JPMorgan analyst Anupam Rama singled out three U.S. small- and mid-cap biotechnology companies as particularly compelling given near-term catalysts and what the firm views as attractive valuation upside.
The research note centers on stocks with imminent data readouts or accelerating commercial activity that could materially influence shares over the coming months. Rama’s top selections were BridgeBio Pharma (BBIO), ORIC Pharmaceuticals (ORIC) and Olema Oncology (OLMA), each highlighted for distinct drivers.
BridgeBio (BBIO)
JPMorgan projects BridgeBio shares could trade in the mid-$8 to $9 range, a target the firm ties to continued momentum behind Attruby’s market launch and a pipeline the analyst views as increasingly de-risked. The firm expects three approvals from BridgeBio’s portfolio within the next 12 months, a factor the note says supports upside for the equity.
The note points to a mid-2031 intellectual property settlement for tafamidis as a clear positive for Attruby’s peak sales outlook. JPMorgan’s peak sales estimate for Attruby remains conservatively between $2.5 billion and $3 billion. The IP settlement is credited with adding high-single digits per share to the bank’s valuation.
On top of Attruby, Rama highlights three development candidates - infigratinib for achondroplasia, encaleret for ADH1, and BBP-418 for LGMD2I - which JPMorgan estimates carry roughly $2 billion to $3 billion of combined peak sales potential. The firm describes BridgeBio’s near-term trajectory as a shift toward broader top-line diversification over the next six to 12 months.
ORIC (ORIC)
For ORIC, JPMorgan focuses on the dose optimization dataset for rinzimetostat in refractory prostate cancer, arguing that the data’s significance may be underappreciated by the market. The firm believes there is potential for a safety profile that differentiates rinzimetostat from competitors.
JPMorgan is tracking data from the MEVPRO-1 study expected in the second half of 2026. The analyst argues that positive MEVPRO-1 results would act as a sentiment catalyst and help refocus investor attention on the company’s fundamentals. On a probability-adjusted basis, the bank values ORIC shares in the mid- to high-teens range driven solely by the rinzimetostat opportunity.
Olema (OLMA)
Olema’s key near-term milestone is the pivotal OPERA-01 readout of palazestrant in second- and third-line ER-positive, HER2-negative breast cancer, which JPMorgan expects in the fall timeframe. The firm assigns a high probability of success for OPERA-01 in both ESR1 mutant and wild-type populations based on prior datasets.
JPMorgan states that a positive OPERA-01 outcome across both populations could push Olema shares into the mid-$20s per share range.
This analysis concentrates on specific clinical and commercial catalysts cited by JPMorgan without introducing additional assumptions. The firm’s near-term timelines and valuation ranges are presented as described in the research note.