ETNB - 89bio: Undervalued Contender In Race For First NASH Drug Approval

• 89bio has an engineered FGF21 targeting therapy - BIO89-100 - in development for NASH and SHTG.
• NASH is a "holy grail" disease target, and a host of companies are competing to deliver the first ever approved drug.
• BIO89-100 is not winning the race, but its data compares with any leading drug, and a Phase 2b trial kicked off earlier this month.
• The company will read out Phase 2 SHTG data later this year, and also data from a histological NASH study.
• 89bio's share price return has been poor in 2021 - the stock is down 21% - the single-asset risk is admittedly high, but data has been good enough to support a higher valuation, or a company buyout.

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