Aligos Therapeutics price target raised to $7 from $3 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Aligos Therapeutics (ALGS) to $7 from $3 and keeps an Overweight rating on the shares. The analyst notes that the stock is trading below cash and thus, in her view, represents an untapped opportunity to own ahead of the major 2023-year in NASH. To support this, last week Rahimi attended NASH TAG and walked away with key nuances around excitement for the prospect of new NASH drugs with validated MoAs in the space. Accordingly, since topline Madrigal Pharmaceuticals (MDGL) MAESTRO-NASH data validated the THR-ss MoA by hitting on both primary endpoints, Viking Therapeutics (VKTX) was up 144% and Terns Pharmaceuticals (TERN) was up 58%, in the analyst’s view leaving Aligos as the diamond-in-the-rough with a differentiated THR-ss asset.