Eikon Therapeutics Inc (EIKN)

$EIKN 3/62026: Bank of America reiterated buy with Price Target reduce from 34$ to 32$.

$EIKN — Quick context: market makers pressuring the entire small-cap biotech tape right now. XBI weak, low liquidity, algorithmic short-side activity, sector ETF outflows compounding. Quality names get mispriced in this environment because sector tape overwhelms individual fundamentals. Patience pays. Why EIKN remains a high-conviction long: SETUP: $10.52 / $570M mkt cap / $596M cash / ~zero EV / $11.02 cash floor / 22 mo runway. Stock literally trading below cash. Wedbush $5 PT vs Street consensus $25-34. ASCO 2026 DATA (May 30): • EIK1001 NSCLC: 63.1% pooled ORR (SQ 72.4% vs KN-407 ~58%); PD-L1 <1% (negative) subgroup 60% ORR (vs KN-189 historical ~32%); median DOR NSQ >11 mo • EIK1003 PARP1+PTX: 24.5% ORR; 92% of responders had prior taxane; first clinical proof PARP1-selectivity enables chemo combos THE MERCK SETUP — read the Fierce Pharma piece: May 30 Fierce Pharma article: “Sac-TMT’s massive Phase 3 program has a jarring gap. Does Merck plan to close it?” Merck has 17 Ph3 trials for sac-TMT but explicitly NO registrational study in 1L PD-L1 negative/low non-squamous NSCLC — the KEYNOTE-189 population. Fierce called the gap “jarring.” Marjorie Green (Merck head of oncology dev) to Fierce on the ASCO sidelines: “Everyone is like, ‘When are you going to replace 189?’” Her reasoning for the gap: sac-TMT is a topo-1 ADC and combining it with platinum chemo would require dose reductions that erode efficacy. Merck deliberately didn’t “throw the kitchen sink.” EIK1001 fits the PD-L1 negative gap exactly: • 60% ORR in PD-L1 <1% (vs KN-189 ~32%) — the exact segment Merck can’t reach with sac-TMT • TLR7/8 immune-activation is orthogonal to chemo, doesn’t compromise dosing — solves the exact problem Green identified • TeLuRide-008 reg trial PD-L1 stratified, Merck supplying pembro, designed to register the gap • Kenneth Frazier (former Merck CEO) on EIKN board • 3 ex-Merck execs in C-suite (Perlmutter, Baynes, Klobuchar) • Hoki (Merck Rahway) co-author on EIK1001 melanoma poster Probability-weighted Merck acquisition: 50-60% at $30-60/share within 24-36 mo. MONTE CARLO (10K iter): Median $13.65 (+30%) / Mean $15.55 (+48%) / P90 $32.18 (+206%) / + $15-30/share risk-adjusted M&A optionality. CATALYSTS: 8 milestones in 2H 2026 alone — EIK1001-006 interim, EIK1001-005 SQ mature, EIK1003 abiraterone, EIK1004 escalation complete, EIK1006 IND. Patience through tape weakness — catalyst path reveals value. NFAD. DYOR.

$EIKN on May 31 2026, following ASCO 2026 data, JP Morgan reiterated buy with 29$ PT.

$EIKN — Congrats longs. The full posters are out and they substantively strengthen the thesis vs the curated May 30 press release. Looking for re-rating as buy-side works through the actual poster content over the next 2-3 weeks. At ~$10.52 / $570M mkt cap / $596M cash Q1’26: EV ≈ ZERO. Street consensus PT $25-34 (BofA $34, MS $32, JPM $29) — +140% implied. Wedbush $5 is the lone outlier. Three things tape hasn’t digested: 1. EIK1003 poster #3102 — 92% of paclitaxel combo responders had prior taxane (100% ovarian, 80% breast). PTX ran at 66.7% dose intensity, EIK1003 at 90.4%. Chemo was dose-limiting, NOT the PARP1-selective agent. Biological proof of PARP1-mediated chemo sensitization. First clinical evidence in the class. 2. EIK1001 #8568 NSCLC — 60% ORR in PD-L1 <1% (n=15, CI 32-84%) vs ~32% KN-189 historical. TeLuRide-008 stratifies by PD-L1 → registrational subgroup labeling pathway in the segment where pembro alone is weakest. 3. TeLuRide-006 melanoma poster lists Merck’s Toshifumi Hoki (Rahway) as co-author. First formal author-level Merck integration disclosure. If 006 interim hits, structural acquisition incentive. Re-rate triggers: sell-side PT updates June, TeLuRide-006 dose selection Q4 ’26, 006 efficacy interim H1 ’27. NFAD. DYOR.

$EIKN Finally seeing some action here. Good cash position and great management team… needs good data and it will pop hard!

$MRK $BMY $JNJ $REPL $EIKN @judgeyoung2 gild just name a few , cubie teaches bc...

$EIKN 65 watchers and the Baker Bros know ball. I will gamble. Cash level and I am in.

$EIKN this is unstoppable? Thoughts?

$EIKN April 29 2026 BlackRock's Filing Shows a >5% Stake via Portfolio Management Unit. BlackRock Portfolio Management LLC reports beneficial ownership of 3,002,737 shares (5.5% of class). The filing attributes sole voting power for 2,939,120 shares and sole dispositive power for 3,002,737. Holdings are reported on behalf of certain Reporting Business Units; the filing clarifies it does not include other BlackRock business units. Subsequent SEC filings or amendments will show any material changes to this position.

$EIKN Flying under the radar. Three AACR abstracts drop this Thursday!!!! WHAT THEY ARE: Nobel Prize tech meets Keytruda’s architects. Eikon uses single molecule tracking (super-resolution microscopy) to find drug targets invisible to traditional methods. CEO Roger Perlmutter MD/PhD + CMO Roy Baynes MD/PhD built Keytruda at Merck — 100+ regulatory approvals between them. 384 employees, $1.2B raised privately before Feb 2026 IPO. THE DISLOCATION: Stock ~$9.50 vs. $18 IPO. Est. ~$650M+ cash. EV at or below cash. Runway confirmed into H2 2027. Pipeline effectively free at current price. 5 CLINICAL PROGRAMS → EIK1001 — TLR7/8 agonist + pembro. 60% ORR in NSCLC Ph2. Two registrational tracks (melanoma + NSCLC) → EIK1003 — Selective PARP1i. 31% ORR PARPi-naïve. Combination-enabling via reduced heme tox → EIK1004 — CNS-penetrant PARP1i. First clinical data ever at AACR this week → EIK1005 — WRN helicase inhibitor, MSI-H synthetic lethality. Built on internal platform in <18 months → EIK1006 — Next-gen AR antagonist. IND Q1 2027 AACR 2026 — 3 CONFIRMED PRESENTATIONS: 📌 Apr 19 — EIK1005 preclinical data (Abstract 233) 📌 Apr 21 — TeLuRide-006 melanoma Ph2/3 trial update (CT224) 📌 Apr 21 — EIK1004 FIH Ph1/2 first clinical data (CT287) THE BINARY: H2 2026 TeLuRide-006 melanoma interim — 740 patients, 24 countries, DSMB safety cleared. EIK1001 + pembro vs. pembro alone. This readout defines the stock. Bull: EV < cash, elite management, registrational signal already suggested by 60% NSCLC ORR, M&A optionality. Bear: TLR agonist history is tough, melanoma bar is brutal, lockup overhang. Starter position. Size for the binary. Abstracts embargoed until Apr 17. Not financial advice. Biotech investing is extremely risky.