Hemab Therapeutics (COAG)
Market Price (8/14/2026): $55.02 | Market Cap: $1.7 BilSector: Health Care | Industry: Biotechnology
Hemab Therapeutics (COAG)
Market Price (8/14/2026): $55.02Market Cap: $1.7 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -15% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -82 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% Key risksCOAG key risks include [1] the potential failure of its novel and unproven product candidates to complete development and commercialization, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -15% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -82 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.0% |
| Key risksCOAG key risks include [1] the potential failure of its novel and unproven product candidates to complete development and commercialization, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Hemab Therapeutics (COAG) stock has gained about 60% since it went public on 5/1/2026 because of the following key factors:
1. Hemab Therapeutics successfully completed an upsized Initial Public Offering (IPO) in May 2026, raising approximately $317.2 million in net proceeds. This significant capital infusion provided the clinical-stage biotechnology company with a strong financial foundation, extending its cash runway into 2029, crucial for funding ongoing research and development efforts.
2. The company presented promising Phase 2 long-term extension data for its lead candidate, sutacimig (HMB-001), in Glanzmann thrombasthenia (GT) at the ISTH 2026 Congress in July 2026. The data demonstrated a sustained 62% mean reduction in high-intensity annualized treated bleed event rates among participants, with 92% of those who bled during the run-in period experiencing reductions in treated bleed rates. The U.S. Food and Drug Administration (FDA) endorsed this clinical data as sufficient to proceed to a Phase 3 pivotal trial, planned for the second half of 2026.
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Hemab Therapeutics (COAG) stock has gained about 60% since it went public on 5/1/2026 because of the following key factors:
1. Hemab Therapeutics successfully completed an upsized Initial Public Offering (IPO) in May 2026, raising approximately $317.2 million in net proceeds. This significant capital infusion provided the clinical-stage biotechnology company with a strong financial foundation, extending its cash runway into 2029, crucial for funding ongoing research and development efforts.
2. The company presented promising Phase 2 long-term extension data for its lead candidate, sutacimig (HMB-001), in Glanzmann thrombasthenia (GT) at the ISTH 2026 Congress in July 2026. The data demonstrated a sustained 62% mean reduction in high-intensity annualized treated bleed event rates among participants, with 92% of those who bled during the run-in period experiencing reductions in treated bleed rates. The U.S. Food and Drug Administration (FDA) endorsed this clinical data as sufficient to proceed to a Phase 3 pivotal trial, planned for the second half of 2026.
3. Hemab Therapeutics received favorable and escalating analyst coverage and price targets following its IPO. Several prominent investment firms initiated coverage with positive ratings, and as of August 12, 2026, analysts maintained a "Moderate Buy" consensus with an average price target of $51.40. Notably, Wedbush upgraded the stock and raised its price target from $55.00 to $64.00 on August 12, 2026, and HC Wainwright raised its price target to $60.00 on August 11, 2026, reflecting growing confidence in the company's future prospects.
4. The company demonstrated pipeline momentum with positive clinical data for HMB-002 and the introduction of HMB-003. First-in-human data for HMB-002 in Von Willebrand disease showed proof of mechanism with at least a 2.4-fold peak increase in Von Willebrand Factor (VWF) and Factor VIII (FVIII) levels, with preliminary observations indicating zero treated bleeds in 8 of 9 evaluable patients in the 28 days post-dose. Additionally, Hemab unveiled HMB-003, a novel program targeting heavy menstrual bleeding, with first-in-human studies planned for the second half of 2026.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
4/30/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| COAG | ||
| Market (SPY) | 8.2% | 16.7% |
| Sector (XLV) | 15.3% | -6.7% |
Fundamental Drivers
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Market Drivers
1/31/2026 to 8/13/2026| Return | Correlation | |
|---|---|---|
| COAG | ||
| Market (SPY) | 12.7% | 16.7% |
| Sector (XLV) | 9.3% | -6.7% |
Fundamental Drivers
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Market Drivers
7/31/2025 to 8/13/2026| Return | Correlation | |
|---|---|---|
| COAG | ||
| Market (SPY) | 24.1% | 16.7% |
| Sector (XLV) | 30.8% | -6.7% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/13/2026| Return | Correlation | |
|---|---|---|
| COAG | ||
| Market (SPY) | 75.9% | 16.7% |
| Sector (XLV) | 31.4% | -6.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| COAG Return | - | - | - | - | - | 57% | 57% |
| Peers Return | 8% | 5% | -39% | 42% | 0% | 40% | 39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| COAG Win Rate | - | - | - | - | - | 75% | |
| Peers Win Rate | 50% | 47% | 22% | 42% | 43% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| COAG Max Drawdown | - | - | - | - | - | - | |
| Peers Max Drawdown | -30% | -30% | -52% | -37% | -40% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PFE, BMRN, QURE, CBIO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/13/2026 (YTD)
How Low Can It Go
COAG has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.7% | -18.8% |
| % Gain to Breakeven | 13.3% | 23.1% |
| Time to Breakeven | 142 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -13.8% | -24.5% |
| % Gain to Breakeven | 15.9% | 32.4% |
| Time to Breakeven | 166 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.0% | -19.2% |
| % Gain to Breakeven | 17.6% | 23.8% |
| Time to Breakeven | 191 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.9% | -12.2% |
| % Gain to Breakeven | 18.9% | 13.9% |
| Time to Breakeven | 165 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.8% | -17.9% |
| % Gain to Breakeven | 18.8% | 21.8% |
| Time to Breakeven | 153 days | 123 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
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COAG has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -27.9% | -33.7% |
| % Gain to Breakeven | 38.8% | 50.9% |
| Time to Breakeven | 77 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.9% | -53.4% |
| % Gain to Breakeven | 61.1% | 114.4% |
| Time to Breakeven | 767 days | 1085 days |
In The Past
State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Hemab Therapeutics (COAG)
Hemab Therapeutics (COAG) is a clinical-stage biotechnology company dedicated to developing innovative therapies for blood coagulation disorders. These conditions, which include serious bleeding and thrombotic diseases, often impose a significant lifelong burden on patients due to a lack of effective prophylactic treatments or limitations with current approaches. Hemab's core mission is to establish itself as a leader in the coagulation field by discovering, developing, and commercializing new medicines.
The company's primary product candidates target specific coagulation disorders with high unmet needs. Its lead asset, sutacimig (HMB-001), is a bispecific antibody in Phase 1/2 clinical development for Glanzmann thrombasthenia and Phase 2 for Factor VII deficiency, conditions affecting an estimated 10,000 patients globally. Hemab's second clinical-stage asset, HMB-002, is a monovalent antibody in Phase 1/2 development for the subcutaneous prophylactic treatment of Von Willebrand Disease, a condition estimated to affect 120,000 patients. The company also maintains a pipeline of preclinical and discovery-stage assets.
Hemab aims to establish a leading coagulation franchise through its "Hemab 2x3 by 2030" strategic roadmap, targeting two commercial medicines, two new late-stage, and two new early-stage clinical programs by 2030. The primary customers are patients suffering from these rare coagulation disorders, and the company intends to commercialize its assets in key geographies including the United States, the European Union, Japan, the Gulf Cooperation Council countries, and other select regions, believing the addressable patient population could expand with increased awareness and new treatment options.
AI Analysis | Feedback
Here are a few analogies to describe Hemab Therapeutics (COAG):
Vertex Pharmaceuticals for blood coagulation disorders.
Intuitive Surgical for blood coagulation therapies.
AI Analysis | Feedback
- sutacimig (HMB-001): A bispecific antibody currently in clinical development for the prophylactic treatment of Glanzmann thrombasthenia and Factor VII deficiency.
- HMB-002: A monovalent antibody in clinical development for the subcutaneous prophylactic treatment of Von Willebrand Disease.
AI Analysis | Feedback
Hemab Therapeutics (COAG) is a clinical-stage biotechnology company. As described in the background information, the company's product candidates are currently in Phase 1/2 and Phase 2 clinical development and have not yet received regulatory approval or been commercialized. Therefore, Hemab Therapeutics does not currently have major customers, as it is not selling any products.
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Benny Sorensen co-founded Hemab Therapeutics in 2020. He joined Hemab as CEO from Codiak Biosciences, where he served as Senior Vice President, Strategic Projects, and was involved in building the company and advancing its first engineered exosome therapeutics from idea to clinical proof of concept. Prior to Codiak, he was Senior Director of Clinical Research at Alnylam Pharmaceuticals, leading the development of fitusiran and other hematology products. He also served as a Global Medical Director at Baxter Healthcare Corporation, advancing the pivotal development of Adynovate® and Vonvendi®. Hemab has secured funding from private equity firms such as Novo Holdings, HealthCap, RA Capital Management, Access Biotechnology, Deep Track Capital, Avoro Ventures, Invus, Rock Springs Capital, and Maj Invest Equity.
Mads Behrndt, Chief Financial Officer
Mads Behrndt was appointed Chief Financial Officer of Hemab in September 2021. He brings over 14 years of financial experience in international capital markets and business development. Before joining Hemab, he was a Partner at PwC's Corporate Finance team, where he led and executed private and public company financings and M&A transactions. Hemab is backed by a syndicate of top-tier investors.
Kate Madigan, MD, Chief Medical Officer
Kate Madigan was appointed Chief Medical Officer of Hemab in January 2025. Previously, she served as Chief Medical Officer at Syndax Pharmaceuticals, where she led the U.S. Food and Drug Administration (FDA) approvals of Revuforj and Niktimvo. Her extensive leadership experience also includes roles as Senior Medical Director at Alnylam Pharmaceuticals and Medical Director within Biogen's Rare Disease Innovation Unit.
Anant Murthy, PhD, Chief Operating Officer
Anant Murthy was appointed Chief Operating Officer of Hemab in September 2025. In this role, he is responsible for leading the company's global efforts in market access, launch, and commercialization of Hemab's pipeline.
Caroline Rasmussen, DVM, PhD, Vice President, Nonclinical Development
Caroline Rasmussen serves as Vice President, Nonclinical Development at Hemab, bringing over a decade of experience in nonclinical development, from early drug development to marketing authorization. She began her career at Novo Nordisk A/S, focusing primarily on the hemostasis portfolio. Most recently, she was Director of Toxicology and Safety Pharmacology at Ascendis Pharma A/S.
AI Analysis | Feedback
The key risks for Hemab Therapeutics (COAG) are:
- The risk that its novel and unproven product candidates may not successfully complete clinical development, receive regulatory approval, or be effectively commercialized. This is due to the early stage of development, the lack of established prophylactic therapies to inform endpoint selection and trial design, and the inherent uncertainties of clinical trials.
- The risk of failing to achieve its strategic goals outlined in the "Hemab 2x3 by 2030" roadmap, which aims to build a franchise consisting of two commercial medicines, two new late-stage clinical programs, and two new early-stage clinical programs by 2030.
AI Analysis | Feedback
AI Analysis | Feedback
The addressable markets for Hemab Therapeutics' main products are:
- Glanzmann thrombasthenia and Factor VII deficiency: approximately 10,000 patients. This market size is for the United States, the European Union, Japan, the Gulf Cooperation Council countries, and other select regions.
- Von Willebrand Disease: approximately 120,000 patients. This market size is for the United States, the European Union, Japan, the Gulf Cooperation Council countries, and other select regions.
AI Analysis | Feedback
Hemab Therapeutics (NASDAQ: COAG) is a clinical-stage biotechnology company focused on developing therapies for blood coagulation disorders. As a pre-revenue company, its future revenue growth over the next two to three years will be primarily driven by the successful advancement and potential commercialization of its pipeline assets.
The key expected drivers of future revenue growth for Hemab Therapeutics include:
- Successful progression of sutacimig (HMB-001) through late-stage clinical trials for Glanzmann thrombasthenia and Factor VII deficiency. sutacimig is the company's lead asset, poised to enter a Phase 3 clinical trial for Glanzmann thrombasthenia in the second half of 2026. It is being developed as the first prophylactic treatment for Glanzmann thrombasthenia, a severe bleeding disorder. Additionally, Phase 2 clinical data for sutacimig in Factor VII deficiency is anticipated in late 2026 or early 2027. Positive outcomes from these trials are crucial steps toward regulatory approval and eventual commercial launch.
- Advancement of HMB-002 into late-stage clinical development for Von Willebrand Disease. HMB-002, a monovalent antibody, is currently in Phase 1/2 clinical development for the subcutaneous prophylactic treatment of Von Willebrand Disease, the most common inherited bleeding disorder. Hemab aims to advance HMB-002 towards a registration study. Successful progression through clinical development for this asset could unlock access to a significantly larger patient population and represent a substantial future revenue stream.
- Expansion of the pipeline with new clinical-stage assets, such as HMB-003. Hemab's strategic roadmap, "Hemab 2x3 by 2030," includes building a franchise with two new early-stage clinical programs by 2030. The company expects to announce HMB-003, another novel drug candidate, in the first half of 2026. The successful advancement of these new programs into clinical development could broaden Hemab's portfolio and establish additional platforms for future revenue generation, potentially through milestone payments from partnerships or eventual product commercialization.
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Share Repurchases
Hemab Therapeutics has not reported any share repurchases for the trailing twelve months ending December 2025, with a reported value of $0.00 million. As a recently public, clinical-stage biotechnology company, it has not engaged in share buyback programs.
Share Issuance
- Hemab Therapeutics completed its Initial Public Offering (IPO) on May 1, 2026, raising $302 million by offering 16.8 million shares at $18 per share.
- The IPO was upsized to 16.75 million shares and priced at $18.00 per share, raising $301.5 million.
- The underwriters fully exercised their option to purchase an additional 2,512,500 shares, bringing the total shares issued in the IPO to 19,262,500 at $18.00 per share.
Inbound Investments
- In October 2025, Hemab Therapeutics closed a $157 million Series C financing round, led by Sofinnova Partners with participation from new and existing investors including Novo Holdings, RA Capital Management, and Avoro Capital Advisors.
- The company secured a $135 million Series B financing round in 2023, with participation from investors such as Novo Holdings.
- Hemab Therapeutics raised $55 million in a Series A financing round in 2021, co-led by Novo Holdings.
Capital Expenditures
- Hemab Therapeutics reported minimal capital expenditures, with -$0.02 million for the year ending December 2025 and -$0.28 million for December 2024.
Peer Outperformance in Biotechnology
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 7.3% | 69.1% | 142.2% | CAH 399% · MCK 343% · COR 173% |
| Health Care Services | 20 | 20.4% | 33.2% | 7.3% | HIMS 244% · RDNT 153% · DGX 76% |
| Managed Health Care | 8 | 44.6% | -6.2% | 5.5% | OSCR 109% · HQY 54% · ELV 16% |
| Health Care Facilities | 24 | 8.4% | -10.5% | -15.0% | THC 281% · NHC 236% · ENSG 120% |
| Health Care Equipment | 51 | -2.5% | -12.3% | -17.5% | POCI 10400% · UFPT 413% · GKOS 287% |
| Health Care Supplies | 12 | 33.7% | -14.2% | -26.0% | LNTH 296% · HAE 48% · MMSI 37% |
| Pharmaceuticals | 63 | 0.7% | -3.0% | -38.7% | LQDA 2611% · INDV 1499% · ETON 823% |
| Health Care Technology | 21 | -20.3% | -53.8% | -71.8% | SPOK 135% · TALK 0% · HSTM -3% |
| Life Sciences Tools & Services | 108 | -1.7% | -35.0% | -74.3% | SNWV 1847% · ELMD 264% · MEDP 228% |
| Biotechnology ← | 365 | 5.5% | -31.6% | -79.0% | BRTX 110000% · CELZ 1671% · DNTH 1599% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 40.38 |
| Mkt Cap | 7.4 |
| Rev LTM | 1,709 |
| Op Inc LTM | 34 |
| FCF LTM | 326 |
| FCF 3Y Avg | 4,977 |
| CFO LTM | 392 |
| CFO 3Y Avg | 6,424 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.5% |
| Rev Chg 3Y Avg | 4.9% |
| Rev Chg Q | 11.3% |
| QoQ Delta Rev Chg LTM | 0.6% |
| Op Inc Chg LTM | -39.3% |
| Op Inc Chg 3Y Avg | 157.1% |
| Op Mgn LTM | 4.4% |
| Op Mgn 3Y Avg | 16.2% |
| QoQ Delta Op Mgn LTM | -5.3% |
| CFO/Rev LTM | 21.0% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 16.2% |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.30 | 1.46 | -1.30 | 0.09 | -0.06 | -0.08 |
| Up Beta | 0.87 | 3.75 | -1.30 | 0.96 | -0.63 | 1.36 |
| Down Beta | 0.42 | 2.00 | 1.04 | -6.98 | -3.24 | -1.27 |
| Up Capture | 410% | 270% | 250% | 104% | 46% | 4% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 26 | 34 | 34 | 34 | 34 |
| Down Capture | -26% | -113% | 85% | 44% | 29% | 16% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 16 | 27 | 27 | 27 | 27 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COAG | |
|---|---|---|---|---|
| COAG | 59.0% | 100.0% | 2.11 | - |
| Sector ETF (XLV) | 30.2% | 15.5% | 1.49 | -6.7% |
| Equity (SPY) | 22.2% | 12.8% | 1.29 | 16.7% |
| Gold (GLD) | 29.6% | 28.5% | 0.90 | 20.9% |
| Commodities (DBC) | 36.9% | 20.1% | 1.45 | -16.3% |
| Real Estate (VNQ) | 15.2% | 13.9% | 0.78 | 1.4% |
| Bitcoin (BTCUSD) | -47.3% | 42.9% | -1.37 | -1.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COAG | |
|---|---|---|---|---|
| COAG | 9.7% | 100.0% | 2.11 | - |
| Sector ETF (XLV) | 6.4% | 15.0% | 0.24 | -6.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 16.7% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 20.9% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | -16.3% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 1.4% |
| Bitcoin (BTCUSD) | 9.2% | 52.8% | 0.36 | -1.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with COAG | |
|---|---|---|---|---|
| COAG | 4.7% | 100.0% | 2.11 | - |
| Sector ETF (XLV) | 10.2% | 16.6% | 0.50 | -6.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 16.7% |
| Gold (GLD) | 11.9% | 16.2% | 0.60 | 20.9% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | -16.3% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 1.4% |
| Bitcoin (BTCUSD) | 60.3% | 66.1% | 1.00 | -1.7% |
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Recent Forward Guidance
Updated 8/12/2026Latest: Q2 2026 Earnings Reported 8/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Cash Runway | |||||||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 6172026 | 24.98 | 61,523 | 1,536,845 | 160,987,032 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Buy | 6172026 | 24.89 | 6,146 | 152,974 | 158,875,707 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Buy | 5212026 | 24.94 | 996 | 24,840 | 159,041,582 | Form | |
| 4 | Ra, Capital Management, LP | See footnotes | Buy | 5212026 | 24.97 | 3,802 | 94,936 | 159,208,021 | Form | |
| 5 | Ra, Capital Management, LP | See footnotes | Buy | 5142026 | 24.90 | 6,387 | 159,036 | 158,667,033 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 6172026 | 24.98 | 61,523 | 1,536,845 | 160,987,032 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Buy | 6172026 | 24.89 | 6,146 | 152,974 | 158,875,707 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Buy | 5212026 | 24.94 | 996 | 24,840 | 159,041,582 | Form | |
| 4 | Ra, Capital Management, LP | See footnotes | Buy | 5212026 | 24.97 | 3,802 | 94,936 | 159,208,021 | Form | |
| 5 | Ra, Capital Management, LP | See footnotes | Buy | 5142026 | 24.90 | 6,387 | 159,036 | 158,667,033 | Form | |
| 6 | Ra, Capital Management, LP | See footnotes | Buy | 5112026 | 24.81 | 39,869 | 989,226 | 157,947,233 | Form | |
| 7 | Ra, Capital Management, LP | See footnotes | Buy | 5112026 | 24.98 | 1,483 | 37,045 | 158,021,332 | Form | |
| 8 | Ra, Capital Management, LP | See footnotes | Buy | 5112026 | 24.46 | 9,906 | 242,323 | 154,709,711 | Form | |
| 9 | Ra, Capital Management, LP | See footnotes | Buy | 5062026 | 24.60 | 68,018 | 1,673,399 | 155,351,842 | Form | |
| 10 | Ra, Capital Management, LP | See footnotes | Buy | 5062026 | 24.63 | 97,411 | 2,399,546 | 153,871,567 | Form | |
| 11 | Ra, Capital Management, LP | See footnotes | Buy | 5062026 | 18.00 | 2,675,000 | 48,150,000 | 110,683,728 | Form |
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