Bi-Weekly UpdateSep 28, 2026 · 7 pages · Free to read

Antibody and Protein Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

This bi-weekly report tracks public market moves, major announcements and M&A activity across 58 antibody and protein therapeutics companies for September 14–28, 2026, built for investors, operators and advisors monitoring clinical catalysts and valuation benchmarks in the sector.

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-5.2%
Sector Median Move: +0.8%
S&P 500 Return: +171.3%
Kodiak Sciences Inc. (KOD): -43.4%
Compass Therapeutics, Inc. (CMPX)

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ANTIBODY AND PROTEIN THERAPEUTICS

Pivotal Readouts Redraw the Range as Deal Flow Stays Quiet

This update covers share-price moves, company announcements and transaction activity across antibody and protein therapeutics for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI   ·   Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Antibody and Protein Therapeutics Bi-Weekly Update   |   September 14–28, 2026   |   Confidential   |   Not investment advice

Sources & methodology

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Executive summary

Across September 14–28, 2026, antibody and protein therapeutics names moved on clinical and regulatory evidence rather than broad market sentiment: the sector's median move was -5.2% against a +0.8% S&P 500 return. Kodiak Sciences Inc. (KOD) rose +171.3% on pivotal Phase 3 data, while Compass Therapeutics, Inc. (CMPX) fell -43.4% on FDA feedback. No new transactions were recorded, leaving the existing 40-deal precedent set as the reference point for valuation this period.

Key findings

Sector fell broadly while the S&P 500 rose, pointing to sector-specific pressure.
Kodiak Sciences' pivotal Phase 3 readout drove the period's largest single gain.
Compass Therapeutics fell sharply after FDA feedback on tovecimig.
No new M&A transactions closed; the 40-deal precedent set still anchors valuation.

What each page shows

The analyst’s walkthrough of the deck, page by page.

01
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE
HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ANTIBODY AND PROTEIN THERAPEUTICS
Cover slide introducing the bi-weekly antibody and protein therapeutics update for September 14–28, 2026.
This bi-weekly update on antibody and protein therapeutics covers what changed, who moved and why, what transacted, and what it means for the two weeks ended September 28, 2026. We walk through the market moves, the catalysts behind them, and the state of deal activity so you can act on the period's evidence.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ANTIBODY AND PROTEIN THERAPEUTICS Pivotal Readouts Redraw the Range as Deal Flow Stays Quiet This update covers share-price moves, company announcements and transaction activity across antibody and protein therapeutics for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1
02
THE BI-WEEKLY BOTTOM LINE
Binary Readouts Set the Price While the Transaction Record Stood Still
Summarizes the two-week period across 58 covered names, showing that clinical readouts drove pricing while transaction activity stayed flat.
Across 58 covered names, the sector's median move was -5.2% while the S&P 500 returned +0.8%, so the pressure this period was sector-specific rather than market-wide. The largest single move came from Kodiak Sciences Inc. (KOD), up +171.3% on its DAYBREAK pivotal Phase 3 data, while Compass Therapeutics, Inc. (CMPX) fell -43.4% on regulatory feedback. No new transactions were recorded, leaving the existing 40-deal precedent set as the reference point for valuation. The takeaway: this period rewarded data, not deal-making.
Everything on this page
THE BI-WEEKLY BOTTOM LINE Binary Readouts Set the Price While the Transaction Record Stood Still The two-week period in one page · 58 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Fell While the Broad Market Edged Higher 39 of 58 covered names fell; the median move was -5.2%. The S&P 500 returned +0.8% over the same two-week period, so the pressure was sector-specific rather than market-wide. 2 One Pivotal Package Carried the Period's Largest Move Kodiak Sciences Inc. (KOD) returned +171.3% over the two-week period, including +178.0% on September 28, the day it presented topline results from the DAYBREAK pivotal Phase 3 study in wet age-related macular degeneration. 3 Regulatory Feedback Cut the Other Way Just as Hard Compass Therapeutics, Inc. (CMPX) returned -43.4%, with -31.9% on September 22, the day it issued a regulatory update on tovecimig in biliary tract cancer following FDA feedback. 4 No New Transactions Landed; The Standing Reference Set Carries the Period No material sector transactions were announced during the period. NeuraCap's standing lens for the sector remains EV / Revenue, with a sector median of 5.8x and a Premium tier at 17.6x. +171.3% Best mover — Kodiak Sciences Inc. (KOD) worst: CMPX -43.4% · 19 up / 39 down of 58 covered -5.2% Sector median two-week return vs S&P 500 +0.8% 3 Company filings in the window 8-K events read for driver attribution
03
PUBLIC MARKET MOVERS
Clinical Evidence, Not the Market, Did the Repricing This Period
Ranks public market movers over the two-week window against a sector median of -5.2%, an S&P 500 return of +0.8%, and a ±13.2% materiality bar.
Bi-weekly moves ran from a median of -5.2% against an S&P 500 return of +0.8%, with a materiality bar of ±13.2% marking which swings we treat as decision-relevant. Kodiak Sciences Inc. (KOD) cleared that bar decisively, gaining +171.3% on its DAYBREAK pivotal Phase 3 readout, while Compass Therapeutics, Inc. (CMPX) moved -43.4% on FDA feedback tied to tovecimig. We attribute each move only to the filings and headlines recorded in the window, so where no driver is documented, we say so rather than guess. The clear signal: clinical evidence, not sentiment, set this period's prices.
Everything on this page
PUBLIC MARKET MOVERS Clinical Evidence, Not the Market, Did the Repricing This Period Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.2% · S&P 500 +0.8% · materiality bar ±13.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.2% Kodiak Sciences Inc. (KOD) +171.3% Shares moved following September 28 topline results from the DAYBREAK pivotal Phase 3 study of Zenkuda and KSI-501 in wet age-related macular degeneration; Barron's reported Kodiak plans to file for approval of Zenkuda. A clean pivotal package on a validated retinal target can reprice a pre-commercial developer in one session. COMPANY-SPECIFIC Compass Therapeutics, Inc. (CMPX) -43.4% Shares moved following the September 22 regulatory update on tovecimig in biliary tract cancer after FDA feedback; Benzinga reported the feedback raised new questions about timing and requirements for the program. Single-asset developers live with the regulator's view of the confirmatory package, not just the data. COMPANY-SPECIFIC ALX Oncology Holdings Inc. (ALXO) -28.0% No notable in-window news was identified that clearly explains the move. ALX Oncology Holdings Inc. (ALXO) returned -28.0% against a set median of -5.2%. Core-tier names carried some of the period's widest two-week swings. UNEXPLAINED Cullinan Therapeutics, Inc. (CGEM) -26.7% Shares moved following Cullinan's September 14 virtual analyst event featuring Phase 3 REZILIENT3 data for zipalertinib plus chemotherapy presented at the IASLC 2026 World Conference Late-stage combination data resets how a Core-tier name's lead program is positioned in class. COMPANY-SPECIFIC
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MAJOR NEWS & INDUSTRY CATALYSTS
Companies Spent the Period Setting up Data and Sharpening Portfolios
Lists the period's highest-impact company announcements and the reasoning behind why each matters.
This period's highest-impact events centered on companies generating pivotal data and sharpening their portfolios ahead of the next catalyst window. Each entry links back to its underlying filing or article, and our 'why it matters' read is grounded in that recorded source rather than speculation. Kodiak Sciences Inc.'s DAYBREAK data and Compass Therapeutics' regulatory update were the period's clearest examples of evidence moving valuations directly. For diligence teams, these events are the strongest read on which programs are actually derisking.
Everything on this page
MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Setting up Data and Sharpening Portfolios The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · GlobeNewsWire Cullinan took its autoimmune T cell engager programs to the Stifel immunology and inflammation forum Investor forums are where clinical-stage developers defend positioning between readouts. The appearance signals the company is actively presenting its autoimmune franchise to specialist investors. Between catalysts, positioning work carries the story for clinical-stage names. Sep 17 · NEWS · GlobeNewsWire argenx added Thomas M. Brakel and Khurem Farooq to its board as non-executive directors Board composition at a scaled immunology company signals how it intends to govern the next phase of commercial and pipeline expansion. Governance builds accompany the transition from developer to commercial-stage operator. Sep 16 · NEWS · GlobeNewsWire Annexon granted inducement awards to newly hired employees Inducement grants under the Nasdaq rule mark outside hiring. For a neuroinflammation developer, added headcount is an observable sign of programs being staffed rather than slowed. Hiring disclosures are one of the few real-time reads on execution pace between readouts. Sep 22 · NEWS · PRNewsWire Compugen scheduled an October 5 KOL event on COM701 in ovarian cancer plus a Unigen platform update Pairing a lead-asset session with a platform update is a company positioning itself on both single-asset progress and repeat target generation, the two stories this sector prices differently. Platform breadth and lead-asset progress are being argued together, not as alternatives. Sep 22 · NEWS · GlobeNewsWire Zenas set out upcoming obexelimab Phase 3 INDIGO extension data in IgG4-related disease Longer-term flare protection and safety data speak to durability in chronic dosing, which is where the value of a biologic in autoimmune disease is ultimately judged. Extension data is the evidence that supports franchise durability claims in chronic indications. Sep 18 · NEWS · GlobeNewsWire Zenas issued inducement grants to new hires alongside its obexelimab data plans Staffing up while late-stage data is being prepared for presentation points to a company building toward execution on its lead program. Headcount added around a pivotal program is a practical marker of commitment to the readout calendar.
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M&A & STRATEGIC ACTIVITY
No New Transactions This Period; The Existing Record Still Sets the Reference Points
Confirms no new sector transactions were announced this period, leaving the 40-deal precedent set as the standing valuation reference.
No new sector transactions were announced during September 14–28, 2026, so the standing record of 40 recorded precedent deals continues to anchor valuation. NeuraCap's standing lens remains EV / Revenue, with a sector median of 5.8x and a Premium tier at 17.6x. Because no fresh deal terms arrived, the reference set is unchanged from prior periods, and diligence should lean on the clinical evidence emerging this period rather than new transaction comparables. For acquirers, this is a signal to keep watching the data, not the tape.
Everything on this page
M&A & STRATEGIC ACTIVITY No New Transactions This Period; The Existing Record Still Sets the Reference Points September 14–28, 2026 · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record carries 40 precedent transactions, and NeuraCap's standing lens for the sector remains EV / Revenue at a sector median of 5.8x. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against
06
WHAT IT MEANS
What a Readout-Driven Period Changes for Each Side of the Table
Translates the period's readout-driven moves into distinct implications for owners, acquirers and advisors.
For owners and operators, cash runway to the next readout did the arguing this period, rewarding on-schedule data and repricing shifted regulatory paths. For acquirers, the reference set moved on evidence rather than on new transactions, with the trailing 40-deal precedent record still anchoring diligence even as Kodiak Sciences Inc.'s pivotal package changed the clinical input. For advisors, the period's dominant theme is that clinical and regulatory evidence set prices while deal flow paused, so leading with the data package and regulatory correspondence is the highest-value conversation right now. Together, these reads point to the same conclusion: evidence, not the tape, is driving decisions this period.
Everything on this page
WHAT IT MEANS What a Readout-Driven Period Changes for Each Side of the Table The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 5.8x 63 companies in the study 3 valuation tiers Standing thesis: Antibody and Protein Therapeutics Trades as Three Priced Tiers, Led by Clinical-Stage Biologics Developers FOR OWNERS & OPERATORS Cash Runway to the Next Readout Is Doing the Arguing The period rewarded companies whose data arrived on schedule and repriced those whose regulatory path shifted. FOR ACQUIRERS The Reference Set Moved on Evidence, Not on New Transactions No transactions were added this period, so the trailing record of 40 precedent transactions still anchors the reference set. What changed is the clinical input to diligence: a pivotal package at Kodiak Sciences Inc. FOR ADVISORS Lead with the Data Package and the Regulatory Correspondence The period's dominant theme is that clinical and regulatory evidence set prices while deal flow paused.
07
SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
Explains the sources, methodology and important notices behind every figure and attribution in this update.
Every figure in this update links back to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. Our driver attributions use calibrated language and represent NeuraCap's read of the recorded evidence, not asserted causation. This structure lets you trace any number in the deck to its source before acting on it, which is exactly the diligence discipline this kind of period rewards.
Everything on this page
SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Antibody and Protein Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 6 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T184638Z_563_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · prnewswire.com · sec.gov

Sources and methodology

This update covers Antibody and Protein Therapeutics over the 14-day window September 14–28, 2026; market data runs through September 28, 2026. The universe is the 58 listed companies whose core business is Antibody and Protein Therapeutics under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: Acumen Pharmaceuticals, Inc. (ABOS), Absci Corporation (ABSI), Adagene Inc. (ADAG), ADC Therapeutics S.A. (ADCT), ADMA Biologics, Inc. (ADMA), Agenus Inc. (AGEN), Alector, Inc. (ALEC), ALX Oncology Holdings Inc. (ALXO), Annexon, Inc. (ANNX), argenx SE (ARGX), Avalo Therapeutics, Inc. (AVTX), Bicara Therapeutics Inc. Common Stock (BCAX), BioMarin Pharmaceutical Inc. (BMRN), Cullinan Therapeutics, Inc. (CGEM), Compugen Ltd. (CGEN), Celldex Therapeutics, Inc. (CLDX), Compass Therapeutics, Inc. (CMPX), Coya Therapeutics, Inc. (COYA), Corvus Pharmaceuticals, Inc. (CRVS), CytomX Therapeutics, Inc. (CTMX), DiaMedica Therapeutics Inc. (DMAC), Dianthus Therapeutics, Inc. (DNTH), Genmab A/S (GMAB), Grifols, S.A. (GRFS), ImmunityBio, Inc. (IBRX), InflaRx N.V. (IFRX), Immunovant, Inc. (IMVT), Inhibrx Biosciences, Inc. (INBX), Invivyd, Inc. (IVVD), Janux Therapeutics, Inc. (JANX), Jade Biosciences, Inc. (JBIO), Kamada Ltd. (KMDA), Kiniksa Pharmaceuticals, Ltd. (KNSA), Kodiak Sciences Inc. (KOD), Keros Therapeutics, Inc. (KROS), MoonLake Immunotherapeutics (MLTX), NovaBridge Biosciences (NBP), OmniAb, Inc. (OABI), Omeros Corporation (OMER), Oruka Therapeutics, Inc. (ORKA), Prothena Corporation plc (PRTA), Pyxis Oncology, Inc. (PYXS), Arcus Biosciences, Inc. (RCUS), Roivant Sciences Ltd. (ROIV), Rezolute, Inc. (RZLT), Scholar Rock Holding Corporation (SRRK), Sutro Biopharma, Inc. (STRO), Shattuck Labs, Inc. (STTK), Savara Inc. (SVRA), Tectonic Therapeutic, Inc. (TECX), TG Therapeutics, Inc. (TGTX), Upstream Bio, Inc. (UPB), Vir Biotechnology, Inc. (VIR),

Window and company universe

How the moves and statistics are computed

Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.

Events, news and how a move is attributed

Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.

Transactions in the window and the trailing record

Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing record of 40 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.

Sources

Prices and index levels are market data through September 28, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.

Interpretation and important notice

'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Antibody and Protein Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

Key figures

Read the report

Executive summary

Key findings

What each page shows

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ANTIBODY AND PROTEIN THERAPEUTICS

Binary Readouts Set the Price While the Transaction Record Stood Still

Clinical Evidence, Not the Market, Did the Repricing This Period

Companies Spent the Period Setting up Data and Sharpening Portfolios

No New Transactions This Period; The Existing Record Still Sets the Reference Points

What a Readout-Driven Period Changes for Each Side of the Table

Sources, Methodology and Important Notice