Clear Street Picks 5 Biotech Winners H2‑2026

Overview

Clear Street has identified five high‑conviction biotechnology equities it believes are positioned to deliver material upside on upcoming catalysts during the second half of 2026. The firm assigns a Buy rating to each and provides specific price targets ranging from $18 to $116 per share.

MoonLake Immunotherapeutics (NASDAQ:MLTX)

Clear Street rates MoonLake Immunotherapeutics a Buy with a $70 price target. The analyst highlights the company’s best‑in‑disease and potentially disease‑modifying profile in hidradenitis suppurativa, a market estimated to exceed $10 billion, and views the drug as a prospective blockbuster. MoonLake expects to submit a Biologics License Application in the third quarter of 2026, and pivotal psoriatic arthritis data are anticipated by the end of July 2026, which Clear Street says raises confidence in the stock. In recent news, MoonLake priced a public offering that is expected to raise approximately $200 million in gross proceeds. Separately, Leerink raised its price target after positive new data from the Phase 3 VELA program for the sonelokimab drug.

Cullinan Therapeutics (NASDAQ:CGEM)

Cullinan Therapeutics receives a Buy rating with a $46 price target. Clear Street notes that the CD19 × CD3 bispecific candidate CLN‑978 is regarded by key opinion leaders as “game‑changing” and complements the BCMA‑directed velinotamig asset, together targeting multi‑billion‑dollar markets such as systemic lupus erythematosus, rheumatoid arthritis, autoimmune hemolytic anemia, and immune thrombocytopenia. Rheumatoid arthritis data are expected in the third quarter of 2026, with data for systemic lupus erythematosus and Sjögren’s disease slated for the fourth quarter of 2026. The U.S. Food and Drug Administration granted Orphan Drug Designation to Cullinan’s candidate CLN‑049 for the treatment of acute myeloid leukemia, and the company reported clinical trial data for its autoimmune candidates CLN‑978 and velinotamig.

Zura Bio (NASDAQ:ZURA)

Clear Street rates Zura Bio a Buy with an $18 price target. The firm points to tibulizumab, an IL‑17 × BAFF bispecific antibody, built on validated targets and a pleiotropic mechanism. Zura sees credible commercial opportunities in hidradenitis suppurativa, where fourth‑quarter 2026 data would trigger Eli Lilly’s right‑of‑first negotiation, and in systemic sclerosis, where first‑half 2027 data are expected. Zura announced that it has completed enrollment in its Phase 2 TibuSHIELD trial for tibulizumab, exceeding its enrollment target, and appointed Muzammil Mustufa as its new Chief Business Officer.

Arrivent Biopharma (NASDAQ:AVBP)

Arrivent Biopharma is given a Buy rating with a $47 price target. Clear Street expects mid‑2026 Phase 3 data could establish firmonertinib as the first approved tyrosine‑kinase inhibitor in first‑line EGFR exon20ins non‑small cell lung cancer. The company also possesses a differentiated antibody‑drug conjugate portfolio that provides additional strategic optionality. Arrivent has filed for an at‑the‑market equity offering program to sell up to $250 million of its common stock, and Cantor Fitzgerald reiterated an Overweight rating on the shares.

Protagonist Therapeutics (NASDAQ:PTGX)

Protagonist Therapeutics receives a Buy rating with a $116 price target. The firm highlights that icotrokinra’s Phase 3 psoriatic arthritis readout is scheduled for the second half of 2026, and that rusfertide approval is expected in August 2026, together offering well‑defined, value‑accretive catalysts. Protagonist has attracted positive analyst commentary, including an initiation of coverage with an Outperform rating from Wolfe Research, and Jefferies noted a bullish outlook from partner Johnson & Johnson for the company’s drug icotyde.