52-Week Highs and Lows, May 5, 2026

20 new highs, 3 new lows.

ARWR .. $77.90 .. Arrowhead Pharmaceuticals Headline of the day. Madrigal license signed before the open for ARO-PNPLA3 (MASH RNAi). $25M upfront, up to $975M in milestones, plus tiered royalties from high-single digits to mid-teens. Phase 1 NEJM data showed roughly 46% liver fat reduction in PNPLA3 I148M homozygous patients. Validates the platform in metabolic disease.

CYTK .. $80.20 .. Cytokinetics ACACIA-HCM Phase 3 win in non-obstructive HCM keeps compounding. Aficamten label expansion path looks increasingly priced in but the run still has room.

ALKS .. $36.56 .. Alkermes Q1 print today. Total revenues $392.9M from $306.5M, Adjusted EBITDA $80.3M from $45.6M. BRILLIANT Phase 3 enrollment underway for alixorexton in narcolepsy (breakthrough designation). Avadel synergy and the orexin agonist program are driving the rerating. Sleep medicine platform thesis intact.

JAZZ .. $212.57 .. Jazz Pharmaceuticals Q1 record print after the bell. Revenue $1.07B up 19% YoY, non-GAAP EPS $6.34 beat by $1.67. FY26 guidance reaffirmed at $4.25-4.5B. Zanidatamab/Ziihera PDUFA action date August 25. Sleep and oncology engines both delivering.

ANAB .. $72.36 .. AnaptysBio Pure royalty management vehicle now that First Tracks Therapeutics (TRAX) spun out April 20. Tesaro/GSK royalty stream is the engine, and the market is finally crediting it.

FATE .. $2.36 .. Fate Therapeutics Cell therapy heat continues. Differentiated allogeneic iPSC platform in a vertical where big pharma is actively shopping.

CABA .. $4.16 .. Cabaletta Bio The recent $150M Lilly raise reset confidence in resa-cel. Autoimmune CAR-T thesis remains alive.

CADL .. $7.99 .. Candel Therapeutics Phase 3 prostate cancer extended data scheduled for the May 15 conference. EVERSANA commercialization deal in place ahead of any potential approval.

CLYM .. $11.49 .. Climb Bio Miami T1. Anti-CD19 IgG4-RD setup keeps building. Clean catalyst structure into the next print.

ETON .. $32.31 .. Eton Pharmaceuticals Miami T3. Specialty rare disease pipeline continues to attract bid.

ABSI .. $5.75 .. Absci Miami T2. AI/ML drug discovery rerating. Early pipeline reads still building.

GENB .. $15.47 .. Generate Biomedicines Recent IPO priced 2/27 at $16.00, still working back toward issue. AI generative biology platform, Flagship Pioneering backed. Lead asset GB-0895 anti-TSLP in Phase 3 for severe asthma. HC Wainwright PT $16 (after -15% haircut: $13.60). Sell-side consensus closer to $23.

TRDA .. $16.00 .. Entrada Therapeutics EEV platform for DMD and other neuromuscular, metabolic, and immunological targets. Q1 earnings before the open Thursday May 7. Oppenheimer PT $23 outperform, HC Wainwright PT $20 (after -15% haircut: $17). Multiple new highs through April set up the print.

MANE .. $116.00 .. Veradermics Specialty derm. Continued momentum.

AURA .. $9.54 .. Aura Biosciences New CEO Natalie Holles takes over from founder Elisabet de los Pinos effective April 30. $260M offering priced at $6/share May 4 absorbed cleanly with the stock making a 52W high the next session. Bel-sar Phase 3 CoMpass enrollment near complete in choroidal melanoma. Phase 1b/2 NMIBC bladder data due mid-2026.

LION .. $12.84 .. Lionsgate Studios M&A Watch. Pure-play content company. Netflix acquisition chatter remains the underlying narrative.

TFSL .. $15.43 .. TFS Financial Note: alert showed $15.58 but verified intraday high was $15.43. Cleveland savings holding co (Third Federal). Q2 FY26 in line at $0.08 EPS, record $77.8M NII. Piper raised PT $15 to $16, KBW raised $14 to $15.

CASY .. $867.56 .. Casey's General Stores Convenience retail keeps grinding higher. Pizza/prepared food mix and inland MSA expansion still the story.

NOK .. $13.98 .. Nokia Optical and AI infrastructure capex tailwind. Capital return story building.

QQQM .. $281.12 .. Invesco NASDAQ 100 ETF Mega-cap tech tape continues to set the index pace. Risk-on bid intact.

Lows.

MKC .. $47.30 .. McCormick Consumer staples weakness continues. Unilever Q1 read-through and category pricing pressure both weighing.

ABT .. $86.16 .. Abbott Laboratories Medtech bid is not Abbott's right now. Diabetes tailwinds priced in, diagnostics drag the headline.

PMI .. $0.18 .. Picard Medical Sub-dollar print continues to build in the SynCardia litigation overhang.

Summary

ARWR steals the day with a clean billion-dollar Madrigal license that validates the RNAi platform in MASH. JAZZ delivers a record Q1 with FY guide reaffirmed and a real PDUFA on the calendar. ALKS prints clean numbers as the alixorexton narcolepsy program advances. Biotech breadth is healthy underneath: cell therapy heat (FATE, CABA), CNS/sleep (ALKS, JAZZ), HCM (CYTK), AI/ML drug design (ABSI, GENB), royalty platforms (ANAB), and conference setups (CADL, CLYM, ETON). Miami T1/T2/T3 names are showing up with regularity, which is a useful tell on where the bid is. M&A Watch holds with LION as Netflix chatter keeps it bid. Consumer staples (MKC) and large-cap medtech (ABT) drag the lows along with PMI's continued malaise. The NASDAQ 100 ETF making fresh highs underscores broader risk appetite into mid-May. Saved the updated final draft.