Oppenheimer analyst Jay Olson reiterated an Outperform rating and $135 price target on Enanta, which he initiated coverage of on May 24, telling investors in a research note that Enanta has unique molecular capabilities with a proven NASH mechanism that could translate into a superior product. He views EDP-305 as a potential best-in-class FXR that is "more selective with potentially less pruritus" and can leverage the regulatory path forged by rivals. Olson, who says Enanta is "well-funded," says near-term catalysts before Phase 2 NASH and PBC data in mid-2019 could come from progress on RSV and HBV, which may begin a proof of concept study and enter the clinic by the end of the year.