Small- and mid-cap biotech looks like one of healthcare's more asymmetric setups after a four-year bear market, as AI speeds drug discovery and Big Pharma faces a patent cliff. Over $300B of pharma revenue goes off patent in the next few years, M&A is already ramping hard as pharma hunts for assets, and many small and mid-cap names still trade at reasonable valuations, making them potential takeover targets. x.com 

Novartis looks solid on positive Phase 3 data for multiple sclerosis, a significant disease. It is a slower mover with a good chart, a defensive pick as the market looks weak, with yields rising, the dollar and oil breaking out and the VIX strong. x.com