ETNB - 89bio raised to Strong Buy at Raymond James on prospects in lipid disorder

89bio (NASDAQ:ETNB), a biotech known for its liver disease studies, is trading higher in the pre-market Thursday after Raymond James upgraded the stock to Strong Buy from Outperform, citing its potential in a lipid disorder called severe hypertriglyceridemia (SHTG). The company is advancing mid-stage studies for its lead candidate, pegozafermin, in both SHTG and non-alcoholic steatohepatitis (NASH). Pegozafermin is “the best FGF21 analog in development,” the analysts led by Steven Seedhouse argued, referring to a drug class called fibroblast growth factor 21 analogs. Noting the weakness in 89bio (ETNB) shares in the bearish biotech market and amid poor NASH sentiment, the team notes that the investors “have thrown the baby out with the bathwater and overlooked SHTG opportunity.” Pointing to the negative enterprise value reaching ~$100M, the analysts argue that 89bio (ETNB) deserves “a very close look” from those willing to bet on pegozafermin and market stability ahead of the

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89bio raised to Strong Buy at Raymond James on prospects in lipid disorder