Barclays
May 20, 2026
Americas Small Cap Research Summary
Market ReportEquitiesHealth CareCommunication Services
A Barclays equity research summary covering rating and estimate changes for Americas small-cap stocks, specifically focusing on ANI Pharmaceuticals, Relay Therapeutics, and HelloFresh.
Key Takeaways
- 1.Relay Therapeutics (RLAY) presents a buying opportunity following clinical data for Zovega that hit a best-case scenario for vascular anomalies.
- 2.ANI Pharmaceuticals (ANIP) has a favorable setup for 2H26 driven by Cortrophin ramping and conservative EBITDA expectations.
- 3.HelloFresh (HFGG) meal kit trends in the US are showing moderating declines, but the company needs further top-line stabilization and FCF visibility.
Table of Contents
- Summary of Changes
- Publications Summary
- Healthcare
- U.S. Specialty Pharmaceuticals
- Internet & Media
- EMEA Internet
- Explanation of Summary of Changes table
- Analyst(s) Certification(s)
- Important Disclosures
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Authors
Glen SantangeloEtzer DaroutAndrew Ross
Securities
ANIPRLAYHFGG.DE
Themes
Small Cap Valuation UpdatesClinical Catalyst Impact on Biotech
Regions
North AmericaEuropeUnited StatesGermany