Mizuho's recent coverage identifies a set of U.S. healthcare equities the firm believes could see value inflection driven by clinical catalysts, commercial expansion and operational improvement over the coming quarters. The list covers multiple therapeutic and service areas - ophthalmology, pneumococcal vaccines, targeted oncology, dermatology, diagnostic imaging, inpatient rehabilitation and med-surgical products - with event windows and revenue expectations that extend into 2027.
Below is a company-by-company breakdown of the names highlighted by Mizuho, the firms assigned ratings and the specific milestones or metrics cited as potential drivers of shareholder value.
EyePoint, Inc. (EYPT) - Outperform, $36 price target
Mizuho rates the ophthalmology-focused biotech EyePoint as Outperform with a $36 target. The firm points to two late-stage data catalysts for the company's lead asset, Duravyu, an extended-release therapy for wet age-related macular degeneration (AMD). The Phase 3 LUGANO study readout is expected in August 2026, and additional Phase 3 LUCIA study results are anticipated in October or November 2026.
Duravyu produced strong Phase 2 results and has received favorable commentary from retinal specialists, according to Mizuho. The firm also notes that EyePoint currently trades at a marked discount to peer Ocular Therapeutix despite having comparable assets.
Vaxcyte (PCVX) - Outperform, $163 price target
Mizuho assigns Vaxcyte an Outperform rating and a $163 target, highlighting the company's pneumococcal conjugate vaccine platform. The firm interprets clean Phase 2 adult data for VAX-31 as de-risking the program, observing that the dataset showed unusually broad serotype coverage for a PCV.
VAX-31 has moved into Phase 3, with the OPUS-1 non-inferiority trial readout expected in the fourth quarter of 2026. OPUS-2 and OPUS-3 trial data are expected in the first half of 2027. In addition, infant Phase 2 data for VAX-31 is expected by the end of the first half of 2027.
Erasca (ERAS) - Outperform, $26 price target
Mizuho rates Erasca Outperform with a $26 target, calling out the company's RAS inhibitor portfolio as well positioned in RAS-driven solid tumors. The firm highlights early efficacy for ERAS-0015, a pan-RAS molecular glue, noting a 62% response rate in second-line-plus non-small cell lung cancer patients treated at doses of 8 mg or higher.
Clinical milestones include expected ERAS-4001 Phase 1/1b monotherapy data in the second half of 2026, and ERAS-0015 combination and expansion data expected in the first half of 2027.
Arcutis Biotherapeutics (ARQT) - Outperform, $35 price target
Mizuho's Outperform rating on Arcutis is anchored to upside potential in the company's 2026 sales guidance for Zoryve, which management set at $480 million to $495 million. The firm expects sales growth to be supported by an expanded dermatology salesforce and increased targeting of primary care and pediatric providers.
Mizuho also notes the potential regulatory milestone of FDA approval for Zoryve Cream 0.05% in atopic dermatitis for children under two years old, an action management expects in early 2027. Company management has indicated that 2027 could represent an inflection point on the path toward peak sales guidance of $2.3 billion to $3.0 billion.
Lantheus Holdings (LNTH) - Outperform, $115 price target
Lantheus is rated Outperform with a $115 target. Mizuho emphasizes Pylarify as the leading PSMA PET imaging agent for prostate cancer and cites an expected market expansion of roughly 50% by 2029 - from a $2.0 billion U.S. total addressable market to approximately $3.0 billion.
The firm notes a phased commercial launch for next-generation PYLARIFY (TruVu) toward the end of 2027. Mizuho also flags a mid-August 2026 PDUFA date for MK-6240 in Alzheimer's disease.
Encompass Health (EHC) - Outperform, $134 price target
For inpatient rehabilitation operator Encompass Health, Mizuho assigns an Outperform rating and a $134 price target. The firm points to rising utilization, with reported occupancy of 78.7% in the first quarter of 2026 and roughly 35% of facilities operating at an average occupancy of 95%.
Capacity expansion is a focal point: the company plans to add beds to 50% of constrained facilities across the first half of 2026 into 2027. Annual bed additions are expected to ramp from a range of 80 to 120 per year to 150 to 200 per year. Mizuho also notes that small format hospitals are slated to launch next year.
Solventum (SOLV) - Outperform, $100 price target
Mizuho assigns Solventum an Outperform rating with a $100 target, citing the company's recent trend of beat-and-raise results despite year-to-date share underperformance. The firm highlights the divestiture of the Purification & Filtration business as a source of proceeds that can be directed toward accelerated debt reduction and operational efficiencies under a "Transform for the Future" program.
Within the MedSurg segment, cost-reduction measures and portfolio optimization are cited as ongoing drivers, and advanced wound care contributions are expected to scale through 2026.
Mizuho's selection of these seven healthcare names centers on discrete catalysts - clinical readouts, regulatory timelines, commercial rollouts and efficiency initiatives - that could shape near- to medium-term valuation outcomes. The companies span a cross-section of healthcare sub-sectors and reflect a mix of biologics, small-molecule oncology agents, diagnostics, devices, services and med-surgical products.
Investors assessing the cohort should consider the timing and binary nature of clinical and regulatory events as well as execution risk on commercialization and operational programs.