ProQR (PRQR) Receives a Buy from Evercore ISIWe model PSC as a $2B oppty for PRQR (we don’t model BA for now). Candidly, if PRQR has the first truly disease-modifying therapy in PSC, this # should be conservative. But let’s go with it. To reach the current trading price, we find a market-implied 12.5% PoS. After PRQR has their full P1 NTCP HV data in 1H26, we think it’s very reasonable to model a 20% PoS. This would correspond to a $5/sh price – implying 100% upside from now until this PoC data. (25% PoS is also quite defendable, which would correspond to $7/sh) Why not a higher PoS? We hear 3 main pushbacks from investors: (1) etiology of PSC is still pretty unclear (2) this novel target lacks PoC in pts (3) the dev path in PSC is long/risky without a clear AA oppty right now.