avidresearch

$KPTI data imminent- Cantor •Expected stock scenarios: ◦Clear win: - Stat sig HR~0.5 with ~10mo+ mPFS benefit - Stock move: up ~60% ◦Mixed data: - Stat sig HR <0.68 with ~10mo+ mPFS benefit - Stock move: up ~0-30% ◦Outright failure: - Not stat sig on HR (HR likely > 0.68) - Stock move: down ~80%+ given debt burden and limited cash balances

Weird $KPTI after hrs price action.

$GSK to discontinue camlipixant for chronic cough. Relevant for $TRVI which has a different MoA. $GSK got the drug in the $ 2bn acquisition of Bellus Health in 2023 $BLU. $GSK's stock is down approximately $ 3bn in equivalent market cap in London.

Great news for $PSNL. Zero surprise with $MRK given PCV reading out in a couple months Two other suiters? $TEM and who? $GH may be?

M&A RUMOR via RTRS: Personalis is reportedly exploring a potential sale after takeover interest from Merck $MRK and at least two other suitors. The company is said to have hired Centerview, TD Securities and Cooley to review options. Merck is already Personalis’ top customer, representing 19% of Q1 revenue and 33% of accounts receivable, and owns more than 10% of the stock.

M&A RUMOR via RTRS: Personalis is reportedly exploring a potential sale after takeover interest from Merck $MRK and at least two other suitors. The company is said to have hired Centerview, TD Securities and Cooley to review options. Merck is already Personalis’ top customer, representing 19% of Q1 revenue and 33% of accounts receivable, and owns more than 10% of the stock.

Goldman - "As of July 13, a total of over 1.2 million leveraged retail accounts across the Korean market triggered margin calls. Approximately 320,000–360,000 accounts were fully liquidated by brokers. South Korea has an adult population (aged 15–64) of 35.7 million people… i.e. 1 in 30 (3.4%) adults got margin called."