On Friday, H.C. Wainwright adjusted its price target for 89bio Inc . (NASDAQ:ETNB), a clinical-stage biopharmaceutical company, lowering it to $29.00 from the previous $31.00, while sustaining a Buy rating on the stock. This adjustment follows the company's announcement that it is on track to initiate the ENLIGHTEN-Cirrhosis Phase 3 trial in the second quarter of 2024.
89bio is currently engaged in a Phase 3 MASH program for pegozafermin, which includes two randomized, double-blinded, placebo-controlled trials. These trials are designed to meet the requirements of both the FDA and the EMA for accelerated approval for MASH patients with fibrosis stages F2-F3 and compensated cirrhosis (F4) based on histological evidence. The ENLIGHTEN-Cirrhosis trial specifically targets patients with compensated cirrhosis.
The first trial in the Phase 3 ENLIGHTEN series, ENLIGHTEN-Fibrosis, began enrolling non-cirrhotic MASH patients with fibrosis stages F2-F3 in March 2024. The progress of these trials is critical for the company as it seeks to bring new treatments to market for liver diseases, including non-alcoholic steatohepatitis (NASH).
The reduction in the price target to $29 is a result of updates made to the financial model by H.C. Wainwright, reflecting the latest developments and timelines associated with 89bio's clinical programs. Despite the lowered price target, the firm maintains its Buy rating, indicating a continued positive outlook on the stock's potential.
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