Tim Carmichael

$TGTX JPMORGAN SubQ Momentum Building; SubQ Bioavailability Data Expected in the Coming Weeks Briumvi 1Q Demand Strength was driven by new pt starts starts plus stronger-than-expected persistence with March setting a monthly record. Mgmt noted 25K+ patients have been prescribed Briumvi globally, reinforcing that the franchise is moving beyond early adoption into a growing installed base. MGTalso noted that Briumvi is now the top anti-CD20 by dynamic share in private practices with infusion capabilities.

$TGTX Jefferies ⬆️PT $57 from 42 1Q26: Nice Beat/Raise; Subq Briumvi Major Potential Upside for RMS Franchise

$TGTX caught up with mGT Briumvi's US net rev for 1Q26 beat consensus & reached $195M. '26 guidance for US Briumvi net product rev raised to ~$885-900M. Briumvi SC, Briumvi IV consolidated initial doses, Briumvi for MG, &azer-cell programs are progressing, 😎w/data updates in '26+. Cash/ equivalents are $573M, w/Briumvi's rev supporting operations. PT to $57 from $46, driven by an increase in IV Briumvi peak penetration to 25% from 20%.

$CYTK Offering upsized, from $650m to $700m (excluding greenshoe). > Pricing to the public of $71.00 per share, before underwriting discounts and commissions. > The gross proceeds to Cytokinetics from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Cytokinetics, are expected to be approximately $700 million. >?Additionally, Cytokinetics has granted the underwriters a 30-day option to purchase up to an additional 1,478,873 shares of its common stock at the public offering price, less underwriting discounts and commissions.

$CYTK “ONE STOP SHOP” Positive ACACIA data (and subsequent aficamten approval in nHCM) would support Myqorzo preference amongst a broad set of cardiologists. While cardiology/HCM specialists are more familiar with the nuances between nHCM and oHCM subtypes, making such a distinction remains an added task (and increased burden) for many general cardiologist practitioners. If aficamten were approved for both HCM subtypes, this would greatly support adoption/preference in a broad set of cardiologists who are likely to find it easier to use aficamten as a one-stop-shop drug that they could use in all HCM patients as opposed to evaluating HCM status in their patients and then deciding whether to prescribe mavacamten versus aficamten.

$CYTK short interest

$AXSM PT raised to $281 at Deutsche Bank

$TGTX GS will benefit from increasing share of at-home administered SC formulations, and estimate unadjusted $2.6B peak sales across the Briumvi franchise (vs. $2B prior). Further, we stress our estimates for peak revenue based on potential biosimilar competition,

ServiceNow ($NOW) has dropped over 60% from its all time highs (and other SaaS stocks have also been hard hit) over fears of SaaSpocalypse- thesis that AI agents like Claude Cowork are disrupting their business model NOW’s earrings report yesterday actually refuted these fears. The "SaaSpocalypse" theory suggests that AI agents (like Claude) will make SaaS platforms obsolete by automating workflows that used to require many human "seats." However, ServiceNow’s data showed the opposite: 1) AI Monetization is Exploding: Their AI product, Now Assist, saw customers spending over $1 million in annual contract value (ACV) grow by over 130% year-over-year. 2) Strong Top-Line Growth: Subscription revenue grew 22% (19% in constant currency), beating guidance. This suggests that instead of replacing ServiceNow, customers are paying more to add ServiceNow’s own AI agents into their workflows. 

3) RPO Growth: Remaining Performance Obligations (the backlog of contracted work) surged 25% to $27.7 billion, showing that enterprise commitment to the platform is actually accelerating, not shrinking. 4) In addition, NOW actually raised its 2026 AI revenue guidance from $1 billion to $1.5 billion. That is tangible evidence that they are successfully monetizing agents, not being replaced by them. So, why did the stock sell off over 12% after hours? 1) Net Margin Drop: The primary reason for the 12%+ drop was a margin drop caused by ServiceNow's recent aggressive spending spree. The company has spent over $11 billion recently on acquisitions like Armis ($7.7B), Moveworks ($2.9B), and Veza (~$1B). These acquisitions increase short term costs and lower short term profits but their strengthen the company’s moat over the long run. they are a land grab for the "Security + AI" layer of the enterprise. By the time Claude agents are widely deployed, ServiceNow wants to be the platform that governs and secures them. 2) Gross Margin Compression: Management lowered the full-year subscription gross margin outlook to 81.5% (analysts expected 82.1%). 

3) GAAP EPS Miss: While the company beat on non-GAAP "adjusted" earnings, it significantly missed on GAAP EPS ($0.38 vs. $0.89 expected) due to the costs associated with integrating these massive deals. 4) Macro/Geopolitics: CEO Bill McDermott noted a 75 basis point headwind caused by delayed closings of large on-premise deals in the Middle East due to ongoing regional conflict. NOW is suffering from a "success tax." They are spending heavily to dominate the AI agent era, and while that is working for their revenue, it is temporarily hurting their profit margins. The 12% drop is a reaction to how they are paying for growth, not a sign that their business model is being destroyed by Anthropic or OpenAI. As an investor who is in for the long run, this temporary drop does not concern me at all. In fact, I am assured that their economic moat continues to grow and their business model continues to be resilient .