Foveal LLP Independent Investment Research Foveal Research

Following Bayer’s  full Phase 3 Factor XIa stroke readout, the market appears to be positioning BMY/JNJ’s  milvexian as a structurally disadvantaged, late entrant. The central debate is whether differentiation remains plausible or whether share is effectively locked. Our work suggests the probability of clinically meaningful separation is not being fully reflected in positioning, creating asymmetric equity implications across BMY-BAYN in a multi-billion-dollar stroke market, with additional...

Ahead of CNTA’s   ORX750  phase 2 data and after the recent publication of Takeda’s orexin agonist oveporexton (TAK-861) two phase 3 trials, interest in competitor orexin agonists from CNTA and ALKS in both narcolepsy type I (NT1), as well as related narcolepsy type II (NT2) and hyper insomnia, have come back into focus. We undertake an in-depth analysis of the current orexin agonist efficacy and safety data to make a like-for-like comparison of oveporexton with Centessa’s very early-phase I...

Ahead of Ultragenyx's [RARE] 4Q25   ORBIT  Osteogenesis Imperfecta setrusumab  phase III, our comprehensive report reveals phase II improvements in bone density and fracture reduction are unlikely attributable solely to the natural improvement in osteogenesis with age but are likely due to setrusumab...