$BHVN
TD Cowen it cautiously optimistic about tomorrow, May 29, R&D presentation. The focus is BHV-1300 IgG degrader.
It is up to the market interpretation if 40-50% IgG lowering is enough at that dosing level

Summary of WF 2024 list
My large positions
$VKTX $MDGL $XENE $BPMC
$KRYS $RVMD $AXSM $ITCI
Mid / small
$ARGX $ALNY $IMVT $BHVN
$IMCR $MLTX $CRSP $NTLA
$ARVN $VRNA $CYTK
LEAPS
$APLS $BBIO $TGTX $ARDX
NP with GTC orders
$RYTM $IDYA $INSM $IOVA
Don't know
$IBIX $ARWR $FOLD $RNA

$IOVA
Piper has 19 PT but reading between the lines looks skeptical.
TIL combo with PD1 looks numerically better compared to PD1 mono but does it matter for the commercial success? And how easy is to recruit ptns for the trail when you have alternative
Will pass on this one

$SLRN
Piper recommends owning it for the H2 data in HS (q3) and uveitis (end q4)
400M MC, cash 680M, cash until 2026
The new CEO doesn't have the scientific credentials of the previous one, but let's hope she is more pragmatic.
Will innitiate back the position next week at ~4

$VERA
72w Ph2b data in IgAN with no loss of kidney function - BIC so far
Topline 96w data in Q4 2024
Pivotal Ph3 trial to complete enrollment in Q3 2024; topline data in 1H 2025
2b MC with 400M cash - enough utill approval and launch

$MRUS +35% on trispecific combo with PD1 !?!
Didn't we see this movie before?
No happy ending as far as I recall (AFMD)

How it started TIL vs TCR
$IOVA +7
$IMCR -14
21% differential
How it ended
IOVA -2.4%
IMCR -4%
1.6% Differential

The WF table from 2024 has about 30 names
As a reminder - the table from June 2023 had 12 names, 4 were aquired
$CERE $IMGN $RETA $MRTX
Hit rate is impressive- 33%
It is difficult to repeat that- would mean 10 BOs by the end of 2024 from the list, but let's see in Jan 2025

I am getting questions if I'm going to keep my $IMCR position.
Yes, and I may even add.
The reason - data as monotherapy look reasonable -no TAE and discontinuations
So it can be combined with any checkpoint inhibitor.
They are starting Ph3 combo w anti-PD1

$IMCR
ImmTAC bispecific (PRAME + CD3) data
Mono efficacy looks reasonable - 61% CBR
No Gr3 AE, no discontinuations.
Obviously the market expected more.

TIL is winning (unfortunatly) the battle with TCR - for now
$IOVA data look good
$IMCR not so much
Unfortunately bc TIL is cruel treatment compared to oral TCR w/o immunosuppresion
But since TIL works, is fortunate for the patients, so I digress
Going to jump into IOVA ...soon

$CYTK
universally hated
nobody likes the CEO
All that make me feel to buy some trading shares
In at 48.50. Will add at 45.50

$SRRK PT to 29
BMO have high conviction in SMA pivotal data in Q4

Sheep of Wall Street Sounds like somebody needs to buy a life insurance policy on Blum for a good ol' Texas hedge

$CYTK
The Royalty pharma deal confirms that the BO is officially off the table

$CYTK
may come to my 50 target sooner than expected

Looks like a perfect portfolio
Even at 25% hit rate, this would mean 6- 7 BOs in a year or so from this list
I own about 2/3 of this list so probably will get 'only' 4-5 BOs
Note these are just 6 big pharma which WF tracks.

$CRNX
PT to 77
Potentially the BIC in CAH
Still small N data ( only 4), but the trend is positive

$KYMR
STAT6 degrader in asthma and other TH2 inflammations
Only preclinical though, long way to market

$MLTX
2.5B MC with 550M cash and approvable drug in ph3 in HS
Highly derisked
TAM 10B
Competition landscape
$NVS (IL-17 A)
$UCB (IL-17 A/F)
$SRLN (IL-17 A Nanobody)
$MLTX (IL-17 A/F Nanobody)