SunTrust analyst John Boris lowered his price target on Conatus to $20, citing the company's failed phase 2b POLT-HCV-SVR study evaluating post-orthotopic liver transplant recipients that achieved sustained virological response. Boris notes however that although Emricasan did not generate a 15% absolute difference in response rate relative to placebo, the trial results still show "anti-fibrotic activity by histology, with biopsy-based responses after Year 1 & 2". The analyst keeps his Buy rating on Conatus, adding that POLT-HCV-SVR remains important for the company in providing optionality to expand clinical pathway to a much broader pre-transplant patient population.