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$NVDA - NVIDIA: PLANNING TO USE 50% OF FREE CASH FOR INVESTOR RETURNS

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$TGTX nice to hear these 2 updates here Present preliminary Phase 1 azer-cel data in Progressive MS in the second half of 2026 ENROLLMENT is exceeding trial sites 👍 •Announce pivotal topline data for subcutaneous BRIUMVI (ublituximab) year-end SUBq could double peak estimates for $THTX

Raymond James⬆️ $BBIO's PT to $89 from $85, reiterated Outperform and said, Infigratinib efficacy comes in competitive with/slightly ahead of the CNP class. Infigratinib met its primary endpoint at Week 52, demonstrating an LS mean difference in annualized height velocity (AHV) vs. placebo of +1.74 cm/yr (p<0.0001); with all the caveats of cross-trial comparison, this comes in slightly ahead of the bar set by CNPs in Phase 3 (~+1.5 cm/yr vs. pbo), notably in a population with a slightly higher baseline AHV than CNP comps. The trial also achieved statistical significance on CFB in height Z-score (LS mean +0.32 SD vs. pbo, p<0.0001). Encouragingly, infigratinib showed favorable trends on proportionality in the full trial population (LS mean -0.02 vs. pbo, p =. 1849; similar to CNP data); a pre-specified exploratory subgroup analysis including children <8 y.o was stat-sig on proportionality. Taken together, we view these results as establishing a very competitive efficacy profile with CNPs (perhaps slightly ahead), though we expect debate will persist on the meaningfulness of AHV differentiation vs. the CNP class (particularly should CNP + HGH combo reach market, offering substantial incremental potential on catch-up growth). • Topline safety looks relatively clean; ACH regulatory filings planned for 2H 2026. Safety was in focus for PROPEL, with pre-data concerns around selectivity profile (FGFR1-3i); today's results provide some incremental comfort on this front, in our view: BBIO reported no d/cs related to AEs (total trial d/c rate was not disclosed), no observed AEs characteristic of FGFR1/2 inhibition (e.g. ocular), and 3 cases of mild, transient, asymptomatic hyperphosphatemia (a ~4% rate, lower than BBIO's self-set 10% bar). Encouraging to our eyes, longitudinal serum phosphate data suggest phos levels ~similar to placebo (or at most only slightly elevated) across the treatment period. With positive Phase 3 results in-hand, BBIO plans to submit regulatory filings (FDA and EMA) for infigratinib in ACH during 2H 2026; a detailed scientific presentation is also expected this year. • Increasing our target to $89 on Phase 3 de-risking. We increase our infigratinib program PoS from 65% to 90% on today's positive Phase 3 results, maintaining our long-term ~$1B peak sales estimate for infigratinib in ACH. We note longer-term approval in hypochondroplasia (a population potentially as large as ACH, with perhaps greater intent-to-treat in the U.S., in our view) represents upside to our model (not yet explicitly included). As a result of these updates, our target increases to $89. We reiterate Outperform.