Truist starts RayzeBio at Buy on favorable risk/reward into data

Truist initiated coverage of RayzeBio with a Buy rating and $29 price target. RayzeBio is a SMID-cap, vertically-integrated radiopharma company focused on developing targeted alpha radiation therapies for various tumors, the analyst tells investors in a research note. The firm sees a favorable risk/reward into the company’s near-term data from current share levels. It says RayzeBio’s “de-risked” lead asset in neuroendocrine tumors may be the first approved actinium-based drug with near-term upside from updated Phase 1b data in the first half of 2024. Truist also believes the Street underappreciates RayzeBio’s pipeline for liver cancer.