89bio price target lowered to $32 from $35 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on 89bio to $32 from $35 on equity raise dilution, while keeping a Buy rating on the shares. The firm notes that last week, 89bio announced that it completed an up-sized equity raise of $172.5M in gross proceeds, including the full green shoe. This followed the announcement on December 4 of a successful End-of-Phase 2 meeting with the FDA in which the company reached alignment with the agency on key elements of the MASH development strategy, including accelerated approval pathway for both F4 and F2-F3 MASH patients using histology – a first for a Phase 3 trial in MASH cirrhotics.