Canaccord notes that NASH stocks continue to get pummeled coming out of this year’s EASL conference and ADA annual meeting despite positive data and general news. There are several general factors that are coming into play, but the main instigator is Eli Lilly’s (LLY) Phase II data from retatrutide, a GLP-1/GIP/glucagon receptor agonist. Drugs that target GLP-1, GLP-1/GIP and GLP-1/GIP/glucagon are referred to collectively as incretins. The firm believes incretin drugs approved and in development should be viewed as complementary to NASH therapeutics in development and not as competitors. In addition, lean NASH patients could be another differentiating group for drugs with an anti-fibrotic effect. Canaccord would be strong buyers of Madrigal Pharmaceuticals (MDGL) and Akero Therapeutics (AKRO) given the recent selloff. The firm has Buy rating on both stocks.
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