Wells starts Ventyx at Overweight, sees multiple catalysts in next 12-18 months

As previously reported, Wells Fargo analyst Derek Archilla initiated coverage of Ventyx Biosciences (VTYX) with an Overweight rating and $77 price target, telling investors that the firm sees multiple catalysts over the next 12-18 months for the company’s small molecule immunology and inflammation franchise. Takeda’s (TAK) announcement of "positive results" from a Phase 2b clinical trial of TAK-279 at AAD "suggests there is still some juice left to squeeze in PsO for TYK2" and the current enterprise value of about $1.7B for Ventyx "seems like a very attractive entry point," the firm added.