Neutral/Negative Catalysts
- Near-term catalyst gap risk: at least one major desk (Wells Fargo) explicitly downgraded citing “upgrade thesis largely played out” and expectation of range-bound trading.
- Pre-earnings uncertainty: with IV elevated vs HV, a merely “in-line” quarter can still lead to downside if expectations are priced in.
- Longer-term overhang remains: Jakafi loss of exclusivity in 2028 (pipeline must bridge the transition).
- Quant/pattern signal is slightly negative for the next day/week, increasing the chance of an impatient entry being early.
