89bio Inc. (ETNB) PT Lowered to $33 at Evercore ISI

Evercore ISI analyst Liisa Bayko lowered the price target on 89bio Inc. (NASDAQ: ETNB) to $33.00 (from $37.00) while maintaining a Outperform rating.

The analyst comments "We have updated our 89Bio model to reflect expenses consistent with MDGL, which has already completed its P3 program and is in the early stages of the commercial launch of Rezdiffra. As such, our PT goes to $33 from $37, ~more than 2.5X upside from current levels. 89bio is in execution mode with ongoing Pegozafermin (FGF21 analogue) P3 studies: P3 in F2-F3 MASH started in 1Q, in F4 started today, with P3 data from SHTG study expected in 2025. They have $562M in cash, which they will need to bolster to complete the P3 programs in MASH and SHTG."

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