger; the SPECULATIVE BUY entry level remains ~$32.
- KROS Keros Therapeutics Watch
Keros passed capital-allocation tests (buyback executed, ATM unused) but the preclinical burn mix is unchanged and no upgrade trigger (positive RENEW or meaningful capital-return commitment) has fired.
- INMB Inmune Bio Watch
Q3 shows $16.3M cash with runway only to Q3 2027, the Australian rebate bridge is gone, the BLA date has slipped again, and the confirmatory trial has dropped off the milestone calendar, but the February MHRA filing date held and the voucher thesis remains intact, keeping the watch stance with a negative tilt.
- FATE Fate Therapeutics Watch
Fate opened a new $100M ATM with Leerink, runway guidance leans on an unsigned CIRM grant, and the pivotal-regimen CRR-only count remains missing; ACR is the defined test before any stance change.
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STRATUS-HCM delivers the placebo-controlled design with separate cohorts and objective peak VO2 primary endpoint the author asked for, but trough gradient question remains open, nHCM has no Phase 2 VO2 data, and at ~$2.62B EV the price trigger of $25–27 has not been met.
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Record Q3 thalassemia revenue of $48.7M and 75% six-month persistence strengthen the launch floor, but the SCD leg is unchanged — a REMS still looks likely, HIBISCUS reports before the February 1 label, and the voxelotor precedent remains; waiting for ASH and February 1 is still the sensible course.
- ACET Adicet Bio Watch
A going-concern warning, ADI-212 enrollment slip, and stock at ~$2.92 (deeply below $100.9M cash) make any equity raise severely dilutive; the science is unchanged but the financing gap is now the dominant risk, and the patient approach is to wait for the company to price its deal before stepping in.
- XFOR X4 Pharmaceuticals Watch
K2 covenant terms failed the 'benign' gate, locking up ~$60M from October 2027 and making a pre-topline equity raise likely, while valuation has drifted higher without any improvement in the probability of success; enrollment close remains the key remaining gate.
- RLAY Relay Therapeutics Watch
No new clinical data and a ~$4.0B market cap still pricing in a Phase 3 win on open-label numbers; the key vascular anomaly catalyst is now dated for Dec 14, warranting continued watch until confirmed, durable responses at expansion doses are shown.
- OKUR OnKure Therapeutics Watch
Q3 10-Q confirms no ATM sales and cash on plan, but PIKture-01 data remain absent and manufacturing is single-sourced in China, so the watch stance is maintained pending year-end data.
- NAMS NewAmsterdam Pharma Watch
Q3 cash held at $643.1M with ATM undrawn, but the UK launch slipped to 2027, a new MFN pricing risk disclosure suggests European prices could cap U.S. upside, and the PREVAIL DSMB recommendation remains the sole binary with no U.S. NDA date in sight.
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Patent ownership is now clean and EV has fallen to ~$1.0B improving the risk/reward, but the specialist base is thinning ahead of the PDUFA and the label, ICER final report, and payer coverage remain unresolved.
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Tranche 4 lapsed and IZAR-2 slipped to Q1 2027, worsening the clock, but valuation improved materially; the real de-risking event (HS label efficacy table content) has moved to 2027.
- HRMY Harmony Biosciences Watch
BP-205 MAD data passed safety checks but showed no efficacy signal, the Delaware ruling is now pushed to February 2027, growth slowed to 12%, and royalties are taking a larger share of revenue — the binary remains unresolved.
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Well-engineered LPA1 antagonist with validated class and funded Phase 2, but PIPE-791 has never been tested in IPF patients, its differentiation claim met a bad data point in Bristol's 120 mg arm, the FDA's blood-pressure concern has kept PROPEL-IPF out of the US, and all patents are pending.
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Q3 headline beat was driven by a one-time CareMed stocking order masking flat underlying ORLADEYO revenue, adult capsule volume is already slipping, and neither de-risking trigger for an upgrade has fired.
- ACIU AC Immune Watch
Runway extended to Q1 2028 on lean burn, but the hsCRP readout slipped to H1 2027 and VacSYn's missing biomarker numbers remain unreported, leaving 2026 with no quantified efficacy-adjacent result on any owned asset.
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ORIC has two well-chosen molecules and a clean prostate licence at a reasonable enterprise value, but its prostate efficacy case rests on 18 patients at 4.9 months and the class-validating readout belongs to Pfizer in ~February 2027, making it prudent to wait for the class answer and a mature dataset before paying.
- IDYA IDEAYA Biosciences Watch
OptimUM-10 closure removes the neoadjuvant Phase 3 and redirects savings to unproven programs; the NDA is filed but the gating IDE849 Western post-tarlatamab data is still outstanding.
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The plenary added lower-GI and large-polyp data and a strategically credentialed new chair, but the FDA registrational-path endpoint — the single fact that determines REC-4881's value and filing timeline versus the April 2029 patent expiry — has slipped to 'later this year', leaving the watch stance unchanged.
- MESO Mesoblast Watch
Two independent directors retiring with no named successors eight days before George's nominee stands for election sharpens governance risk, but the PASS trigger (loss of independent majority) cannot be confirmed until the 10 November AGM result is known.
- MAZE Maze Therapeutics Watch
MZE829 is a well-funded but credible #2 APOL1 inhibitor with a real FSGS signal but insufficient non-FSGS data to justify a position at ~$1.47B EV, with Vertex holding a 2-3 year lead and its own data in Maze's differentiation populations.
- STOK Stoke Therapeutics Watch
Zero EMPEROR discontinuations and minimal ATM use are positive, but accelerating burn reduces cash at the Q3 2027 readout and makes a pre-data raise more likely, so patience until 1H 2027 checkpoints remains warranted.
- INSM Insmed Watch
Q3 beat validates the launch curve and collapses the financing bear case, but net-versus-gross patient adds remain undisclosed and TPIP data has drifted later, so the upgrade trigger has not yet fired.
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The Duravelo-2 randomized data readout has slipped a year to 2H 2027, removing the near-term re-rating catalyst; burn is improving but no capital-allocation event has occurred, so the watch stance is maintained with no new reason to step in.
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Event #80 reached triggering database lock with topline guided by year-end; scientific risk fully intact with open-label design and near-100% peptide vaccine failure rate, while asymmetry has worsened at ~$10 vs. spring entry.
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Palazestrant's investment case hinges on an ESR1 wild-type endpoint no oral degrader has ever won, supported only by a 21-patient subset at a dose the Phase 3 does not use, making the stock a watch until OPERA-01 data clarify the outcome.
- EIKN Eikon Therapeutics Watch
Non-squamous durability resolved below KEYNOTE-189 benchmark and first randomized NSCLC read slipped to 2H 2027, weakening the NSCLC leg and making a dilutive financing before randomized proof more likely; named trigger still unfired.
- ANTX AN2 Therapeutics Watch
The PV thesis rests on an adverse event in non-PV patients with a controlled hematocrit effect smaller than phlebotomy-dependent patients need and a platelet signal pointing the wrong way; wait for Part 1 PV data before taking a position.
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Relcobatinib has a winnable Phase 3 but ENABLE-2 is designed to beat generic 2G TKIs rather than asciminib or MK-4208, and at $41.93 the stock already prices a successful 2L+ franchise plus much of a first-line future that has no trial yet.
- TGTX Tg Therapeutics Watch
Azer-cel Phase 1 shows clean safety and CSF B-cell depletion upgrading it from near-zero to a real option, but uncontrolled early data and a stock already well above the original accumulation zone keep the stance at Watch.
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Sefaxersen's 43.1% proteinuria reduction is real but does not clearly beat iptacopan and does not address TRYNGOLZA; watch list maintained into Q3 print.
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CEO and acting CMO departing after the safety readout with CMO and CFO seats still unfilled creates a leadership gap through the clinical translation window; below-cash valuation and two near-term catalysts justify only a small option-like position if held at all.
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Telix's profitable gallium imaging franchise lacks durable patent protection and is funding an unproven therapeutics strategy via dilutive M&A; wait for the ITM vote, pricing data against new competition, and BiPASS readout before owning it.
- KOD Kodiak Sciences Hold
The $350M ATM program closes the going-concern risk on favorable terms (~6% dilution at ~$91), removing the key balance-sheet bear case while PEAK in December remains the next scientific test.
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ADPKD program gains a more credible regulatory endpoint (htTKV) and a seasoned CMO, but its readout slipped to 1H 2029 past the funded runway, and the lead Alport asset's efficacy case is still n=3 on an unvalidated surrogate.
- ABVX Abivax Watch
Strong Phase 3 efficacy but all six malignancies on the 50 mg dose and a label decision a year away make the current ~$6.2B EV insufficient discount to buy.
- CADL Candel Therapeutics Watch
PrTK03 met its SPA primary endpoint but most of the DFS benefit appears at the protocol biopsy window, clinical endpoints (metastasis, salvage, OS) remain undecided, and the balance sheet reaches the FDA decision with nothing to spare.
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Silevertinib has real CNS activity but is priced at cash with an unfunded pivotal trial, afatinib-grade toxicity at the tested dose, and a leading competitor already ten months into a comparable Phase 3.
- HROW Harrow Watch
TYRVAYA closing fixed the price and added Japan royalties but did not resolve the Novaliq non-compete conflict, and adds Q4 SG&A before TYRVAYA revenue arrives; the November Q3 print remains the key test.
- ANIX Anixa Biosciences Watch
Cohort 5 produced only one stable-disease result (not an objective response) and no DLTs, modestly de-risking safety but leaving efficacy and pharmacodynamics unproven; Watch List maintained pending RECIST-confirmed responses with denominators.
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Pfizer has validated the KAT6 target but Prelude's key differentiator—KAT6A-selective degradation sparing marrow enough to combine with CDK4/6 inhibitors—has no human data, with preclinical evidence relying on racemate and tool-compound data; two dated events (Incyte option decision and first PRT13722 neutrophil counts) are needed before a position is warranted.
- NKTR Nektar Therapeutics Watch
The AA off-treatment durability data points the right way in 5/8 one-year responders but is built on n=8 with a weaker 36-week cohort, leaving the thesis intact but unproven; at ~$0.6B above cash the stock is approaching but not yet at a margin-of-safety entry point.
- QTTB Q32 Bio Watch
EADV delivered the JAK-naive/experienced split (mechanistically coherent) but the ITT mean remains withheld and responder-counting questions go unanswered, leaving the author short of speculative-buy conviction despite the enterprise value collapsing to ~$12M.
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4SIGHT DME Phase 3 initiated but SPECTRA 2-year data showed burden reduction falling from 78% to 61% and injection-free patients halving, tempering the DME commercial story while the wet AMD binary at 4FRONT-1 Q2 2027 remains the key catalyst; stock at $14.56 is above the deep-dive caution level.
- PALI Palisade Bio Watch
FDA IND clearance for ASCENTRA-CD is a clean execution milestone but does not advance or de-risk the ASCENTRA-UC Week 12 readout that constitutes the entire valuation; the dose discontinuity and absent U.S. patent remain unresolved.
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24-month eGFR gap widened to 13 points with p<0.05 at three consecutive timepoints, firming the CNI-nephrotoxicity thesis, but the undisclosed NI margin and going-concern conclusion remain unresolved ahead of a mandatory raise.
- TYRA Tyra Biosciences Watch
RA Capital's $200M add and Paradigm's new 5.8% stake confirm specialist money read the 57% CR as a dosing problem not a drug failure, strengthening the ownership leg of the thesis, but efficacy at 70 mg remains the only thing that can convert the rating.
- RNTX Rein Therapeutics Watch
The biology is real and the price is cheap, but the differentiating epithelial-regeneration mechanism has no significant human evidence, disclosure is selectively framed, and the true de-risking event is the full 120-patient RENEW Week-24 FVC dataset in 2028, not the Q4 2026 interim.
- NKTX Nkarta Watch
ACR Convergence November 8 oral slots confirmed with management signaling early efficacy, but below-cash cushion has closed at $3.23 and no lupus nephritis abstract; position is now a straight data bet.
- MGTX MeiraGTx Watch
The AQP1 mechanism is elegant and human-validated, but three of four 'pivotal' programs rest on failed, per-protocol, or compassionate-use datasets, and the fourth is 24 open-label patients on a questionnaire with no validated threshold; revisit on the AQUAx2 readout in Q2 2027, a sub-$9 print, or Hologen paying the $95M.
- KZIA Kazia Therapeutics Watch
Pharmacodynamics are genuinely interesting but every efficacy number comes from six unblinded patients on an active backbone with one ineligible patient providing the only complete response; a control arm is needed before taking a position.
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Strong biology and productive platform, but Lineage owns only ~half the economics of a lead asset it does not control on a timeline it cannot influence; revisit only on Roche's public disclosure of intent to advance OpRegen into a controlled multicenter Phase 2/3.
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The $150M ATM bridges the structural dilution gap and de-links launch spending from the approval-triggered warrant clock, but the Sopharma arbitration and NCE exclusivity question remain unresolved, keeping the stock uninvestable.
- GNLX Genelux Watch
Q2 burn accelerated to $9.6M against $18.7M total cash with the Phase 3 topline still guided to 2H 2026, tightening the runway squeeze but leaving the scientific thesis and watch-list stance unchanged.
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WATCH maintained with downgraded urgency as 39.6M warrants at $2.65 are now exercisable creating a structural ceiling, NDA slipped to mid-2027, and another financing raise is likely before the key catalyst.
- ANNX Annexon Watch
ARCHER II adds Month 24 dual primary endpoint meaning Q4 2026 delivers only a DMC verdict with full data potentially in Q1 2027; catalyst diffusion and $117.8M ATM overhead keep the stock on watch despite improved GBS outlook and runway extended into 2028.
- ZURA Zura Bio Watch
Naming PMR as the third indication — where both IL-17 and B-cell arms have randomized clinical support — narrows the bear case modestly, but the BAFF contribution in HS remains unproven and Q4 2026 remains a binary with the stock more than tripled off its lows.
- IMUX Immunic Watch
Watch list maintained as runway is now explicitly bridged to late 2027 and the commercial/regulatory team is complete, but fenebrutinib, generic Aubagio, the 5% royalty stack, and dilution overhang are unchanged, and the stock at $15.48 has compressed the pre-data asymmetry considerably.
- BCAX Bicara Therapeutics Watch
Balance sheet, trial, and M&A logic remain intact and PTAB institution improves the patent overhang picture, but efficacy case is still single-arm open-label and leadership bench will be substantially new by the time the interim prints.
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Phase 3 initiation slipped from mid-2026 to upon IND clearance due to CMC manufacturing delays, funding language softened, and no efficacy readout is expected in the next twelve months; Watch List maintained with clock reset as the next event is an IND filing, not data.
- INKT MiNK Therapeutics Watch
Encouraging early safety and biomarker data from C-1300-02 are positive but uncontrolled; the binary randomized readout has slipped to early 2027, adding two quarters of dilution risk with no change in the fundamental concerns that kept this off a Buy.
- ENTX Entera Bio Watch
Despite a de-risked mechanism and strong balance sheet post-financing, the 21-patient efficacy signal, untested Phase 3 dose, primary endpoint outside FDA's qualified 24-month context of use, and 85% post-financing markup into a 26-month catalyst desert make this the wrong entry at the wrong price.
- CGEN Compugen Watch
Near-cash EV with partnered Phase 3 royalty and Gilead option provides cushion, but the owned binary (COM701 monotherapy maintenance) rests on a post-hoc subgroup and thin single-agent data in a distrusted checkpoint class, warranting a watch rather than an immediate buy.
The full record
| Category | # calls | Beat XBI | Avg return | Avg vs XBI |
|---|---|---|---|---|
| Open buy calls | 129 | 25% | -4.4% | -14.9 |
| Core | 65 | 26% | +2.8% | -11.8 |
| Speculative | 64 | 23% | -11.8% | -18 |
| Open avoid calls | 36 | 83% | — | +33 |
| Closed buy calls | 35 | 17% | -13.8% | -27.6 |
| Closed avoids | 21 | 62% | — | -16.3 |
Hypothetical editorial track record, not a managed portfolio — past performance does not guarantee future results. Not investment advice.