Dynamic Top Pick List Update February 2026: Removing ASMi; Adding UCB

After today's changes (ASMi out, UCB in), we maintain a balanced approach in our Dynamic Top Pick List, with a particular emphasis on value stocks that have been overlooked. Our defensive holdings are overweight, including real estate, which stands to benefit from lower interest rates. We remove ASMi from our Dynamic Top Pick List as the recent share price performance has driven the valuation meaningfully ahead of fundamentals. Since early December, FY27 diluted EPS expectations have risen by approximately 9%, while the share price has rallied by around 40% over the same period, resulting in ...

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 02/02/2026

ODDO : Monthly Jan’2026: Off to the races

Zealand Pharma Positive phase 1a data for Kv1.3 channel blocker

Zealand Pharma reported positive phase 1a topline results for the Kv1.3 channel blocker ZP9830. Single ascending doses of ZP9830 were well tolerated, with no serious or severe adverse events or dose-limiting safety findings, and PK/PD profile was in-line with predictions. We view these data as de-risking for the program and look forward to the MAD data expected in 2H26, which should provide insight into extended exposure and additional proof of mechanism. Given the selective expression of Kv1.3 on effector memory T cells, we believe Kv1.3 blockers have pipeline-in-a-product potential in the at...

Morning Notes : AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

: AED BB, ASRNL NA, BAR BB, COFB BB, UMI BB, IMCD NA, ZEAL DC

Dynamic Top Pick List update Removing Aedifica

We remove Aedifica from our Dynamic Top Pick list after we updated our model after the FY25 reporting. Since we upgraded Aedifica early November from Hold to Buy, it outperformed the EPRA developed index by 15,1%. We expect the momentum to continue on a positive outcome from the initial exchange period and a potential MSCI inclusion. However we see limited upside to our € 80,0 fair value so we cut our recommendation from BUY to ACCUMULATE.