Analysts Are Bullish On 89bio's NASH Data Slated For Early Next Year

Earlier today, 89bio Inc ETNB concluded enrollment in ENLIVEN Phase 2b trial of pegozafermin for non-alcoholic steatohepatitis (NASH), enabling topline results in 1Q23.
The trial enrolled 219 patients who will receive either one of two weekly doses (15mg or 30mg) or an every two-week dose (44mg) of pegozafermin or placebo for 24 weeks.
SVB says that ENLIVEN study enrolled in a similar timeframe to competitor Akero Therapeutics Inc's AKRO Phase 2b HARMONY trial for FGF21 analog efruxifermin (~14 months vs. ~12 months, respectively), despite ENLIVEN enrolling ~70% more patients vs. HARMONY.
Related: This Analyst Thinks 89Bio's Pegozafermin Data Has Exceeded Expectations.
SVB sees compelling value in ETNB, particularly relative to competitor AKRO, which trades at ~2.8x ETNB's valuation with pegoza well-positioned as a potentially best-in-class FGF21 analog based on competitive efficacy profile and emerging differentiation on safety/tolerability and dosing frequency.
HC Wainwright remains confident in a robustly positive readout based on the positive topline results from the 13-week Phase 1b study.
The analyst raised the price target from $26 to $27 with a Buy rating.
Price Action: ETNB shares are up 8.65% at $5.85 on the last check Thursday.

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