UPDATE: BMO Capital Starts NGM Biopharmaceuticals (NGM) at Outperform

(updating comment)

BMO Capital analyst Matthew Luchini initiates coverage on NGM Biopharmaceuticals (NASDAQ: NGM) with a Outperform rating and a price target of $30.00.

The analyst comments "We believe NGM’s lead drug, aldafermin, has shown encouraging preliminary proof-of-concept in NASH, with Phase 2 data suggesting not only a substantial impact on fibrosis but potentially better NASH resolution and less pruritus than Intercept’s OCA. However, we believe NGM is about more than just NASH, with a diversified pipeline (C3-targeting antibody for geographic atrophy looks especially interesting) and collaboration with Merck that provides not only platform validation, and non-dilutive financing but development expertise as well."

For an analyst ratings summary and ratings history on NGM Biopharmaceuticals click here. For more ratings news on NGM Biopharmaceuticals click here.

Shares of NGM Biopharmaceuticals closed at $20.40 yesterday.

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