Raymond James October Healthcare Top Picks Update

Raymond James announced a revision to its monthly Healthcare Top Picks for October, introducing three new equities and removing three others from the list. The additions are Xencor Inc. (ticker XNCR), Calyxt Inc. (ticker CLYM), and UnitedHealth Group Inc. (ticker UNH). The stocks removed are Relay Therapeutics, Tyra Biosciences, and Oscar Health.

Xencor Inc. (XNCR)

Xencor replaces Relay Therapeutics on the list. Raymond James expects heightened investor interest in Xencor’s data at the European Society for Medical Oncology (ESMO) meeting scheduled for the end of October. The firm cites near‑term upside potential driven by a positive readout and a clear development path toward a pivotal trial of XmAb819 in clear cell renal cell carcinoma. While maintaining a Strong Buy rating on Relay Therapeutics, the broker views Xencor as having a more actionable catalyst in the immediate term.

Calyxt Inc. (CLYM)

Calyxt is added in place of Tyra Biosciences. The broker highlights an increasingly derisked profile for Calyxt’s two lead assets, CLYM116 and budoprutug. For CLYM116, Calyxt plans to share initial Phase 2 study data next year, which is expected to confirm efficacy and a dosing advantage in IgA nephropathy (IgAN) patients ahead of a planned Phase 3 trial. Budoprutug is slated to present additional data in the fourth quarter of 2026 across three high‑value indications: primary membranous nephropathy (pMN), immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). The broker notes that budoprutug can be formulated as a subcutaneous injection, potentially differentiating it from the approved anti‑CD19 therapy Uplizna.

UnitedHealth Group Inc. (UNH)

UnitedHealth replaces Oscar Health on the list. Raymond James added UnitedHealth ahead of its third‑quarter earnings release in mid‑October, arguing that a recent market pullback on “Stars” and concerns surrounding the midterm elections create an attractive entry point for what the firm expects to be a strong earnings quarter. Although the broker retains an Outperform rating on Oscar Health, it prefers UnitedHealth for the current monthly selection due to the broader market dynamics.

Stock Price Movements (as reported)

At the time of publication, UnitedHealth was down 0.51%, Xencor down 0.72%, and Calyxt down 3.49%.