Ahead of the 2H26 Alzheimer’s ADEPT-2 Cobenfy phase III readout, our new report focuses on a simple question: is the market framing the programme too conservatively relative to its clinical and commercial potential? With the psychosis readout approaching and broader Alzheimer’s expansion opportunities still treated by many investors as low probability, we think Cobenfy remains an underappreciated re-rating opportunity, with the existing clinical evidence suggesting more upside than current expectations imply.