Ventyx Biosciences price target raised to $54 from $35 at Canaccord

Canaccord analyst Edward Nash raised the firm’s price target on Ventyx Biosciences to $54 from $35 and keeps a Buy rating on the shares. The analyst noted the company currently has four Phase II studies in multiple indications ongoing, and initial top-line data are anticipated in 2H 2023. Ventyx also announced two new additions to the company’s product pipeline: an extended release (ER) formulation of VTX958, which is in final optimization with an in-human study planned for 1H23, and an IL-4Ralpha antagonist that is in early-stage development; keeping Canaccord bullish on the shares.