Wells Fargo more bullish on Ventyx Biosciences, upgrades to Overweight

As previously reported, Wells Fargo analyst Derek Archila upgraded Ventyx Biosciences to Overweight from Equal Weight with a price target of $16, up from $7. The firm notes shares were down -20% after the R&D event, as perhaps investors wanted more of an update, but “we got what we needed.” VTX3232’s Phase 1 data looked good, and Wells thinks the risk/reward is very favorable ahead of comp data, which should de-risk this program. While the firm acknowledges that there is still a lot unknown, it thinks the odds VTX3232 moves forward in Parkinson’s disease is highest based on NT-0796, while obesity remains a flier.