本周路演中的三个关键投资者情绪主题

Michael J. Yee * | Equity Analyst(415) 229-1535 | michael.yee@jefferies.comDina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com (3) We have been seeing small-cap M&A pick up and some deals getting done - w/ perhaps morein H2 after a quiet H1.... We wrote (here) about 4-5 small-cap deals getting done incl two privates(Boston Pharma for NASH and SiteOne for Nav1.8 pain). We note AKRO is another smid-bio thatinvestors view as more valuable comp to Boston Pharma for NASH, so there is more interest bypharma now as valuations have come down in H1 - this would also be a more favorable setup andtailwind to the sector vs the challenges of H1.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksAkero Therapeutics, Inc.Our price target is DCF-based. Risks include clinical, regulatory, and commercial.Gilead Sciences, Inc.Our price target is based on a pipeline-adjusted DCF and multiple of our EPS estimate. Risks include competition, pipeline disappointments, and worse-than-expected sales.Analyst Certification:I, Michael J. Yee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Dina Elmonshed, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Yang, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Matthew Hagood, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Madeleine Lee, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from AkeroTherapeutics, Inc. within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from AkeroTherapeutics, Inc..Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for AkeroTherapeutics, Inc. or one of its affiliates.Within the past twelve months, Akero Therapeutics, Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for AkeroTherapeutics, Inc. or one of its affiliates within the past twelve months.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within