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FrontierPicks

· an extra edition, outside the schedule

This week · seven-day roll-up

This week in US stocks.

Data as of

Today: what changed for the stocks we cover → What the market data shows: tested patterns →

Market regime · as of

The US market backdrop, right now.

Macro view →
Regime call Neutral

VIX

19.3

elevated

Stocks above their 50-day average

56.9 %

healthy but unconfirmed

S&P 500 vs its 200-day average

+3.1 %

above trend

The portfolio · since 10 Nov

What the portfolio changed this week.

The portfolio →
IMAX Bought for the portfolio (results) LLY Eli Lilly Added to in the portfolio (company news) CHYM Chime Financial Bought for the portfolio (results) ETON Eton Pharmaceuticals Bought for the portfolio (results) QNST QuinStreet Bought for the portfolio (results) XERS Xeris Biopharma Holdings Bought for the portfolio (results) PLMR Palomar Holdings Bought for the portfolio (results) ZETA Zeta Global Holdings Bought for the portfolio (results) APPN Appian Bought in the portfolio's opening purchases KNSA Kiniksa Pharmaceuticals International Bought in the portfolio's opening purchases LLY Eli Lilly Bought in the portfolio's opening purchases MSFT Microsoft Bought in the portfolio's opening purchases U Unity Software Bought in the portfolio's opening purchases

Rating changes · since 10 Nov

The rating changes that matter.

Every change, by day →

From 10 to , 98 research notes changed rating (63 raised, 35 cut) and 82 received a first rating. A rating can change whenever a note is re-read. A rating change is a move between two ratings on a stock the research covers; a first rating is not one, and a stock no longer covered is not counted. A move whose note stated no reason is listed and says so. Listed below: the 3 moves on a stock the portfolio holds or into or out of High, with the note's reason. The other 95 moved between Low and Medium (62 raised, 33 cut).

MSFT Microsoft Rating cut from High to Medium · in the portfolio Company news, 10 November 2026: Anthropic launched Claude Sheets, a spreadsheet that competes with Excel, alongside Claude Data and Claude Whiteboards; Microsoft shares fell as much as 3% intraday and closed down 2.2% at $533.16.

This names Anthropic, the company that makes Claude, the AI model that wrote it. The conflict of interest, stated.

AZTA Azenta Rating raised from Medium to High Results, 10 November 2026: Azenta beat its fourth-quarter revenue outlook and guided fiscal 2027 revenue to $648M-$660M against a $639.3M consensus, with adjusted EBITDA margin up 200 to 250 basis points. STRL Sterling Infrastructure Rating cut from High to Medium The note's kill line was crossed, 10 November 2026: The shares closed at $289.56 on 10 November 2026, below the $340 kill line in the previous note, with no company filing or guidance change to explain the fall from the $388.87 close on 28 October 2026.

New & re-read · since 10 Nov

Research notes written or re-read this week.

All stocks →
APPNAppianMedium Appian's third-quarter 2026 revenue rose 25% to $234.6 million and full-year guidance went up again, giving the shares a modest edge over the S&P 500; the fourth-quarter report, expected around 18 February 2027, shows whether cloud…AI enterprise softwarewritten · catalyst BKNGBooking HoldingsLow Booking Holdings is more likely to lag the S&P 500 over three months because it guided fourth-quarter room-night growth down to 1%–3% with flat adjusted EBITDA. The fourth-quarter report, expected in late February 2027, shows whether…Travel & leisurewritten · catalyst CHYMChime FinancialMedium Chime Financial's revenue growth sped up to 32% and its 2026 outlook rose a third time, giving the shares a modest edge over the S&P 500 over three months; the fourth-quarter 2026 report, against a $757–767 million forecast, settles it.Fintech, payments & creditwritten · catalyst ETONEton PharmaceuticalsMedium Eton Pharmaceuticals is modestly more likely than not to beat the S&P 500 over three months, after third-quarter revenue of $57.9 million, up 158%, lifted its 2026 guide above $175 million. The fourth-quarter report, expected around…Rare disease & gene therapywritten · catalyst GCTGigaCloud TechnologyMedium GigaCloud Technology's marketplace is growing faster than guided, so the shares are modestly more likely to lead the S&P 500 over three months; the fourth-quarter report, estimated for late February 2027, shows if revenue meets the $425…Consumer brands & retailwritten · catalyst IONQLow IonQ's shares are more likely to lag the S&P 500 over three months as a sudden finance-chief exit and 34.6 million newly registered resale shares add to widening losses despite a raised $505–515 million 2026 revenue outlook. Gary Merrill's…Quantum computingwritten · catalyst KNSAKiniksa Pharmaceuticals InternationalMedium Kiniksa Pharmaceuticals is modestly more likely than not to beat the S&P 500 over three months on its third 2026 ARCALYST guidance raise, to $1.045–1.050 billion. Fourth-quarter sales and the first 2027 range, due in the early-2027 results…Cardiovascular therapeuticswritten · catalyst LLYEli LillyMedium Eli Lilly's shares are more likely than not to beat the S&P 500 over three months, as tirzepatide volume still outruns price cuts and Foundayo won China approval on 12 November 2026. The fourth-quarter report and 2027 outlook, expected…GLP-1 & obesity drugswritten · catalyst LQDALiquidiaMedium Liquidia Corporation's shares are modestly more likely to beat the S&P 500 because YUTREPIA sales rose 31% to $222.7 million in the third quarter with record October shipments; preliminary fourth-quarter sales, due in early January 2027,…Cardiovascular therapeutics · Rare disease & gene therapywritten · catalyst

Conviction, each note's three-month call against the S&P 500: High and Medium expect the shares to lead it, Low expects them to lag it.

Themes · accelerating · from the close

The theme clusters picking up.

Themes by stage →

Accelerating

Rare disease & gene therapy

Rare-disease drug developers are drawing fresh trial data, new analyst coverage and new capital. Viridian (VRDN) rallied on positive VRDN-008 results on 9 November 2026, Guggenheim started coverage of Disc Medicine (IRON) at Buy with a $132 target the same day, and PepGen (PEPG) priced a $125 million offering at $5.00 a share on 12 November 2026. Analysts are still raising targets after the moves: Guggenheim lifted its PepGen target to $15 from $7, and BTIG lifted its Liquidia (LQDA) target to $87. Liquidia joined the group after Raymond James, Needham, BTIG and HC Wainwright raised or set targets between 11 November 2026 and 13 November 2026.

VRDNXERSIRON PEPG LQDAETON
Research notes in this theme →

Catalysts ahead · as of

The dated catalysts on the clock.

Full calendar →

Next seven days 146

Sun 15 Nov to Sat 21 Nov

FRNM Freenome

Carelon revised liquid-biopsy guideline takes effect

Event

RDAC Rising Dragon Acquisition

Current business-combination deadline; another monthly extension deposit is required to continue

Event

VERI Veritone

1.75% convertible senior notes mature ($45.58 million principal); the date is a Sunday

Event

AMLX Amylyx Pharmaceuticals

Full LUCIDITY results as a late-breaking oral at ObesityWeek 2026, Washington, D.C. (8:30 a.m. ET), followed by an Amylyx investor event at 11:45 a.m. ET

Event

DSX Diana Shipping

Minimum term ends on the P. S. Palios Capesize charter with Glencore ($25,200/day gross; maximum 15 January 2027)

Event

GH Guardant Health

Carelon Shield coverage takes effect

Event

ETON In the portfolio Eton Pharmaceuticals

Eton presents at the Jefferies Global Healthcare Conference in London, 10:00 to 10:25 a.m. Eastern, by webcast

Event

KNSA In the portfolio Kiniksa Pharmaceuticals International

Fireside chat at the Jefferies Global Healthcare Conference in London, 11:00 a.m. GMT

Also bears on CSTL, ELVN, PACB and VRDN

Event

+138 more

The week after 33

Sun 22 Nov to Sat 28 Nov

BAK Braskem

Close of the 90-day window to win majority support in each affected creditor class (Petrobras's director cited 24 November 2026 as the closing date)

Event

CAPR Capricor Therapeutics

FDA action date for the deramiocel biologics license application (narrowed to upper-limb impairment in DMD patients over 9)

Also bears on CYRX

FDA decision

KSS Kohls

Black Friday Week event begins, running to 28 November 2026, followed by Cyber Deals on 29 November to 30 November 2026

Event

HPE Hewlett Packard Enterprise

Fiscal fourth-quarter 2026 earnings call, listed on HPE's investor relations site

Earnings

PBR Petroleo Brasileiro S.A.-Petrobras

Petrobras presents its 2027–2031 strategic plan

Event

SITC SITE Centers

Planned Form 25 filing to delist the shares from the NYSE

Event

SMTC Semtech

Fiscal third-quarter 2027 results, released after the market closes, with a call at 1:30 p.m. Pacific time

Earnings

ZM Zoom Communications

Third-quarter fiscal 2027 results, after the market close, with a webinar at 5:00 pm ET

Also bears on RNG

Earnings

+25 more

Later 223

From Sun 29 Nov

DJT Trump Media & Technology Group

End of the second-tranche draw period on the TAE convertible note

Event

CVX Chevron

OPEC+ ministerial meeting

Also bears on COP

Event

PLMR In the portfolio Palomar Holdings

End of the Atlantic hurricane season

Also bears on HIPO, LILAK, MUR, NP, PK, PRCH and WTI

Event

MSTR Strategy

MSCI deletion of Strategy takes effect at the close

Event

CCJ Cameco

TradeTech month-end long-term uranium price indicator

Event

BB BlackBerry

BlackBerry third fiscal quarter of FY27 ends

Event

CCL Carnival

Carnival fiscal year-end

Event

CRTO Criteo

Criteo's inclusion in the MSCI Global Investable Market Indexes takes effect

Event

+215 more

Week-ahead note

The week-ahead read.

The market is in a neutral regime, with the S&P 500 3.1% above its 200-day average and the VIX at 19.3 at the 13 November 2026 close. Rising Dragon Acquisition Corp. (RDAC) leads the momentum ranking, up 113.1% over one month, followed by Focus Universal Inc. (FCUV), up 102.3%, and XChange TEC.INC (XHG), up 99.4%; no published theme links them. FCUV is new to the top of the ranking since the prior day, and the…