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Royalty Pharma initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Royalty Pharma (RPRX) with a Buy rating and $42 price target which represents 20% upside. The company offers investors a way to gain exposure to a portfolio of biopharma royalty streams without incurring biotech’s “volatility and binary risks,” the analyst tells investors in a research note. The firm believes Royalty is in the early stages of a portfolio expansion that is underappreciated in the context of a large, growing total addressable market for royalty funding.

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