Genfit price target raised to $11 from $9 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Genfit to $11 from $9 and keeps a Buy rating on the shares. The company announced that elafibranor met the primary composite endpoint in the ELATIVE pivotal Phase 3 trial for primary biliary cholangitis patients with inadequate response or intolerance to ursodeoxycholic acid, the analyst tells investors in a research note. The firm hoped to see a more comprehensive ELATIVE dataset, but says management noted that additional data are currently under embargo for upcoming medical conferences. It believes Ipsen and Genfit can now advance towards a new drug application submission by year-end 2023, with potential FDA approval in the second half of 2024. H.C. Wainwright learned from management that both events would trigger milestone payments to Genfit.