89bio assumed with a Buy at BofA

BofA analyst Alexandria Hammond assumed coverage of 89bio with a Buy rating and $30 price target. The firm suspects macro uncertainties and concerns over competition in the fatty liver disease space have weighed on sentiment, pushing shares down 20% year-to-date. While it acknowledges the uncertainties of the MASH commercial landscape, the firm sees 89Bio’s pegozafermin offering “intriguing upside,” the analyst tells investors.