Conatus Pharmaceuticals (CNAT) PT Lowered to $10 at Oppenheimer

Oppenheimer analyst Jay Olson lowered the price target on Conatus Pharmaceuticals (NASDAQ: CNAT) to $10.00 (from $14.00) while maintaining a Outperform rating.

Olson commented, "CNAT top-lined results from the Ph2b ENCORE-PH trial in 240 patients with compensated or early decompensated (~24% of patients) NASH cirrhosis and severe portal hypertension (PH). The trial did not meet the primary endpoint of a statistically significant decrease in mean HVPG vs. placebo in all patients. However, in compensated NASH cirrhosis patients, post hoc analyses demonstrated consistent improvements in mean HVPG at week 24 over baseline. Compensated NASH cirrhosis patients who showed a clinically meaningful ≥2-point improvement in mean HVPG were 15%-19% for all and 13%-22% for the BL HVPG≥16mmHg high-risk population. We believe development in compensated patients is on the table post all Ph2 readouts. We remove the decompensated population from our model, lowering our PT to $10 (from $14)."

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