Vivani has ‘significant’ potential in obesity space, says Maxim

Maxim reiterates a Buy rating on Vivani Medical with an $8 price target after the company announced plans to advance NPM-115, a six-month GLP-1 exenatide implant, first to in-human clinical trials for obesity instead of NPM-119 for diabetes, as previously planned. The firm says current formulations of GLP-1s have been weekly injectables with daily orals in development. The compliance rate of weekly injectables is only 40%, thus a one-time implant can offer significant compliance and tolerability advantages by providing steady GLP-1 therapy, the analyst tells investors in a research note. Maxim thinks Vivani’s extended duration platform has “significant long-term clinical and commercial potential in the obesity space.”