Enanta Pharmaceuticals (ENTA) PT Raised to $12 at Leerink Partners

Leerink Partners analyst Roanna Ruiz raised the price target on Enanta Pharmaceuticals (NASDAQ: ENTA) to $12.00 (from $10.00) while maintaining a Market Perform rating.

The analyst comments "● Bottom Line: Enanta reported fiscal 4Q/FY24 financials with total royalty revs of ~$14.6M for Mavyret in HCV which were ~25% below our estimate ($19.4M) and ~19% below FactSet consensus (~$18M), but near term investor focus is likely on: a) potentially validating Ph.2 (RSVPEDs) topline data for zelicapavir (zeli), now expected in December, and b) next steps for their EDP-323 RSV antiviral following recent positive top-line Ph.2 challenge study results in Sept (our note HERE). Key highlights: (1) Enanta's RSVPEDs trial completed enrollment of hospitalized & non-hospitalized RSV patients aged 28 days to 3 years, and top-line data is now expected in December. Enrollment of zeli's other Ph.2 (RSVHR) study in high-risk adults continues, with completion expected in the current Northern Hemisphere RSV season. (2) EPS-1421 ('1421) was nominated as the KIT inhibitor program development candidate, exhibiting nanomolar potency (EC50s 2-11nM) across multiple cellular assays with high selectivity (>500x) vs other KIT family members (see page 28-29 HERE). And, mgmt. indicated that '1421 has shown good PK/PD properties in vitro & in vivo, with low drug-drug interaction potential, which should position it well for pursuing chronic spontaneous urticaria (CSU) and other mast cell driven diseases. (3) A new STAT6 inhibitor discovery program was introduced to target type 2 immune diseases like atopic dermatitis initially, as well as asthma/other indications. Enanta's prototype compounds showed a) potent STAT6 inhibition & high selectivity over other STATs in both biochemical and cellular assays, as well as b) systemic in vivo target engagement after ex vivo IL-4 stimulation (see page 31-33 HERE). (4) Enanta ended F4Q24 with a cash position of ~ $248M, which should fund operations into fiscal 2027, per mgmt. We updated our model for the F4Q24 print, which lowered our PT to $10 (from $12). Reit MP."

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