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Buy the dip in biotechs – RBC

September 21, 2020

In a note RBC regards yesterday’s selloff in biotechs as an “especially attractive entry point” for leading names such names as Gilead Sciences (GILD -2.1%), Sarepta Therapeutics (SRPT -1.8%) and Constellation Pharmaceuticals (CNST -5.0%).

Analysts, led by Brian Abrahams, believe GILD could head back toward the $80s citing its “increasingly cohesive” oncology strategy and potential upside on breast cancer antibody-drug conjugate Trodelvy (sacituzumab govitecan-hziy).

RBC remains a “believer” in SRPT’s DMD gene therapies, looking forward to microdystrophin data in Q1 2021.

CNST does not reflect the “degree of de-risking” or long-term upside for lead BET inhibitor CPI-0610 which may improve upon Incyte’s (INCY -2.2%) Jakafi (ruxolitinib) in myelofibrosis.

GILD, SRPT and CNST are 26%, 19% and 65%, respectively, off their 52-week highs.

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