Truist analyst Robyn Karnauskas downgraded RayzeBio (RYZB) to Hold from Buy with a price target of $62.50, up from $29, after Bristol Myers-Squibb (BMY) agreed to acquire the company. The firm believes the acquisition price of $62.50 per share is “a good deal” for RayzeBio and awaits filings to understand if the transaction involved a competitive process, the analyst tells investors. The firm, which adds that it could potentially see more pharma players taking interest in radiotherapeutics, notes Fusion (FUSN) expects to produce 225Ac in 2024 for clinical trial supply.
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