美国中小盘生物科技板块：新增覆盖标的：把握生物科技行业上行红利

New CoverageOffersOpportunityto Participate in Biotech Upside Initiating Coverage Opportunities Abound as We Look to Next Waves ofInnovation in Biotech. We initiate coverage on ABVX, ANAB,CLDX, CRVS, MNPR, ORKA, RAPT, and TVRD. U.S. Small & Mid Cap BiotechnologyPOSITIVEUnchanged U.S. Small & Mid Cap Biotechnology Etzer Darout, PhD+1 212 526 6940etzer.darout@barclays.comBCI, US Opportunities Are Knocking as We Look to Next Wavesof Innovation in Biotech Jordan Becker, PhD+1 212 526 3960jordan.becker1@barclays.comBCI, US Our new coverage list includes several opportunities with near-term inflections. We initiatecoverage of 8 new companies across Inflammation & Immunology (I&I), rare disease, andoncology that encompass a broad spectrum of indications that we believe representopportunities to participate in the recent momentum for SMID Cap biotechnology. While SMIDCap biotechnology names have binary risk, we believe investments supported by prior clinicaldata or de-risked mechanisms of actions represent risk-reward that is skewed to the upside. Inour updated coverage list investment ideas include ABVX, MNPR, ORKA, and ANAB butcompanies like TVRD and CRVS have near-term inflections that could support first-in-classopportunities in major therapeutic categories like IPF (TVRD) and atopic dermaitis (CRVS). Weinitiate CLDX at Underweight given our cautious view of the risk/benefit profile of barzolvolimabin dermatologic indications. Lukas Shumway, PhD+1 212 526 7293lukas.shumway@barclays.comBCI, US The market continues to reward new mechanisms and modes of action that potentiallyimprove dosing frequency and compliance. We're continuing to see meaningful momentum inSMID Cap Biotech and we believe our coverage includes stories that allow investors toparticipate in potential biotech upside. Over the last six months, the Nasdaq BiotechnologyIndex (NBI) and the S&P Biotech Select Industry Index (SPSIBI) have returned 34% and 49%,respectively (compared to S&P 500 returns of 26%), with recent M&A announcements providingadditional tailwinds. Scientific advancements continue to lead to new paradigms in thetreatment of a range of disease where patients have an inadequate or suboptimal response tocurrent treatments. Our new coverage includes new mechanisms that represent first in classopportunities (ABVX, ANAB, CLDX, CRVS, MNPR, TVRD) as well as new modalities in diseases withestablished mechanisms of actions (ORKA, RAPT). A significant and growing population in immune-related conditions drive our continuedinterest in I&I. As many as 50 million people in the US alonesufferfrom at least oneautoimmune disease condition, making it the third most prevalent disease category, surpassedonly by cancer and heart disease. According to cited literature, more than 2.5% of thepopulation isaffectedby an autoimmune condition globally, and many autoimmune conditions Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. Please see analyst certifications and important disclosures beginning on page 148.Completed: 12-Oct-25, 16:58 GMTReleased: 13-Oct-25, 04:10 GMTRestricted - External lackeffectivetreatments. Immunology drugs have demonstrated commercial success,exemplified by ABBV’s Humira, which reached peak sales of ~$21bn in 2022 for the treatment ofvarious autoimmune diseases and projections for new therapies like Skyrizi (IL23) whichevaluate consensus estimates reaching sales of ~$30bn in 2030. Part of the success of drugs likeHumira is the multi-indication potential in immunology given the overlapping pathophysiologyof many immunology indications. We acknowledge that large indications will require significant funding and likely thesupport of large Pharma players. Large indications like atopic dermatitis, inflammatory boweldisease, and psoriasis will require a great deal of capital for advancement into late-stagedevelopment and commercialization. Therefore, success will be predicated on largepartnerships or strategic acquisitions by large Pharma players that will have to weigh theseassets against internal programs and priorities. While these are risks to our Overweight names,we believe successful clinical de-risking of programs we're positive on will draw significantinterest from strategic players in I&I. Opportunities Are Knocking as We Look to Next Waves of Innovation inBiotech. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1New Names Expand the Opportunity Set in Our Coverage. . . . . . . . . . . .6Abivax (ABVX) - Overweight, $142 Price Target. . . . . . . . . . . . . . . . . . . . . . 14AnaptysBio (ANAB) - Overweight, $78 Price Target. . . . . . . . . . . . .