Initiated Underperform X

ABBV AbbVie

SVB Leerink

$140

Upgrades Mkt Perform Outperform X

ABBV AbbVie

SVB Leerink

$88

Initiated Outperform X

ABCL AbCellera Biologics

SVB Leerink

$45

Downgrades Outperform Mkt Perform X

ACCD Accolade

SVB Leerink

$32 $8

Upgrades Mkt Perform Outperform X

ACCD Accolade

SVB Leerink

Downgrades Outperform Mkt Perform X

ACRS Aclaris Therapeutics

SVB Leerink

Initiated Outperform X

ACRS Aclaris Therapeutics

SVB Leerink

$13

Downgrades Outperform Mkt Perform X

ADAP Adaptimmune Therapeutics

SVB Leerink

$12 $5

Initiated Outperform X

ADRO Aduro Biotech

SVB Leerink

$9

Downgrades Outperform Mkt Perform X

ADVM Adverum Biotech

SVB Leerink

$5

Initiated Outperform X

AFMD Affimed Therapeutics

SVB Leerink

Upgrades Mkt Perform Outperform X

AGIO Agios Pharma

SVB Leerink

$33

Upgrades Mkt Perform Outperform X

AGIO Agios Pharma

SVB Leerink

$50

Downgrades Outperform Mkt Perform X

AGIO Agios Pharma

SVB Leerink

Upgrades Mkt Perform Outperform X

AGIO Agios Pharma

SVB Leerink

$80

Downgrades Outperform Mkt Perform X

AGN Allergan

SVB Leerink

Initiated Mkt Perform X

ALC Alcon

SVB Leerink

$62

Initiated Outperform X

ALDR Alder BioPharmaceuticals

SVB Leerink

Initiated Outperform X

ALEC Alector

SVB Leerink

Downgrades Outperform Mkt Perform X

ALLK Allakos

SVB Leerink

$17

Initiated Outperform X

ALPN Alpine Immune Sciences

SVB Leerink

$15

Downgrades Outperform Mkt Perform X

ALXN Alexion Pharma

SVB Leerink

Initiated Mkt Perform X

AMGN Amgen

SVB Leerink

$256

Downgrades Outperform Mkt Perform X

AMRN Amarin

SVB Leerink

$10 $3

Initiated Outperform X

AMRN Amarin

SVB Leerink

$26

Upgrades Mkt Perform Outperform X

AMRX Amneal Pharmaceuticals

SVB Leerink

$11 $5

Downgrades Outperform Mkt Perform X

AMRX Amneal Pharmaceuticals

SVB Leerink

$16 $12

Initiated Outperform X

APTX Aptinyx

SVB Leerink

$12

Initiated Outperform X

ARVN Arvinas

SVB Leerink

$115

Downgrades Outperform Mkt Perform X

ASMB Assembly Biosciences

SVB Leerink

Downgrades Outperform Mkt Perform X

ATNX Athenex

SVB Leerink

$22 $5

Downgrades Outperform Mkt Perform X

AVDR Avedro

SVB Leerink

$25 $22

Initiated Outperform X

AVDR Avedro

SVB Leerink

$20

Downgrades Outperform Mkt Perform X

AVIR Atea Pharmaceuticals

SVB Leerink

Initiated Outperform X

AXGT Axovant

SVB Leerink

$18

Initiated Outperform X

AXLA Axcella Health

SVB Leerink

$21

Initiated Outperform X

AXSM Axsome Therapeutics

SVB Leerink

$25

Initiated Outperform X

BBIO BridgeBio Pharma

SVB Leerink

$34

Initiated Outperform X

BCYC Bicycle Therapeutics

SVB Leerink

$70

Initiated Outperform X

BEAM Beam Therapeutics

SVB Leerink

$117

Upgrades Mkt Perform Outperform X

BGNE BeiGene

SVB Leerink

$177 $200

Downgrades Outperform Mkt Perform X

BGNE BeiGene

SVB Leerink

$300 $177

Downgrades Outperform Mkt Perform X

BHVN Biohaven Pharmaceutical

SVB Leerink

$150

Downgrades Outperform Mkt Perform X

BLUE Bluebirdbio

SVB Leerink

Upgrades Mkt Perform Outperform X

BNTX BioNTech

SVB Leerink

Initiated Outperform X

BOLT Bolt Biotherapeutics

SVB Leerink

$36

Upgrades Mkt Perform Outperform X

BRKR Bruker

SVB Leerink

$40 $53

Downgrades Outperform Mkt Perform X

CALA Calithera Biosciences

SVB Leerink

Upgrades Mkt Perform Outperform X

CCXI ChemoCentryx

SVB Leerink

$64

Downgrades Outperform Mkt Perform X

CCXI ChemoCentryx

SVB Leerink

Downgrades Outperform Mkt Perform X

CFRX ContraFect

SVB Leerink

$1

Initiated Outperform X

CGEM Cullinan Management

SVB Leerink

$52

Initiated Outperform X

CHNG Change Healthcare

SVB Leerink

$20

Initiated Mkt Perform X

CLOV Clover Health

SVB Leerink

$3

Downgrades Outperform Mkt Perform X

CMTA Clementia Pharmaceuticals

SVB Leerink

$26

Initiated Outperform X

CRL Charles River

SVB Leerink

$155

Initiated Outperform X

CRSP CRISPR Therapeutics

SVB Leerink

$126

Initiated Outperform X

CTIC CTI BioPharma

SVB Leerink

$13

Initiated Outperform X

DBTX Decibel Therapeutics

SVB Leerink

$26

Upgrades Mkt Perform Outperform X

DCPH Deciphera Pharmaceuticals

SVB Leerink

$70

Initiated Outperform X

DERM Dermira

SVB Leerink

$20

Downgrades Outperform Mkt Perform X

DPLO Diplomat Pharmacy

SVB Leerink

$24 $6

Initiated Mkt Perform X

EDIT Editas Medicine

SVB Leerink

$41

Downgrades Outperform Mkt Perform X

ENDP Endo Intl

SVB Leerink

Upgrades Mkt Perform Outperform X

EPZM Epizyme

SVB Leerink

$12 $16

Initiated Outperform X

EQ Equillium

SVB Leerink

$16

Initiated Outperform X

FATE Fate Therapeutics

SVB Leerink

$20

Downgrades Outperform Mkt Perform X

FDMT 4D Molecular Therapeutics

SVB Leerink

$12

Initiated Outperform X

FDMT 4D Molecular Therapeutics

SVB Leerink

$30

Upgrades Mkt Perform Outperform X

FOLD Amicus Therapeutics

SVB Leerink

$12 $16

Initiated Outperform X

FUSN Fusion Pharmaceuticals

SVB Leerink

$6

Initiated Outperform X

GBT Global Blood Therapeutics

SVB Leerink

$54

Downgrades Outperform Mkt Perform X

GDRX GoodRx

SVB Leerink

$33 $10

Initiated Mkt Perform X

GILD Gilead Sciences

SVB Leerink

$68

Initiated Outperform X

GLPG Galapagos NV

SVB Leerink

Initiated Outperform X

GMTX Gemini Therapeutics

SVB Leerink

$25

Initiated Outperform X

GNFT Genfit

SVB Leerink

$58

Initiated Outperform X

GOSS Gossamer Bio

SVB Leerink

$30

Downgrades Outperform Mkt Perform X

GRPH Graphite Bio

SVB Leerink

$11 $2

Downgrades Outperform Mkt Perform X

GSK GlaxoSmithKline

SVB Leerink

Initiated Outperform X

HALO Halozyme Therapeutics

SVB Leerink

$52

Initiated Outperform X

HALO Halozyme Therapeutics

SVB Leerink

$56

Upgrades Mkt Perform Outperform X

HIMS Hims & Hers Health

SVB Leerink

$5

Initiated Underperform X

HIMS Hims & Hers Health

SVB Leerink

$4

Initiated Outperform X

HLVX HilleVax

SVB Leerink

$30

Resumed Outperform X

HMSY HMS Holdings

SVB Leerink

$50

Downgrades Outperform Mkt Perform X

HSIC Henry Schein

SVB Leerink

$75 $70

Downgrades Outperform Mkt Perform X

HZNP Horizon Pharma

SVB Leerink

Resumed Mkt Perform X

HZNP Horizon Pharma

SVB Leerink

$95

Initiated Mkt Perform X

HZNP Horizon Pharma

SVB Leerink

$95

Downgrades Mkt Perform Underperform X

ICPT Intercept Pharma

SVB Leerink

$70

Upgrades Mkt Perform Outperform X

ILMN Illumina

SVB Leerink

$220 $270

Downgrades Outperform Mkt Perform X

IMGN Immunogen

SVB Leerink

Downgrades Outperform Mkt Perform X

IMUX Immunic

SVB Leerink

$5

Downgrades Mkt Perform Underperform X

INCY Incyte

SVB Leerink

$60 $56

Downgrades Mkt Perform Underperform X

INCY Incyte

SVB Leerink

$70

Downgrades Outperform Mkt Perform X

INGN Inogen

SVB Leerink

$78 $47

Initiated Outperform X

IQV IQVIA

SVB Leerink

$256

Initiated Outperform X

IQV IQVIA

SVB Leerink

Resumed Outperform X

JNJ Johnson & Johnson

SVB Leerink

$200

Initiated Outperform X

KALV KalVista Pharmaceuticals

SVB Leerink

$31

Initiated Outperform X

KNTE Kinnate BioPharma

SVB Leerink

$52

Initiated Outperform X

KRTX Karuna Therapeutics

SVB Leerink

$170

Initiated Mkt Perform X

KYMR Kymera Therapeutics

SVB Leerink

$26

Downgrades Outperform Mkt Perform X

LABP Landos Biopharma

SVB Leerink

$20 $16

Initiated Outperform X

LABP Landos Biopharma

SVB Leerink

$20

Initiated Outperform X

LLY Eli Lilly

SVB Leerink

$341

Initiated Outperform X

LNSR LENSAR

SVB Leerink

$20

Initiated Outperform X

LNTH Lantheus Holdings

SVB Leerink

Initiated Outperform X

LNTH Lantheus Holdings

SVB Leerink

$24

Initiated Outperform X

MASS 908 Devices

SVB Leerink

$70

Initiated Outperform X

MDGL Madrigal Pharmaceuticals

SVB Leerink

$165

Upgrades Mkt Perform Outperform X

MDRX Allscripts Healthcare

SVB Leerink

Initiated Outperform X

MLTX MoonLake Immunotherapeutics

SVB Leerink

$17

Initiated Outperform X

MNKD Mannkind

SVB Leerink

$3

Initiated Outperform X

MNKD Mannkind

SVB Leerink

$3

Downgrades Outperform Mkt Perform X

MOLN Molecular Partners AG

SVB Leerink

$30 $8

Upgrades Mkt Perform Outperform X

MOR MorphoSys

SVB Leerink

Initiated Outperform X

MORF Morphic

SVB Leerink

$45

Resumed Outperform X

MRK Merck

SVB Leerink

$102

Initiated Outperform X

MRK Merck

SVB Leerink

Upgrades Underperform Mkt Perform X

MRNA Moderna

SVB Leerink

$174 $101

Initiated Outperform X

MRUS Merus

SVB Leerink

$33

Upgrades Mkt Perform Outperform X

MYOV Myovant Sciences

SVB Leerink

$12 $23

Downgrades Outperform Mkt Perform X

MYOV Myovant Sciences

SVB Leerink

$28

Initiated Outperform X

NAMS NewAmsterdam Pharma

SVB Leerink

$19

Initiated Mkt Perform X

NKTR Nektar Therapeutics

SVB Leerink

$38

Initiated Outperform X

NKTX Nkarta

SVB Leerink

$30

Downgrades Outperform Mkt Perform X

NVTA Invitae

SVB Leerink

Upgrades Mkt Perform Outperform X

NXGN NextGen Healthcare

SVB Leerink

$22

Upgrades Mkt Perform Outperform X

NXGN NextGen Healthcare

SVB Leerink

$19 $22

Initiated Outperform X

OABI OmniAb

SVB Leerink

$6

Initiated Mkt Perform X

OMCL Omnicell

SVB Leerink

$124

Upgrades Mkt Perform Outperform X

ONEM 1Life Healthcare

SVB Leerink

$38 $55

Initiated Outperform X

OPRX OptimizeRx

SVB Leerink

$38

Downgrades Outperform Mkt Perform X

PCRX Pacira Pharma

SVB Leerink

$75

Initiated Outperform X

PEPG PepGen

SVB Leerink

$40

Initiated Mkt Perform X

PFE Pfizer

SVB Leerink

$55

Downgrades Outperform Mkt Perform X

PGNY Progyny

SVB Leerink

$34

Upgrades Mkt Perform Outperform X

PHR Phreesia

SVB Leerink

$31 $34

Downgrades Outperform Mkt Perform X

PHR Phreesia

SVB Leerink

$57 $41

Initiated Outperform X

PHVS Pharvaris N.V.

SVB Leerink

$50

Initiated Outperform X

PLRX Pliant Therapeutics

SVB Leerink

$33

Initiated Outperform X

PNT POINT Biopharma

SVB Leerink

$14

Upgrades Mkt Perform Outperform X

PODD Insulet

SVB Leerink

$275 $320

Reiterated Outperform X

PRVB Provention Bio

SVB Leerink

$26 $16

Initiated Outperform X

PRVB Provention Bio

SVB Leerink

$6

Downgrades Outperform Mkt Perform X

QTRX Quanterix

SVB Leerink

$35 $15

Initiated Outperform X

RARX RA Pharmaceuticals

SVB Leerink

$33

Initiated Mkt Perform X

RDUS Radius Health

SVB Leerink

$7

Downgrades Outperform Mkt Perform X

REGN Regeneron Pharma

SVB Leerink

$630

Initiated Outperform X

REGN Regeneron Pharma

SVB Leerink

$738

Downgrades Outperform Mkt Perform X

RETA Reata Pharmaceuticals

SVB Leerink

$35

Initiated Outperform X

ROIV Roivant Sciences

SVB Leerink

$6

Initiated Outperform X

RXDX Prometheus Biosciences

SVB Leerink

$34

Downgrades Outperform Mkt Perform X

SBTX Silverback Therapeutics

SVB Leerink

$25 $1.80

Initiated Outperform X

SBTX Silverback Therapeutics

SVB Leerink

$40

Upgrades Mkt Perform Outperform X

SCPH scPharmaceuticals

SVB Leerink

$11

Initiated Outperform X

SELB Selecta Biosciences

SVB Leerink

$7

Downgrades Outperform Mkt Perform X

SENS Senseonics

SVB Leerink

$3

Reiterated Outperform X

SGEN Seagen

SVB Leerink

$179 $155

Initiated Outperform X

SGRY Surgery Partners

SVB Leerink

$50

Upgrades Mkt Perform Outperform X

SLDB Solid Biosciences

SVB Leerink

$3 $15

Downgrades Outperform Mkt Perform X

SLDB Solid Biosciences

SVB Leerink

Initiated Outperform X

SNY Sanofi

SVB Leerink

Initiated Outperform X

SPRY ARS Pharmaceuticals

SVB Leerink

$14

Upgrades Mkt Perform Outperform X

STOK Stoke Therapeutics

SVB Leerink

$30

Upgrades Mkt Perform Outperform X

STSA Satsuma Pharmaceuticals

SVB Leerink

$15

Initiated Outperform X

SWAV ShockWave Medical

SVB Leerink

$208

Downgrades Outperform Mkt Perform X

TBIO Translate Bio

SVB Leerink

Initiated Outperform X

TBPH Theravance Biopharma

SVB Leerink

$12

Downgrades Outperform Mkt Perform X

TCRR TCR2 Therapeutics

SVB Leerink

$18 $8

Initiated Outperform X

TCRR TCR2 Therapeutics

SVB Leerink

$27

Downgrades Outperform Mkt Perform X

TDOC Teladoc

SVB Leerink

Downgrades Outperform Mkt Perform X

TFX Teleflex

SVB Leerink

$410

Upgrades Mkt Perform Outperform X

THC Tenet Healthcare

SVB Leerink

$88 $100

Initiated Outperform X

TNDM Tandem Diabetes Care

SVB Leerink

$83

Initiated Mkt Perform X

TOCA Tocagen

SVB Leerink

$11

Initiated Outperform X

TPTX Turning Point Therapeutics

SVB Leerink

$42

Initiated Outperform X

TRVI Trevi Therapeutics

SVB Leerink

$6

Initiated Outperform X

TRVI Trevi Therapeutics

SVB Leerink

$14

Upgrades Mkt Perform Outperform X

VEEV Veeva Systems

SVB Leerink

$282

Initiated Outperform X

VIR Vir Biotechnology

SVB Leerink

$40

Upgrades Mkt Perform Outperform X

VKTX Viking Therapeutics

SVB Leerink

$10 $21

Initiated Mkt Perform X

VKTX Viking Therapeutics

SVB Leerink

Initiated Outperform X

VRDN Viridian Therapeutics

SVB Leerink

$32

Upgrades Mkt Perform Outperform X

VRTX Vertex Pharma

SVB Leerink

$374

Initiated Mkt Perform X

VRTX Vertex Pharma

SVB Leerink

$265

Downgrades Mkt Perform Underperform X

VRTX Vertex Pharma

SVB Leerink

$170

Downgrades Outperform Mkt Perform X

VRTX Vertex Pharma

SVB Leerink

Upgrades Mkt Perform Outperform X

XENT Intersect ENT

SVB Leerink

$23

Downgrades Outperform Mkt Perform X

XENT Intersect ENT

SVB Leerink

$29

Initiated Outperform X

XERS Xeris Biopharma

SVB Leerink

$6

Downgrades Outperform Mkt Perform X

XLRN Acceleron Pharma

SVB Leerink

Downgrades Outperform Mkt Perform X

ZYME Zymeworks

SVB Leerink

$8

Upgrades Mkt Perform Outperform X

ZYME Zymeworks

SVB Leerink

Downgrades Outperform Mkt Perform X

ZYME Zymeworks

SVB Leerink

$41