At 6:22 a.m. ET on Friday, premarket trading is seeing notable activity in several stocks, with early price movements signaling potential opportunities before the opening bell.For active traders, premarket trading offers a head start in spotting potential breakouts, reversals, or sharp price swings. These early moves often indicate where momentum may carry into the regular session, making premarket analysis a key part of the trading day.In the Green - Premarket GainersThe following stocks are trading highe ...

EMERGING TECH RESEARCH Healthtech Public Comp Sheet and Valuation Guide Q4 2025 Institutional Research Group Brian Wright Lead Research Analyst, Healthcare brian.wright@pitchbook.com pbinstitutionalresearch@pitchbook.com Published on February 2, 2026 | Contents | | | --- | --- | | Key takeaways | 2 | | Stock returns | 4 | | Revenue | 5 | | EBITDA | 7 | PitchBook clients can access the full Excel data pack for this report via the Research Center on the PitchBook Platform. Disclaimer: Any -0 values are negati ...

Core Insights - The article compares two small-cap growth ETFs: iShares Morningstar Small-Cap Growth ETF (ISCG) and Invesco S&P SmallCap 600 Pure Growth ETF (RZG), highlighting their differences in cost, diversification, and sector focus [4][10]. Fund Comparison - ISCG has a broader portfolio with 971 holdings, while RZG is more concentrated with 131 holdings, leading to a higher share of assets in its top positions [1][2]. - ISCG's sector allocation is primarily in industrials (23%), technology (20%), and healthcare (17%), whereas RZG is more heavily tilted towards healthcare (26%), followed by industrials (18%) and financial services (16%) [1][2]. Performance Metrics - Over the past five years, RZG has outperformed ISCG with a total return of 20% compared to ISCG's 12% [9]. - However, ISCG has shown a better one-year total return as of January 9, 2026 [5]. Cost and Yield - ISCG has a lower expense ratio of 0.06% compared to RZG's 0.35%, making it more affordable for investors [8]. - ISCG also offers a higher dividend yield of 0.6% versus RZG's 0.3%, appealing to income-focused investors [8]. Liquidity and Size - ISCG has a larger asset under management (AUM) of $887 million compared to RZG's $110 million, which may provide greater liquidity for trading [8]. Risk Profile - Both funds have similar risk profiles and have underperformed the S&P 500 over the last five years, with nearly identical maximum drawdowns during market corrections [7].

Core Viewpoint - BTIG has raised the price target for Progyny (PGNY) to $35 from $30 while maintaining a Buy rating, following insights from the JP Morgan Healthcare Conference [1] Group 1: Financial Performance - Progyny is expected to report Q4 revenue, net income, and adjusted EBITDA slightly above previous guidance due to favorable member engagement tracking [1] - The company is experiencing strong demand, new client acquisitions, and an increase in member additions, indicating robust growth [1] Group 2: Market Position - Progyny continues to strengthen its industry-leading position in the fertility and family building sector [1]

Core Insights - The Vanguard Small-Cap Growth ETF (VBK) and Invesco S&P SmallCap 600 Pure Growth ETF (RZG) both focus on U.S. small-cap growth stocks but employ different strategies in portfolio construction, sector exposure, and fee structures [4][7]. Fund Comparison - VBK tracks a broad index of U.S. small-cap growth companies with 579 stocks, emphasizing technology (27%), industrials (21%), and healthcare (18%) [2][5]. - RZG is built around the S&P SmallCap 600 Pure Growth Index, focusing more on healthcare (26%), followed by industrials (18%) and financial services (16%), with only 131 stocks, leading to lower diversification [1][5]. Performance and Costs - VBK has a lower expense ratio of 0.07% compared to RZG's 0.35%, making it more appealing for cost-conscious investors [3][5]. - RZG has shown a marginally higher one-year total return compared to VBK, but both funds have nearly identical drawdowns and long-term growth [5][9]. Risk and Volatility - VBK's beta is 1.4, indicating higher volatility compared to RZG's beta of 1.2, which may appeal to different types of investors based on their risk tolerance [8][9]. - RZG's concentrated portfolio may increase risk due to its lower number of holdings [7][9]. Investor Suitability - RZG is suited for investors seeking potential outperformance and who are comfortable with higher fees and concentration risk [9]. - VBK is ideal for long-term investors looking for low costs and broader exposure to the small-cap growth market [9].

Core Viewpoint - The article compares two small-cap growth ETFs, the iShares S&P Small-Cap 600 Growth ETF (IJT) and the Invesco S&P SmallCap 600 Pure Growth ETF (RZG), highlighting their differences in cost, performance, risk, and portfolio composition. Cost & Size - RZG has an expense ratio of 0.35%, while IJT has a lower expense ratio of 0.18% [2][3] - The one-year return for RZG is 12.99%, compared to IJT's 5.75% [2] - RZG offers a dividend yield of 0.36%, whereas IJT provides a higher yield of 0.9% [3] - RZG has assets under management (AUM) of $104.83 million, significantly smaller than IJT's AUM of $6.29 billion [2] Performance & Risk Comparison - RZG experienced a maximum drawdown of 38.33% over five years, while IJT had a lower drawdown of 29.24% [4] - An investment of $1,000 in RZG would grow to $1,199 over five years, whereas the same investment in IJT would grow to $1,266 [4] Portfolio Composition - IJT holds 342 stocks, with significant sector weights in technology (20%), industrials (19%), and healthcare (17%) [5] - RZG tracks a "pure" growth methodology with 135 stocks, heavily weighted towards healthcare at 27% [6] - Top holdings for IJT include Arrowhead Pharmaceuticals, Armstrong World Industries, and InterDigital, each under 1.4% of assets [5] - RZG's top positions are Progyny, ACM Research, and ARMOUR Residential REIT [6] Investment Implications - RZG focuses on "pure" growth stocks, using a growth score based on sales growth, earnings change to price ratio, and momentum, leading to fewer total holdings compared to IJT [7] - Over the last 12 months, RZG has outperformed IJT, but over the last five years, IJT's return of 21% surpasses RZG's 13.43% [9] - For short-term gains, RZG may be preferable, while IJT is better for long-term gains, lower expenses, broader exposure, and higher dividend yield [10]

Industry Overview - The Medical Services sector is rapidly evolving due to digital health advancements, value-based care adoption, and a focus on patient-centric solutions [1] - The global healthcare analytics market is projected to grow from $56.64 billion in 2025 at a CAGR of 22.7% through 2035, benefiting payers, providers, and analytics vendors [1] - The industry includes various service providers such as pharmacy benefit managers, contract research organizations, and healthcare workforce solution providers, transitioning from volume-based to value-based care [3] Key Trends - The U.S. digital health market is expected to grow from $92.08 billion in 2025 to $248.11 billion by 2034, with a CAGR of 11.6% [4] - The global big data in healthcare market is valued at $110.97 billion in 2025, projected to grow at a CAGR of 19.2% from 2026 to 2035 [4] - Companies adopting AI technologies have seen a 50% reduction in treatment costs and over 50% improvement in patient outcomes [4] Workforce Challenges - A projected healthcare worker shortage of 100,000 by 2028, including a shortfall of 73,000 nursing assistants, is expected to elevate labor costs [2][5] - The WHO estimates a shortfall of 11 million physicians, particularly in low-income countries, emphasizing the need for workforce expansion [5] - Total hospital expenses increased by 5.1% in 2024, significantly outpacing the overall inflation rate of 2.9% [5] Company Highlights - **Medpace Holdings (MEDP)**: Expected earnings growth rate of 17.2% in 2025, with revenues projected to rise by 18.7% from 2024 [19][20] - **Enhabit, Inc. (EHAB)**: Anticipated earnings surge of 161.9% in 2025, with revenue growth of 2.3% [23][24] - **Progyny (PGNY)**: Projected earnings increase of 9.8% in 2025, with revenues expected to grow by 9.2% [26][27] Performance Metrics - The Medical Services industry has gained 6.8% over the past year, in line with the Medical sector, but lagged behind the S&P 500's 19.3% increase [10] - The industry is currently trading at a forward P/E of 16.9X, compared to the S&P 500's 23.3X and the sector's 21.6X [14]

Core Insights - The stock market has shown significant growth, with a 17% increase year-to-date in 2025, following a 23% rise in 2024, indicating a potential for continued strong performance in 2026 [1] Group 1: Investment Philosophy - The approach to investing emphasizes the importance of compounding, dividend reinvesting, and patient investing through various market conditions to achieve wealth accumulation [1] - A balanced investment strategy is suggested, combining steady accumulation of high-quality assets with high-risk, high-reward opportunities, turnaround plays, and transformative technologies [1] - The commitment to investing in companies and industries that contribute positively to society is highlighted as a core principle [1] Group 2: Personal Background - The investor has over 25 years of experience in the stock market, starting at the age of 17, and has developed a self-taught understanding of investment principles [1] - An academic background is noted, with over 20 years of teaching experience at the college/university level and a PhD from Brunel University, indicating a strong foundation in research and analysis [1]

Core Viewpoint - Pediatrix Medical Group (MD) has shown strong stock performance, with a 36.6% increase over the past month and an 81.6% gain since the start of the year, outperforming the Zacks Medical sector and Zacks Medical Services industry [1][2]. Financial Performance - The company has consistently exceeded earnings expectations, reporting an EPS of $0.67 against a consensus estimate of $0.46 in its last earnings report [2]. - For the current fiscal year, Pediatrix Medical Group is projected to achieve earnings of $2.06 per share on revenues of $1.91 billion, reflecting a 36.42% increase in EPS but a 5.04% decrease in revenues [3]. - The next fiscal year is expected to see earnings of $2.08 per share on revenues of $1.98 billion, indicating a year-over-year change of 0.68% in EPS and 3.33% in revenues [3]. Valuation Metrics - The stock trades at 11.6 times the current fiscal year EPS estimates, below the peer industry average of 16 times [7]. - On a trailing cash flow basis, it trades at 13.5 times compared to the peer group's average of 10.1 times, suggesting it is not among the top value stocks [7]. Zacks Rank and Style Scores - Pediatrix Medical Group holds a Zacks Rank of 1 (Strong Buy) due to a favorable earnings estimate revision trend [8]. - The company has a Value Score of B, a Growth Score of B, and a Momentum Score of A, resulting in a combined VGM Score of A [6][9]. Competitive Landscape - In comparison to industry peers, Progyny, Inc. (PGNY) also shows strong performance with a Zacks Rank of 2 (Buy) and similar style scores [10]. - PGNY is expected to post earnings of $1.93 per share on revenues of $1.27 billion for the current fiscal year, having beaten consensus estimates by 15.38% last quarter [11].

Upgrades - JPMorgan upgraded Outfront Media (OUT) to Overweight from Neutral with a price target of $25, up from $19, citing the out-of-home channel as the most resilient traditional advertising market with improved momentum in Q3 [2] - Guggenheim upgraded Grail (GRAL) to Buy from Neutral with a price target of $100, noting that while Galleri is not a perfect test, it remains the leading commercially available MCED test with a significant data moat [3] - Piper Sandler upgraded Floor & Decor (FND) to Overweight from Neutral with a price target of $80, up from $75, highlighting potential for comparable sales improvement by Q1 of 2026 [4] - KeyBanc upgraded Progyny (PGNY) to Overweight from Sector Weight with a price target of $30, indicating limited share downside and several positive catalysts over the next 12 months [4] - KeyBanc upgraded AT&T (T) to Overweight from Sector Weight with a price target of $30, attributing the recent share pullback to overblown wireless competition concerns [5] Downgrades - Raymond James downgraded Bath & Body Works (BBWI) to Market Perform from Outperform, stating that the company's growth will be below its long-term potential due to slow improvements in digital capabilities and distribution [6] - Wolfe Research downgraded Intellia Therapeutics (NTLA) to Peer Perform from Outperform, citing safety issues with nexiguran ziclumeran as a hindrance to the bull thesis [6] - Raymond James double downgraded Brighthouse Financial (BHF) to Market Perform from Strong Buy, referencing the announcement of its acquisition deal for $70 per share [6] - Raymond James double downgraded Centerspace (CSR) to Market Perform from Strong Buy, noting that while the portfolio is attractive for potential buyers, the recent rally has closed the valuation gap with multifamily peers [6] - Northland downgraded QuickLogic (QUIK) to Market Perform from Outperform, maintaining a price target of $5.95, after the company reported revenue in line with guidance and uncertainty regarding a $3M contract [6]