ETNB - 89bio continues run on NASH candidate data; up 22%
2023-03-23 13:25:58 ET
- For a second day, 89bio ( NASDAQ: ETNB ) is seeing major gains -- up 22% in Thursday afternoon trading -- following mid-stage data on nonalcoholic steatohepatitis ( NASH ) candidate pegozafermin and several Street firms boosted their price targets.
- On Wednesday, the biotech released top-line phase 2b data showing that pegozafermin met both primary histology endpoints .
- Cantor Fitzgerald, H.C. Wainwright, Oppenheimer, and Raymond James all have outperform, buy, or strong buy ratings on the stock.
- Cantor raised its price target to $45 from $34 (~229% upside based on Wednesday's close). The firm wrote that the three pathologist approach boosts the phase 2 data, allaying any fears in a phase 3 trial.
- H.C. Wainwright raised its price target by $5 to $30 (~119% upside). Analyst Ed Arce said that given a potential once every two weeks dosing could be a potential differentiator for the product.
- Oppenheimer boosted its price target to $33 from $18 (~141% upside). Analyst Jay Olson said that pegozafermin has best-in-class potential as an FGF21 analog.
- Read why Seeking Alpha contributor BioSci Capital Partners issued a buy rating just before the data was released.
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89bio continues run on NASH candidate data; up 22%