Guggenheim reiterated $ORKA Buy-$200 after the Co. announced 16-week interim data from the Ph IIb EVERLAST-B study (n = 187) of ORKA-001 (ultra-long-acting anti-IL-23p19 mAb) in psoriasis (PSO). UCBJY $ABBV PTGX $JNJ APGE SYRE ABVX NVS LLY BMY TAK Guggenheim said in its note: In short, ORKA-001 (600mg dose) achieved 61% PASI-100 (28 of 46 patients), in line with our upside scenario of ~55-60%, replicating the ~63% PASI-100 seen in EVERLAST-A. There was also a clear dose response, with the highest dose delivering the best efficacy on the most stringent endpoint. Across two independent studies, ORKA-001 has shown a ~15-20 percentage point PASI-100 improvement over Skyrizi (~43.5% PASI-100 in its pivotal program; range 36-51%), which should position ORKA-001 as the best-in-class IL-23 inhibitor once approved. We view the EVERLAST-B interim results as a positive signal for the 52-week EVERLAST-A data in December, which is testing Q12M dosing feasibility and remains the key investor focus. For context, 70-80% of patients who achieve PASI-100 on Skyrizi and/or Tremfya maintain that response. A similar maintenance rate on ORKA-001 would support annual dosing in most patients, with Q6M as an option for the rest. From a reimbursement perspective, ORKA's goal is to secure both dosing intervals on the label. We model ~$7B in peak global sales for ORKA-001. Reiterate BUY; PT remains $200.

Yorkville Ives reiterated $SPCX Outperform-$225 $TSLA $GOOGL AMZN ASTS BA LMT RCKT FLY Yorkville Ives said in its note: SpaceX closed $40 billion of debt financing for GPUs on Sunday, and in our view the terms it got say more about where the Al infrastructure race is heading than the headline number does. The financing is callable debt through a special purpose vehicle that keeps it off the balance sheet and protects the investment-grade rating, the chips arrive in the first half of 2027, and it sits on top of a fourth-quarter capex guide of $35 to $40 billion against $19.6 billion in 3Q. Musk's framing was blunt: debt markets have "almost entirely shut off" for companies without substantial revenue independent of Al data centers, and more than 200 neoclouds face consolidation or failure. SpaceX gets the money because Starlink and launch throw off cash that has nothing to do with Al, the same reason the hyperscalers can keep spending while single-purpose compute renters are repriced. We disagree with the broad version of that call: compute demand still exceeds supply, and neoclouds with contracted capacity and funded balance sheets will keep filling the gap the hyperscalers cannot. But there will be losers, and they will be the ones that built on debt against uncontracted demand. SpaceX is making itself one of the handful of balance sheets that can fund gigawatts. The Superintelligence segment did $7.6 billion of revenue in 3Q at a 66% EBITDA margin, nameplate compute was 1.7 GW heading to more than 2 GW by year-end and roughly 10 GW by the end of 2027, and the contracted base includes Anthropic at $1.25 billion a month, Google at $920 million a month, and a fourth hosting agreement at about $13 billion a year from December. The $40 billion funds the capacity those contracts need, and what separates SpaceX from a neocloud is the stack around the GPUs: its own silicon from the Austin fab, Starship, Starlink, and its own frontier models as captive demand. We believe this is the right strategic move for SpaceX to further build out its hyperscaler footprint in this Al Arms Race that is now in full motion. The Tesla piece is where the strategy gets explicit. On the 3Q calls Musk said both companies have formed special committees of independent directors, that he is recused, that terms have not been agreed, and that Tesla would need approval from 50% of all shares outstanding, which he called a high hurdle. He was equally clear that he thinks a combination is a good idea, citing Sl software, chip design, Terafab, robotics, mass to orbit, and connectivity, and Tesla already holds a $2 billion SpaceX stake. We put the odds of a merger by the end of 2027 at 80% to 90%, and we think the price that gets it through is above $500 a share for Tesla. The hurdle is a Tesla shareholder base that owns the stock for autonomy and Optimus and will not vote for an exchange ratio that values those businesses at today's price. Our $500 target values the vehicle fleet at about $165 and autonomy and Optimus at about $335, and a deal below that asks Tesla holders to hand the optionality to SpaceX at a discount. Above it, the combination gives Tesla's autonomy and robotics stack the compute, silicon, and capital it would otherwise have to buy, and we expect the committees to converge there.

Monness Crespi Hardt🏁 $SOFI Buy-$20 $HOOD $AFRM PYPL UPST Monness Crespi Hardt said in its initiation report: Cheap at 13.2x our FY28E EPS: the -13% since 7/28 has moved essentially in step w/ rate markets turning to price hikes, the reset is largely hedged and, in our model, a one-quarter event, $14.62 discounts only ~3.3% perpetual growth, and ex the mark we are ~7% above the Street on FY27E-FY28E EPS. Underneath, the product engine is accelerating: products +42% to 24.4m in 2Q26 (twice the member adds), 51% of new products opened by existing members (35% a year ago) and the Tech Platform +13% q/q after the Galileo client loss (with a call option on stablecoin bank tech adoption for settlement issuer processing embedded). We treat the 10/27 mark (3Q26E EPS of $0.07 vs. $0.165 consensus) as a downside sensitivity and an event risk, not the organizing principle: a 10th-percentile mark costs ~$0.24 of one-time EPS and leaves $1.11 of FY28E EPS (18x = $20) intact for ~0.5pt of CET1 (~15% by 2H27E on our model), and 16.9% of float short suggests much of it is discounted. We believe SOFI among the neos represents most compelling tuck in value for an incumbent bank or tech platform.

Guggenheim reiterated $CLYM Buy-$35 after the Co. presented updates on budoprutug (budo; anti-CD19) in PMN and two healthy-volunteer (HV) datasets for CLYM116 (anti APRIL sweeper mAb) at ASN Kidney week 2026. $VERA $TVTX JBIO RHHBY BIIB VRTX Guggenheim said -- Budoprutug: Peripheral B-cell depletion was deep and dose dependent (98% at 600 mg vs. 74% at 200 mg at Week 4), suggesting the Phase III dose will likely exceed 200 mg; we look forward to more mature data from all cohorts. In a largely treatment-experienced population, the 200 mg cohort showed ~70% anti-PLA2R reduction and 38% immunologic remission at Week 12, and budo was well tolerated at both doses. CLYM116: Half-life was ~33 days in both studies, with no meaningful TMDD. The 480 mg and 800 mg cohorts sustained >90% free-APRIL suppression through Week 12 and lowered Gd-IgA1 (~67-71%), IgA (~60% at 800 mg vs. ~50% at 480 mg) and IgM. The China 800 mg cohort matches the NAVIGATE-2 loading dose, and modeling clearly supports an 800 mg loading dose followed by 400 mg Q12W. Safety was clean. Overall, we view these updates as positive, with multiple key readouts for both assets expected in 2027.

Stifel⬆️ $ORIC's PT to $18 from $14 and reiterated Buy after de-risking presentations for ORIC at ESMO $PFE $JNJ AZN DSNKY IPSEY BAYRY AVBP CGEM Stifel said in its note -- At ESMO there were numerous de-risking presentations for ORIC that motivated us to raise our TP to $18 (previously $14, maintaining Buy rating) ahead of the MEVPRO-1 binary: (1) enozertinib poster, (2) PFE's mevrometostat mCRPC monotherapy poster, and (3) preclinical rinzimetostat poster. While we see near term upside potential for ORIC beyond what is captured in our TP, we remain conservative given: (1) the trickiness of topline binary readthroughs from pharma (limited info in PR expected), (2) after MEVPRO-1 topline we expect ORIC will come under pressure to present updated Ph1 rinzimetostat combo data, (3) interesting RIPTAC data from JNJ/Halda (JNJ-6143) presented at ESMO adds a new dynamic to the mCRPC competitive landscape, and (4) investor hesitancy to give credit in atypical EGFR NSCLC (e.g. BDTX trades near-zero EV despite also showing compelling CNS activity). Our TP does not include M&A premium, values ORIC in-line with mid-cap biotech peer group.

Bernstein Societe Generale⬆️ $SPCX's PT to $268 from $248, reiterated Outperform and said -- We raise our SpaceX outlook primarily on terrestrial Al build plans. $TSLA $AMZN ASTS LMT BA RKCT FLY Bernstein Societe Generale added—We believe the case for a multi-trillion dollar valuation rests on success of orbital data centers. But, the company's outlook for terrestrial Al is a material add to the overall revenue path. The Enterprise & Government Connectivity subsegment also appears to be outperforming. SpaceX now projects $500bn to $1tn in revenues exiting 2027. Our estimate is well below, with full 2028 at $424bn. But, that is an increase. And, as we have said, you do not need to go all the way to the company's plan to make SpaceX attractive. Elon talked of a possible Tesla merger and SpaceX is reportedly discussing a telco tower deal. We make no assumptions on either here. We now assume a total of 13GW of terrestrial compute by the end of 2027 – 5GW above our prior estimate. Most importantly, the company stressed prices it is getting for compute capacity, suggesting that it is above the $30-50/watt level of recent deals. We have taken our pricing up, although not to that level. We we add capacity in 2028 up to 20GW. These additions come with capex, which we estimate at $35bn/GW. If the company achieves its pricing expectations, there could be more upside, both for terrestrial and orbital. SpaceX plans first orbital data center launches in late 2027, with operations beginning mid-2028. Orbital data centers were not discussed on the call, Starship launches were. Flight 15 should be within a few weeks, with a plan to capture both booster and Starship. The company said the heat shield performed well on Flight 14, which could set up the first reuse of Starship on Flight 16. Reusability is key to making orbital data centers successful.

Jefferies: Updated Ph II data from $IOVA (Buy; $20) for Amtagvi plus PD-1 in 1L melanoma showed durable PFS competitive w/ approved combos, supporting the ongoing Ph III TILVANCE-301 and pot'l expansion into 1L melanoma, w/ +VE read-thru to pivotal NSCLC data expected in 4Q26 despite the small sample size.

Stifel⬆️ $TNGX's PT to $55, maintained Buy and said -- TNGX presented updated vopimetostat+daraxonrasib data and disclosed Ph3 1L PDAC regulatory alignment with trial initiation in 1H27. $RVMD $IMRX ERAS ANL BBOT VSTM Stifel added—TNGX also announced de-prioritization of novel target discovery (~14% workforce reduction) to focus on vopimetostat and TNG456, with Vopi NSCLC and TNG456 updates now expected in Jan-27. We raise peak sales to ~$7.1B (previously ~$4.9B), potentially still conservative. We maintain our Buy rating and raise TP to $55 (previously $40).

Baird⬆️ $BHVN's PT to $48 from $42, reiterated Outperform and said -- Positive on regulatory update. $SRPT $IONS ARWR Baird added—The disclosure of an accepted NDA for troriluzole (now branded as Vyglxia) with a 1Q27 PDUFA is a positive surprise. Although management hinted at a potential resurrection at their spring event, they have been relatively quiet on the topic since then. It appears they have been working in the background towards a resubmission and today's news includes two derisking events, submission and acceptance. We expect debate into AdCom and PDUFA but see probability of approval of 50%, which leads to a revised target price of $48.

H.C. Wainwright reiterated $KYTX Buy-$25 and said -- Full year KYSA-8 data strengthens rolling SPS BLA with additional functional and quality-of-life evidence. $CABA $RNAC ARGX BMY AUTL NVS CRSP ALLO CRBU H.C. Wainwright added—September's topline carried the walking-speed, responder, walking-aid, and immunotherapy results; today's release adds the secondary-endpoint numbers and the exploratory findings. Completion of the rolling Biologics License Application (BLA), targeted by management for 4Q26, remains the next regulatory catalyst ahead of a potential 2027 launch. Miv-cel could become the first approved therapy for SPS and the first approved CAR-T therapy for autoimmune disease.

H.C. Wainwright🏁 $PBLS Buy-$40 and said -- Unlocking oncology's most elusive targets: a de-risked lead asset, expansive pipeline, and validated platform. $REGN $IMNM MKKGY ESAIY APLM H.C. Wainwright said in its initiation report: Parabilis is a clinical-stage biotechnology Co. pioneering innovative Tx's against some of cancer's most critical and historically undruggable protein targets—initial data for zolucatetide in desmoid tumors potentially position it as the preferred choice for both physicians and patients. We are initiating coverage of Parabilis Medicines, a clinical-stage biotechnology company pioneering innovative therapies against some of cancer's most critical and historically undruggable protein targets (e.g., Wnt/ẞ-catenin), with a Buy rating and 12-month price target of $40 per share. At the core of Parabilis lies its proprietary Helicon platform, which integrates advanced Al- and physics-based computational modeling with high-throughput peptide synthesis and experimental screening to discover and develop drug candidates. Through this platform, Parabilis can create stabilized a-helical peptide-based drug candidates (i.e., Helicons) that combine the precision of antibodies with the intracellular access and tunability of small molecules, enabling direct engagement of historically inaccessible protein targets In our view, the company offers a compelling investment opportunity underpinned by several key attributes: (1) a de-risked lead asset (discussed in the following paragraph); (2) an initial focus on niche markets, affording strategic flexibility and the potential to self-commercialize through small, targeted sales forces; (3) meaningful upside potential from several additional early-stage pipeline assets; and (4) external validation of the Helicon platform through the recently executed collaboration agreement with Regeneron.

Cantor🏁 $CELC Overweight; PT $140 $FTH $RLAY RHHBY AZN Cantor said in its initiation report: Celcuity is a commercial-stage oncology company that recently launched its first product, Revtorpyk (gedatolisib), a dual pan-PI3K/mTOR inhibitor, in second-line (2L) HR+/HER2- breast cancer. The initial approval covers PIK3CA-wildtype patients (~60% of the 2L population), with an expected expansion into PIK3CA-mutant disease next year that would address the entire 2L population. We view Celcuity as one of the few commercial-stage oncology companies with a credible path to multi-billion-dollar peak sales, offering investors an attractive launch driven growth story with additional strategic optionality.

Baird🏁 $KARD and said -- Initiating coverage with an Outperform rating and $43 price target. $CYTK EWTX BMY TNYA $MLYS AZN RCKT ALNY RHHBY TECX TENX MRK BAYRY IONS Baird added—We like Kardigan's three-asset precision-cardiology portfolio, anchored by danicamtiv's potential to improve heart function in familial/genetic DCM, where we believe the myosin activator mechanism is well-positioned for success (particularly in the sarcomeric core patients). In addition to danicamtiv, ataciguat in CAVS and tonlamarsen in ASH offer additional higher-risk higher-reward shots-on-goal and with Phase 2 readouts across all three programs expected 1H27, we see multiple opportunities for clinical validation (all three of which target high-unmet-need indications) to drive share-price appreciation.

Jefferies⬆️ $IRON's PT to $149 from $128 and reiterated Buy $CUVL $GSK BMY INCY KROS Here's what Jefferies said in its note: We caught up w/ mgmt and discussed w/ investors post-Ph3 (+)/ best-in-disease topline from bito, first disease-modifying drug. We are increasingly bullish on Bito's commercial oppt'y w/~6-14K tangible pt pool for potential $1-2B opp'y. We see high POS for pot'l approval by mid'27 after NDA resubmission by YE26. Beyond Bito, IRON will provide data and reg updates for MF anemia program and longer data follow-up for PV program before YE26, likely at ASH'26.

TD Cowen⬆️ $ROIV's PT to $62 from $55 and reiterated Buy after what they called spectacular Phase 3 data for brepocitinib in non-infectious uveitis (NIU). $PFE $ABBV BMY LLY TD Cowen said that after the unequivocally positive and potentially paradigm-shifting data, they raised their view of NIU odds of success to 100% and now model about $3B in global NIU sales and overall global brepocitinib sales of $6.1B by FY33.

H.C. Wainwright reiterated $EPRX at Buy-$11 after $AZN and $AMGN reported full results from the positive Phase 3 CROSSING trial of TEZSPIRE in EoE. REGN - SNY PHAT TRAX BMY ABBV H.C. Wainwright said -- While the results introduce another potentially effective biologic competitor into the EoE treatment landscape, we do not view the data as diminishing the opportunity for EPRX's EP-104GI. In fact, we believe the magnitude of TEZSPIRE's histologic benefit relative to its more modest placebo-adjusted symptom improvement reinforces the opportunity for differentiated therapies that can deliver durable improvements in both symptoms and tissue health. We continue to view EP-104GI's potential to provide sustained efficacy following a single administration as an attractive differentiator versus biologics requiring chronic treatment. With the placebo-controlled Phase 2b RESOLVE interim analysis expected in December, we believe EPRX offers a favorable risk-reward ahead of a meaningful catalyst.

Piper Sandler reiterated $ABVX Overweight-$175 and said -- Obefazimod's Differentiated Profile Reinforced by UEGW Data $TAK $PTGX - JNJ SYRE CRVS ABBV PALI RHHBY MRK TEVA Piper Sandler added—Remain Overweight-rated on ABVX shares following additional ABTECT-Maintenance subgroup data presented at UEGW today. Building on the UEGW abstract, the new analyses show higher endoscopic improvement and HEMI rates with obefazimod than pbo across prior AT-failure subgroups, including in patients with prior JAK inhibitor failure. Coupled with the separate VERDICT readout from Takeda (not covered), which supports the clinical relevance of objective mucosal endpoints, these data underscore the importance of obe's best-in-disease endoscopic-remission, which remain strong even among patients with prior AT-IR. While ABVX shares have struggled of late (down ~30% since early August) for a variety of reasons, we continue to believe in the fundamental value of obe as a highly differentiated treatment option in IBD, a view strengthened by the UEGW data, and continue to believe shares are undervalued at current levels. Remain buyers.

Stifel reiterated $LBRX Buy-$53 and said -- We're reiterating our Buy rating on LBRX, after spending time with CEO Heather Turner, COO/CBO Gad Soffer, and CFO Joseph Miller at an investor lunch/NDR. $SNY $SPTX MPLT BMY PRAX JNJ ABBV RAPP OTSKY TEVA HLUBF HLBBF DRUG NBIX Stifel added — For the upcoming ph3 schizophrenia readout in 1H27, our optimism on LB-102 is anchored around (1) its shared mechanism with amisulpride, which is approved ex-US for schizophrenia on the basis of multiple successful RCTs, (2) positive ph2 schizophrenia study for LB-102 which supports a better safety profile vs the approved atypicals, and (3) management commentary around study execution including measures to mitigate placebo, along with a larger N and longer duration to improve power. Overall, we think LBRX offers an attractive catalyst path ahead with the more de-risked schizophrenia readout, plus shots-ongoal in mood disorders including ph2 BPD (1Q28) and adjunctive MDD (1H29) studies—we also discussed LB's plans to study '102 in schizophrenia negative symptoms and AD agitation/psychosis which are very large market opportunities.

JPMorgan⬆️ $SPCX's PT to $500 from $240 and reiterated Overweight $TSLA $AMZN ASTS BA RKLB LMT FLY JPMorgan said -- Regarding a potential SPCX-TSLA merger, Elon noted that both companies have formed special committees to discuss a potential deal and that there are significant merits to a combination, but it would require shareholder approval and there are no guarantees. We believe regulatory considerations could also be a factor, as outlined overnight in JPM Autos analyst Rajat Gupta's note on a potential merger Like at 2Q earnings, our estimates again increase significantly, pulling forward more than another year in our model. We estimate 2027- ending compute of 10 GW and total 2027 revenue of $254B, suggesting a 2027-ending ARR of ~$400B compared to the $500B-$1T range expected by management. Our estimate increases are substantial, with 2027 & 2028 numbers more than doubling, but we also acknowledge that a lot has to go right for SPCX to hit these numbers including successfully building out the compute, securing significant capital, & continuing to benefit from a very strong demand environment. We reiterate our Overweight rating & increase our PT from $240 to $500 based on 20x our 2028E GAAP EPS of $24.41.

TD Cowen⬆️ $AUPH's PT to $18 from $17, reiterated Buy and said -- We are updating our model in conjunction with TD Cowen Biotech's Q3 earnings preview. $GSK $RHHBY AZN VERA OTSKY TD Cowen added—We are adjusting our DCF-derived PT to $18 to reflect updated share count and R&D costs for 2026 ($60MM vs. $65MM previously). We are encouraged by Lupkynis' durable growth as KOLs expect usage should steadily grow as docs gain experience. Aritinercept is now being assessed in four POC studies, including MG.