Inventiva SA (IVA) PT Lowered to $9 at Guggenheim

Guggenheim analyst Etzer Darout lowered the price target on Inventiva SA (NASDAQ: IVA) to $9.00 (from $12.00) while maintaining a Buy rating.

The analyst commented: "Inventiva has completed enrollment of the NATiV3 trial, setting the stage for a definitive 2H26 topline readout and meeting the requirements to access the second tranche of financing. The 1,009 patients randomized in the main cohort exceeded the target 969 patients for 90% powering, while the exploratory cohort enrolled 410 patients vs. target 350. We continue to view lani as the next and potentially best-in-class ORAL treatment for MASH fibrosis patients and MASH patients with T2D based on (1) potent anti-fibrotic effect; (2) blinded data from 545 patients on treatment for 6 mo and ~119 patients for 18 mo that replicated biomarker results from the Ph2b NATIVE study, per mgmt; (3) no signs of BMD impact, a potential advantage over competitors if clinical consequences emerge over time; and (4) a well-designed trial with dropout rates well below the 2nd tranche threshold and go-ahead without protocol modification as of the recent February DMC review in >1,200 patients. With the company now funded through topline data in 2H26, we have updated our model based on recent MASH market trends and pricing, offset by greater marketing spend and a fully diluted share count based on the Structured Financing agreement. Thus, our risk-adjusted PT moves to $9/share (from $12/share), and we continue to recommend long-term investors BUY."

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