CNST - Buy the dip in biotechs - RBC

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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Buy the dip in biotechs - RBC