A read head includes a permanent magnet (PM) layer formed up to 100 nm behind a free layer where PM layer magnetization may be initialized in a direction that adjusts free layer (FL) bias point, and shifts sensor asymmetry (Asym) closer to 0% for individual heads at slider or Head Gimbal Assembly level to provide a significant improvement in device yield. Asym is adjusted using different initialization schemes and initialization directions. With individual heads, initialization direction is selected based on a prior measurement of asymmetry. The PM layer is CoPt or CoCrPt and has coercivity from 500 Oersted to 1000 Oersted. The PM layer may have a width equal to the FL, or in another embodiment, the PM layer adjoins a backside of the top shield and has a width equal to or greater than that of the FL.