Veru price target lowered to $5 from $7 at Oppenheimer

Oppenheimer lowered the firm’s price target on Veru to $5 from $7 and keeps an Outperform rating on the shares. The firm notes the company is on the cusp of dosing the first patient in its Phase 2b trial that will evaluate enobosarm’s ability to preserve lean body mass and increase fat loss in obese people over 60 years old being treated with GLP-1 receptor agonists for weight management. Topline data are expected in Q4, and Oppenheimer is optimistic given this candidate’s clinical record in other settings. Enobosarm appears to be in the lead among development programs directed toward muscle mass preservation with GLP-1 therapy, and is distinguished by its oral format, mechanism, and human experience, the firm adds.