Clear Street has identified a group of five biotechnology equities it believes are positioned to deliver meaningful share-price catalysts in the second half of 2026. The investment firm focused on stocks with near-term clinical or regulatory events and sizable addressable markets across autoimmune indications, oncology and rare disorders.
MoonLake Immunotherapeutics (NASDAQ:MLTX)
Clear Street assigns a Buy rating to MoonLake with a $70 price target. The firm underscores the potential of SLK, describing the molecule as best-in-disease and possibly disease-modifying for hidradenitis suppurativa, an indication the firm notes represents a market exceeding $10 billion. MoonLake is positioned as a potential blockbuster opportunity, with a biologics license application (BLA) submission expected in the third quarter of 2026.
Clear Street also points to a pivotal psoriatic arthritis data readout anticipated by the end of July 2026 as a confidence-boosting near-term event. In parallel corporate developments, MoonLake priced a public offering intended to generate roughly $200 million in gross proceeds. Separately, Leerink raised its price target on the company after new favorable data emerged from the Phase 3 VELA program for sonelokimab.
Cullinan Therapeutics (NASDAQ:CGEM)
Cullinan is rated Buy with a $46 price objective. Clear Street highlights CLN-978, describing its CD19 x CD3 bispecific profile as "game-changing" according to key opinion leaders cited by the firm. CLN-978 is characterized as complementary to the company’s BCMA-directed candidate velinotamig, with the pair positioned to address multi-billion-dollar markets across systemic lupus erythematosus (SLE), rheumatoid arthritis, autoimmune hemolytic anemia and immune thrombocytopenia.
Clear Street lays out the expected timing for upcoming data: rheumatoid arthritis results are expected in the third quarter of 2026, followed by SLE and Sjogren’s disease readouts in the fourth quarter. The company has also disclosed that the U.S. Food and Drug Administration granted Orphan Drug Designation to CLN-049 for acute myeloid leukemia, and Cullinan reported clinical trial data for its autoimmune candidates CLN-978 and velinotamig.
Zura Bio (NASDAQ:ZURA)
Clear Street gives Zura Bio a Buy rating and an $18 price target. The firm draws attention to tibulizumab, an IL-17 x BAFF bispecific construct built on validated targets and a pleiotropic mechanism that Clear Street sees as providing credible therapeutic opportunity. The company is highlighted for potential impact in hidradenitis suppurativa, where a fourth quarter 2026 data readout could trigger Lilly’s right of first negotiation, and in systemic sclerosis, for which first-half 2027 data are expected.
Operationally, Zura has completed enrollment in its Phase 2 TibuSHIELD trial for tibulizumab, exceeding its target enrollment. The company also appointed Muzammil Mustufa as Chief Business Officer.
Arrivent Biopharma (NASDAQ:AVBP)
Clear Street rates Arrivent as Buy with a $47 price target. The firm highlights the potential for mid-2026 Phase 3 data to position firmonertinib as the first approved tyrosine kinase inhibitor in the first-line treatment of EGFR exon20ins non-small cell lung cancer. In addition to the potential first-in-class TKI outcome, Arrivent’s differentiated antibody-drug conjugate (ADC) portfolio is noted as a source of strategic optionality.
In recent corporate moves, Arrivent has filed for an at-the-market equity offering program to sell up to $250 million of common stock. Cantor Fitzgerald has reiterated an Overweight rating on the shares.
Protagonist Therapeutics (NASDAQ:PTGX)
Protagonist is given a Buy rating by Clear Street with a $116 price target. The firm highlights two clearly defined catalysts for the second half of 2026: a Phase 3 psoriatic arthritis readout for icotrokinra and the expected approval of rusfertide in August 2026. Together, these events are framed as value-accretive near-term milestones.
The company has attracted positive analyst attention, including an initiation of coverage with an Outperform rating from Wolfe Research. Jefferies has also highlighted a bullish outlook from Protagonist’s partner Johnson & Johnson for the drug Icotyde.
Context and focus
Clear Street’s selections are united by the presence of discrete upcoming clinical or regulatory events and substantial target markets. The firm concentrates on assets addressing autoimmune diseases, oncology indications and rare disorders where readouts and filings in the back half of 2026 could materially change commercial and valuation trajectories.
What investors should watch next
- Timing and outcomes of the pivotal clinical readouts listed by Clear Street, including psoriatic arthritis, rheumatoid arthritis, SLE, Sjogren’s disease, hidradenitis suppurativa and EGFR exon20ins non-small cell lung cancer.
- Regulatory filings and designations such as MoonLake’s anticipated BLA submission and Cullinan’s Orphan Drug Designation for CLN-049.
- Financings and corporate deals that can affect runways and development plans, including MoonLake’s public offering and Arrivent’s at-the-market program.
Clear Street’s coverage highlights concentrated, event-driven opportunity across the biotech sector, with near-term catalysts that could meaningfully alter company valuations if results and regulatory outcomes align with expectations.