EVENTS:   Acceleration in the Energy Transition - David Scott/CHA-AM Advisors - 12 May 26     ROADSHOWS: Consumer Research & Industry Trends focused on US Retail, E-Tail, and Consumer Products Companies - Scott Mushkin /R5 Capital   •   London   07 - 08 May 26       US Equity Short Research & Strategy - Zach Shannon /Corto Capital Advisors   •   New York   18 - 19 May 26       Investing in Constraint: Governance, Scarcity, and the Next Phase of the Energy Transition - François Boutin-Dufresne & Félix-A. Boudreault & Lenka Martinek /Sustainable Market Strategies   •   London   18 - 19 May 26      
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The Cut

Fortnightly publication highlighting latest insights from IRF providers

Company Research

Healthcare

Report by Abacus Research

GH has two new liquid biopsy products that are ramping quickly and are well positioned. There is a massive TAM to go after: $100bn vs. current industry revenues of ~$3-5bn. Abacus believes Shield, one of the new products, could transform GH, with revenues growing from $60m this year to $700m in 2028, with further upside if Shield evolves into a multi-cancer screening platform. GH’s first-mover advantage is significant, provided the company demonstrates strong commercial execution. Abacus does not anticipate the need for additional capital, though a modest equity raise in 2026/27 to support growth would not be surprising. They target ~150% upside over the next 3-4 years.

Healthcare

Report by Off Wall Street

EXAS’s Cologuard business (~75% of revenues) faces disruption from upcoming blood-based colorectal cancer tests by Guardant Health and Freenome, as well as competition from several new stool-based tests. Encouraged by EXAS management, OWS believes investors are underestimating these competitive threats. Meanwhile, the group’s strategy to expand beyond Cologuard appears to be floundering. A string of Precision Oncology acquisitions have shown little success so far and growth of the acquired businesses appears to be slowing significantly. TP $39 (40% downside) is based on 2.5x OWS's 2028 sales estimate of $3.5bn.