Truist Securities Daily Spotlight

Research evidence excerpt

Truist Securities Daily Spotlight

day in Austin, TX this past week, where MAIN's senior leadership

presented their strategy and outlook. Management highlighted

its differentiated LMM strategy where it seeks to partner with its

portfolio companies by taking a minority equity stake in addition

to providing debt solutions. Also, as an internally managed

BDC MAIN maintains a cost advantage to externally managed

peers. The benefits of its strategy are clear providing a history

of NAV growth and industry leading ROEs that leads to a P/NAV

valuation premium to peers. While we remain positive on MAIN’s

outlook, because of its premium valuation we maintain our Hold

rating. - Arren Cyganovich

Healthcare

Biotechnology - Biotech: IBD KOL Maintains ABVX's

Obefazimod as a Strong Contender to Slot Into a Competitive

& Evolving Landscape - Yesterday, we hosted a NYC-based,

academic inflammatory bowel disease (IBD) specialist for

a discussion on the landscape and Abivax's (ABVX, Buy)

obefazimod (obe'). We came away incrementally more

constructive - our KOL frames obe' as an oral with differentiated,

infection-light tolerability and best-in-class endoscopic remission

potential in the refractory UC pool, with Rinvoq a benchmark, and

views the malignancy signal seen in the Part 1 maintenance data

as a largely coincidental cluster rather than a mechanistic trend,

unlikely to gate perception or approval. To us, these views bode

well for obe', ahead of new data, late-4Q UC NDA, & a dynamic

IBD landscape. - Gregory Renza

iRhythm Technologies, Inc. (IRTC, $113.76, Buy) - IRTC

- Quick Take - Cybersecurity Incident Disclosed, Unlikely to

Impact Financial operations at this timeIRTC - Quick Take -

Cybersecurity Incident Disclosed, Unlikely to Impact Financial