Raymond James analyst Steven Seedhouse raised the firm’s price target on 89bio to $50 from $25 and keeps a Strong Buy rating on the shares following what the firm calls a "clean win" for 89bio’s Phase 2b ENLIVEN study of pegozafermin in non-cirrhotic NASH. Both weekly 30mg and every-other-week 44mg dosing were statistically significant on both key FDA guidance histology endpoints, notes the firm, which argues that FGF21 is "the most promising ‘high efficacy’ therapeutic class in NASH right now and that is unlikely to change in the near-to-mid term." Both the ENLIVEN and HARMONY Phase 2 datasets collectively elevate FGF21 as the best "high efficacy" NASH mechanism, which will increase strategics’ interest and value, added the firm.
Published first on TheFly
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