89bio price target lowered to $39 from $41 at Cantor Fitzgerald

Cantor Fitzgerald analyst Kristen Kluska lowered the firm’s price target on 89bio to $39 from $41 and keeps an Overweight rating on the shares following the recent common stock offering. 89bio is one of the firm’s top picks for the year, and despite recent noise in the space about glucagon-like peptide 1 agonists as a potential therapy for obesity that could reduce the market for NASH drugs, Cantor believes specific segments within NASH and questions about whether patients will remain on longer-term/chronic dosing of GLP-1 agonists could continue to support demand for an approved therapy in the space, the analyst tells investors in a research note.