BTIG slashes 89bio PT to $28 from $60


BTIG reduced its price target for 89bio (NASDAQ:ETNB) to $28 from $60 but maintained its “buy” rating after making model updates and increasing its modeled discount rate to 14% from 12%. The stock closed at $2.67 on May 12.

In its quarterly conference call, 89bio highlighted upcoming topline data from the Phase 2 ENTRIGUE trial, evaluating pegozafermin in severe hypertriglyceridemia (SHTG), expected in the second quarter of 2022, with Phase 2b ENLIVEN trial in NASH set to complete enrollment in the third quarter this year, followed by topline data in the first half of 2023, writes analyst Justin Zelin.

He said a recently hosted key opinion leaders’ webinar reviewed the SHTG landscape, noting few treatment options for patients not well-controlled with statins/fibrates/fish oils.

In addition, both key opinion leaders expressed excitement towards pegozafermin’s potential to enact “broad metabolic effects on patients with elevated triglycerides (TGs), targeting not just TGs but general metabolic health (HbA1c, insulin sensitivity, liver fat, and weight),” he added. 

“We look forward to upcoming topline data for ENTRIGUE in the near-term as a key inflection point for the company, as well as completion of enrollment for ENLIVEN,” Mr. Zelin said.