What I'll Be Watching At The JPMorgan Healthcare Conference
It's the most wonderful (volatile) time of the year!
It’s January so you know what that means - the biggest annual healthcare investor conference that sets the tone for 2025. Here’s the sessions I’ll be watching next week.
All session times local. (Pacific, the only real time zone™️😉.)
Companies that were in my 2025 “No Trades” portfolio are bolded. Btw, at the time of this writing that portfolio is up +3.99% vs. XBI -1.82% since I published 21 days ago. I would encourage everyone to read that full post first if it is their first time on this Substack. Full performance update coming in a 100% free post on January 29! (Subscribe to receive it!)
Monday, January 13
7:30am: BridgeBio BBIO 0.00%↑ - Obviously everyone will be parsing every word spoken about the ATTR launch but I’m curious if anything is said about infigratinib for achondroplasia/hypochondroplasia or the other two Phase 3 programs in ADH1 and LGMD2i.
9:00am: Cytokinetics CYTK 0.00%↑ - I’ve actually never watched a session with management, will mostly watch to see if they mention competitive threat from Edgewise (EWTX).
9:45am: Apellis APLS 0.00%↑ - They were pretty bullish in December investor sessions and being more aggressive about their messaging re: Astellas, curious to see what the tone is at the busiest and most watched conference of the year and if they pre-announce revenue. Also looking for info specifically on new patient market share, Medicare preferred status, and SYFOVRE’s new DTC campaign. Finally, guidance on the regulatory submission for C3G/IC-MPGN.
10:30am: Exact Sciences EXAS 0.00%↑ - The stock is probably not a thematic fit for me and perhaps still too expensive but when I get time I’ll circle back to this one. Still think they have a best-in-class technology and huge market and that’s always interesting. They just spend an insane amount. Operating leverage never seems to materalize.
11:15am: SpringWorks Therapeutics SWTX 0.00%↑ - Hoping for a revenue preannouncement here, updates on the blister pack transition for OGSIEVO, total patients on therapy, and any further facts that can be gleaned. Also hope regulatory discussions are on track for their NF1-associated plexiform neurofibromas drug.
1:30pm: Kiniksa Pharmaceuticals KNSA 0.00%↑ , Edgewise Therapeutics EWTX 0.00%↑ - Wow, this Monday is really packed. For Kiniksa a revenue preannouncement and some reassurance they are able to go wider and deeper in recurrent RP and how their direct to consumer campaign is kicking off. For Edgewise, I’m interested to see how they message the street on the chances for Accelerated Approval in Becker Muscular Dystrophy now that they have had a few weeks to sit with the data and think over how they want to guide there. Encourage everyone to read this in regards to accelerated approval in general and especially in regards to Edgewise.
2:15pm: Replimune REPL 0.00%↑ - I had basically wrote the company off after the CSCC failure but the melanoma data continuing to be somewhat strong and the FDA being so accomodating is interesting. I still have no idea what the commercial potential is but it’s good to get tuned back into the story because it seems highly likely to be approved by a lenient FDA. Fresh blood at the CEO position helps, too.
3:00pm: Nurix Therapeutics NRIX 0.00%↑ - I love the potential for these next generation BTK degrader drugs but my only worry with Nurix is their data is almost identical to Beigene, on both safety and efficacy. Oncology markets tend to be winner-take-all so I’m wondering what will differentiate these two drugs. If Nurix emerges the winner they will be a huge company, though. Worth staying very close to the story even if it was the company I was least confident in from my 2025 “No Trades” portfolio. The upside is tantalizing.
3:45pm: Day One Pharmaceuticals DAWN 0.00%↑ , Rocket Pharmaceuticals RCKT 0.00%↑ - Day One is in the middle of a launch which seems to be going okay but not particularly amazing. Their drug is doing a lot of good for the kids they treat, which is great, but I don’t find it to be a particularly attractive investment yet. I need more confidence their market can expand. Regarding Rocket Pharmaceuticals, they have something to prove also, mainly convincing the Street that Danon is a real market and giving a roadmap to data, regulatory submission, and commercial team building that will convince analysts cardiac gene therapy can produce a blockbuster given the lack of precedent. AveXis is the only company that has been able to produce a commercially viable product in gene therapy and that was for SMA in babies. Now Danon absolutely is a serious, life shortening condition but there remains significant skepticism about patient identification and payer enthusiasm for an expensive therapy that will have mostly biomarker data, not long-term outcomes data.
4:30pm: TG Therapeutics TGTX 0.00%↑ - I thought the valuation was expensive in the past but when you consider how large the CD20 MS space has become…depending on their peak market share it could have upside still. I know the CEO is polarizing but want to listen to reacquaint myself with the story.
5:15pm: Ocular Therapeutix OCUL 0.00%↑ , Ideaya Biosciences IDYA 0.00%↑ - I still feel somewhat naive about the wAMD competitive environment but with Phase 3 data in Q4 2025, Ocular is worth watching, especially with the brisk pace of enrollment in their trials. The stock has come back down a bit from a recent pop (driven by management’s bullish commentary) and if it can revisit 52 week lows I think it’s a medium-term idea with real potential. Ideaya is a volatile oncology stock that I have followed casually for years. With the valuation decreasing recently and programs becoming later-stage I need to get back up to speed on the upcoming catalysts. They recently in-licensed an asset as well.
14 sessions total for the day.
Tuesday, January 14
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