高盛恢复对生物技术板块的覆盖：给予INSM、IOVA、JAZZ、KRYS、MDGL、RVMD、TARS「买入」评级，SGMT「卖出」评级；并首次覆盖MeiraGTx（MGTX，中性）与United Therapeutics（UTHR，卖出）。年初至今生物技术持续跑赢（NBI +23%、XBI +27% vs 标普500 +13%），在宏观波动加剧、利率上行背景下，受强劲并购活动、一系列积极临床催化剂及更为友好的监管前景支撑，资金亦从拥挤的AI相关仓位轮动至医疗健康板块。
We resume coverage of the Biotechnology sector with Buy ratings on INSM, IOVA, JAZZ, KRYS, MDGL, RVMD, and TARS, and Sell rating on SGMT. We also initiate coverage on MeiraGTx Holdings (MGTX) with a Neutral rating and on United Therapeutics (UTHR) with a Sell rating. Biotechnology has continued to outperform (NBI +23%, XBI +27% vs. S&P 500 +13% YTD) despite a backdrop of elevated macro volatility and rising interest rates, supported by robust M&A activity, a wave of positive clinical catalysts, and a more constructive regulatory outlook. This resilience has been further reinforced by a rotation out of crowded AI-exposed positioning and into healthcare more broadly. We advocate for selectivity, favoring commercial-stage names with clear near-term execution catalysts to push consensus estimates higher, alongside clinical-stage names where risk/reward is highly asymmetric ahead of key data reads. Our Sell ratings are driven by our view of commercial headwinds that are not yet fully apprec