89bio price target lowered to $33 from $37 at Evercore ISI

Evercore ISI lowered the firm’s price target on 89bio (ETNB) to $33 from $37 and keeps an Outperform rating on the shares. The firm has updated its 89bio model to reflect expenses consistent with Madrigal Pharmaceuticals (MDGL), which has already completed its Phase 3 program and is in the early stages of the commercial launch of Rezdiffra. 89bio is “in execution mode” with ongoing Pegozafermin Phase 3 studies, including in F2-F3 MASH started in Q1, in F4 started today, and with Phase 3 data from the SHTG study expected in 2025, the analyst noted.