Breaking News
Investing Pro 0
👀 Bezos, Buffett & Berkowitz: What's in Their Portfolios? Unlock Data

89bio shares jump 25% on Phase II ENLIVEN data, analysts raise targets

Published Mar 22, 2023 16:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
ETNB
+0.42%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Davit Kirakosyan

89bio, Inc. (Nasdaq: NASDAQ:ETNB) shares gained 25% today after the company announced positive topline data from the Phase 2b ENLIVEN trial evaluating treatment with pegozafermin in patients with nonalcoholic steatohepatitis (NASH).

The study demonstrated that both the 44mg every-two-week (Q2W) and 30mg weekly (QW) doses achieved the primary histology endpoints as defined by the U.S. Food and Drug Administration (FDA) guidance on endpoints and statistical analysis, with high statistical significance.

Following the announcement, Oppenheimer raised its price target on the stock to $33.00 from $18.00 while maintaining an Outperform rating.

“We see best-in-class potential for pegozafermin as an FGF21 analog as 44mg (Q2W) dose appears competitive to efruxifermin 50mg-QW on FI and NR efficacy but with more convenient dosing which we view as critical for NASH patients,” said Oppenheimer, noting that the company now plans Ph3 trial with FDA, and it views the company as well-positioned following recent Q4/22 update.

H.C. Wainwright raised its price target to $30.00 from $25.00 while maintaining a Buy rating.

According to the firm, management plans to meet with the FDA and EMA in the next few months to discuss ENLIVEN results and develop a Phase 3 plan and protocol for PGZ in NASH. This may involve using safety data from SHTG patients and pursuing the FDA's alternative pathway, which includes a Phase 3 trial in F2-F3 NASH patients and an outcomes study in cirrhotic (F4) NASH patients for full approval in both indications.

Raymond James raised the price target on the stock to $50.00 from $25.00 while maintaining a Strong Buy rating. The firm increased its probability of success in NASH to 95% and raised estimates slightly. Their NASH revenue estimate by 2030 is ~$2 billion (plus ~$450 million in SHTG).

According to RBC Capital, the study looked successful across the board, and though differences in placebo rates make comparing across studies (most notably vs. FGF21 competitor AKRO) difficult, they believe the drug's activity generally looks similar and that the results provide considerable de-risking for the drug's next steps in the indication.

The firm reiterated its Outperform rating and $27.00 price target on the stock.

89bio shares jump 25% on Phase II ENLIVEN data, analysts raise targets
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email