NMTR - 9 Meters Biopharma gains after mid-stage data for short bowel syndrome drug

9 Meters Biopharma, Inc. ( NASDAQ: NMTR ), a company focused on rare digestive diseases, added ~24% pre-market Tuesday in reaction to final Phase 2 data for vurolenatide, a candidate for short bowel syndrome (SBS).

A long-acting GLP-1 receptor agonist, vurolenatide, is designed to treat adults with SBS, a digestive disorder characterized by inadequate absorption of nutrients due to insufficient small intestine.

As for the primary endpoint, the trial indicated a 30% decline in the mean reduction in total stool output (TSO) in those who received vurolenatide 50 mg every two weeks, while the placebo arm showed a 32% increase, implying a mean relative reduction of 62%.

Based on data for 12 patients, vurolenatide was well tolerated, with side effects being mild to moderate and transient. However, one patient in the 100 mg Q2W arm ended the study early due to nausea and vomiting, which were classified as the most common side effects.

Based on the data and the outcome of an End-of-Phase 2 meeting the company has conducted with the FDA, NMTR intends to finalize the Phase 3 protocol during Q4 2022.

"The results from the VIBRANT study accomplished our goals of reaffirming the efficacy and safety of vurolenatide and determined the dose to take forward into Phase 3," Chief Executive John Temperato remarked.

In reaction to data, Oppenheimer analyst Francois Brisebois has reiterated the Outperform rating on the stock and has raised the NMTR price target to $5 from $4 per share.

With five Buy ratings and only one Hold rating, NMTR is a favorite on Wall Street.

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