89bio price target lowered to $21 from $29 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on 89bio (ETNB) to $21 from $29 and keeps a Buy rating on the shares. The company announced that the Phase 3 ENTRUST study of pegozafermin for severe hypertriglyceridemia is now scheduled to be unblinded at week 52, versus the previous plan at week 26, the analyst tells investors in a research note. The firm does not not believe the update was due to any unexpected safety or efficacy finding, saying ENTRUST study’s primary endpoint of percentage change from baseline in fasting triglycerides at week 26 compared to placebo remains unchanged. H.C. Wainwright cites dilution for the target cut and notes its thesis on the shares remains unchanged.