UBS initiated coverage of 89bio (ETNB) with a Buy rating and $36 price target. The firm sees non-alcoholic steatohepatitis, or NASH, as an “underappreciated market opportunity broadly” and thinks the FGF21 class “could lead the field longer-term.” In that context, the firm sees upside for 89bio into Akero Therapeutics’ (AKRO) Phase 2b NASH F4 data due in Q4 with 89bio’s PGZ “clearly active,” the analyst tells investors.
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