US Healthcare: MA Stars (UNH, HUM, ALHC and more), PFE, DFTX Initiation, CCCC Init, ASND / BBIO, LEGN, ESMO Planner for TNGX, EIKN, RVMD, XNCR; TNGX Group Call today with CEO, AI Disruption Call

J.P. Morgan US Healthcare note (Oct 9, 2026). CMS published the 2027 Medicare Advantage Star Ratings (impacting 2028 results): HUM improved to ~94% of enrollment in 4.0+ Star plans (well above the 60-70% expected); UNH stepped down to ~67%, in line with management guidance; CVS fell to ~70%, still manageable; ALHC dropped sharply from ~98% to ~24%, and will need to outline levers to manage the BY28 headwind — Overweight maintained with Dec-2027 price target cut to $10. Diversified BioPharma: Pfizer 3Q preview forecasts sales of $16.1bn and EPS of $0.80, with FY sales of $63.3bn and EPS of $3.02, modestly above both consensus and guidance on Eliquis. Biotech: Initiating Definium Therapeutics (DFTX) at Overweight with a $84 Dec-2027 PT on its DT120 ODT paradigm-shifting potential in neuropsychiatry; initiating C4 Therapeutics (CCCC) at Overweight with a $10 PT on cemsidomide in multiple myeloma; cutting Legend Biotech (LEGN) PT to $33;