Ritu Baral, an analyst from TD Cowen, maintained the Buy rating on Inventiva. The associated price target is €10.00.
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Ritu Baral has given his Buy rating due to a combination of factors surrounding Inventiva’s ongoing developments and financial positioning. The company’s Phase 3 NATIV3 MASH trial for lanifibranor is progressing well, with full enrollment in both the accelerated approval and exploratory cohorts, and the topline data expected in the second half of 2026. This trial is crucial as it targets both fibrosis and MASH resolution, and the company’s optimism about its success is a significant factor in the positive rating.
Additionally, Inventiva’s financial health supports this rating. Despite reporting a net loss, the company ended the first half of 2025 with a substantial cash reserve of €122 million, bolstered by additional financing and milestone payments. This financial stability extends their operational runway to the third quarter of 2026, allowing them to focus resources on the pivotal MASH program. The strategic prioritization of this program, including a reduction in workforce and pausing of preclinical research, further underscores their commitment to advancing this promising treatment.