Spatial transcriptomics reveals gene expression patterns within tissue context, enabling precision oncology applications such as treatment response prediction, but its high cost and technical complexity limit clinical adoption. Predicting spatial gene expression (biomarkers) from routine histopathology images offers a practical alternative, yet current vision foundation models (VFMs) in pathology based on Vision Transformer (ViT) backbones perform below clinical standards. Given that VFMs are already trained on millions of diverse whole slide images, we hypothesize that architectural innovations beyond ViTs may better capture the low-frequency, subtle morphological patterns correlating with molecular phenotypes. By demonstrating that state space models initialized with negative real eigenvalues exhibit strong low-frequency bias, we introduce $MV_{Hybrid}$, a hybrid backbone architecture combining state space models (SSMs) with ViT. We compare five other different backbone architectures for pathology VFMs, all pretrained on identical colorectal cancer datasets using the DINOv2 self-supervised learning method. We evaluate all pretrained models using both random split and leave-one-study-out (LOSO) settings of the same biomarker dataset. In LOSO evaluation, $MV_{Hybrid}$ achieves 57% higher correlation than the best-performing ViT and shows 43% smaller performance degradation compared to random split in gene expression prediction, demonstrating superior performance and robustness, respectively. Furthermore, $MV_{Hybrid}$ shows equal or better downstream performance in classification, patch retrieval, and survival prediction tasks compared to that of ViT, showing its promise as a next-generation pathology VFM backbone. Our code is publicly available at: https://github.com/deepnoid-ai/MVHybrid.