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89bio announced the initiation of ENTRUST, a Phase 3 trial evaluating the efficacy, safety and tolerability of pegozafermin in patients with severe hypertriglyceridemia. "We are pleased to initiate the ENTRUST trial of pegozafermin in SHTG, an important milestone for the company that demonstrates the rapid progress we have made since inception, and also signifies entry of the first FGF21 analog into Phase 3 development," said Hank Mansbach, Chief Medical Officer of 89bio. "We believe results from our previous trials in SHTG suggest a potentially favorable risk/benefit profile for pegozafermin as demonstrated through robust reductions in triglycerides, broad metabolic improvements including reductions in liver fat, as well as favorable safety and tolerability. We remain encouraged by pegozafermin's unique and differentiated profile relative to existing therapies and those in development to treat SHTG. Additionally, we believe there are opportunities for development synergies within our pegozafermin program and plan to leverage the safety database from the SHTG Phase 3 program to optimize clinical advancement in non-alcoholic steatohepatitis."
Canaccord analyst Edward Nash raised the firm's price target on Akero Therapeutics to $59 from $58 and keeps a Buy rating on the shares. The analyst saidts SYMMETRY data readout is on track for Q4 and the target increase is based solely on the shortened discount period.
H.C. Wainwright lowered the firm's price target on Akero Therapeutics to $62 from $64 and keeps a Buy rating on the shares post the Q1 results. The analyst cites dilution from the recent share sale for the target drop.
"We're pleased to continue the strong momentum from 2022 into the first quarter of this year, with a positive end-of-Phase 2 meeting with the FDA and additional capital from our ATM facility that bolsters our financial position as we prepare to initiate Phase 3 SYNCHRONY studies later this year," said Andrew Cheng, M.D., Ph.D., president and chief executive officer of Akero. "The remainder of 2023 looks promising for both Akero and the NASH community, and we look forward to reporting results from Cohort D and the main SYMMETRY study and beginning enrollment in SYNCHRONY Histology and SYNCHRONY Real-World."
H.C. Wainwright analyst Ed Arce raised the firm's price target on 89bio to $35 from $30 and keeps a Buy rating on the shares. The company announced that the first of two Phase 3 trials of pegozafermin for the treatment of severe hypertriglyceridemia is on target to initiate in Q2, the analyst tells investors in a research note. The firm says 89bio is one of its 2023 top picks.
Cantor Fitzgerald analyst Kristen Kluska raised the firm's price target on 89bio to $41 from $40 and keeps an Overweight rating on the shares after reporting Q1 results. After reporting its Phase 2b ENLIVEN data recently, investors have remained engaged on 89bio and have asked what is next for the company, the analyst tells investors. In the near-term, the company has said it might engage in regulatory discussions for NASH in the second half of the year and has also guided it will initiate the first of two Phase 3 trials for pegozafermin in Q2. Investors should remain focused on the stock as more incremental updates and presentations are expected this year, Cantor Fitzgerald says.
