LeonaBio (LONA) PT Lowered to $15 at Mizuho

Mizuho analyst Graig Suvannavejh lowered the price target on LeonaBio (NASDAQ: LONA) to $15.00 (from $16.00) while maintaining a Outperform rating.

The analyst commented: "LONA reported 2Q26 results via press release late last Friday (8/14), with little in the way of meaningful updates. We caught up with management yesterday, and most importantly, LONA's Phase 3 ELAINE-3 study for lead asset lasofoxifene/laso (a selective estrogen receptor modulator/SERM) in treatment-resistant ER+/HER2- ESR1-mutant metastatic breast cancer/BrCa continues to advance, with key milestones (trial enrollment completion in 4Q26, and top-line data in 2H27) still on track. We also discussed progress with the company's ALS asset (ATH-1105, but now called brelgometon) and the company's current finances, but bigger picture, we leave with our positive thesis on LONA intact. On a model update (higher OpEx), we adjust our PT from $16 to $15, but with an implied 95% share upside potential, and in our view, an underappreciated laso market opportunity in breast cancer, we maintain our OP rating on LONA."

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