** Brokerage Citi initiates coverage on eight small and mid-cap (SMid) biotechs - 89bio ETNB.O, Apogee Therapeutics APGE.O, Avidity Biosciences RNA.O, BioNTech 22UAy.DE, Kiniksa Pharmaceuticals KNSA.O, Kymera Therapeutics KYMR.O, Moderna MRNA.O and PTC Therapeutics PTCT.O
** Citi suggests SMid biotechs could be a good alternative to larger-cap stocks amid healthcare policy uncertainty
** Recent economic uncertainties, including increased tariffs and slowing economic growth, have "underscored the defensive attributes" of biotech and pharma stocks, brokerage says
** Higher-growth large caps such as Eli Lilly LLY.N and Vertex Pharma VRTX.O are likely able to absorb potential policy headwinds and "catalyst-driven" SMid biotechs are "insulated from macro uncertainties" - Citi
** YTD, S&P500 Health Care index .SPXHC has grown ~5%, NYSE Arca Pharmaceutical Index .DRG has gained ~6% and NASDAQ Biotechnology Index .NBI up ~3.3%
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))
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