Roth Capital Reiterates Buy Following Conatus Pharmaceuticals (CNAT) Phase II Emricasan Data
Roth Capital reiterated a Buy rating and $15.00 price target on Conatus Pharmaceuticals (NASDAQ: CNAT) following the company's reported three-month data from its double-blind, placebo-controlled Phase 2 trial in liver cirrhosis patients. The data indicated that there is a significant functional benefit for severe cirrhotic patients treated with emricasan.
Analyst Elemer Piros commented, "The announced Phase 2 data indicate, that there is a significant functional benefit for severe cirrhotic patients treated with emricasan. The primary endpoint, change in the biomarker cCk18 was significantly different between treated (n=44) and placebo (n=42) patients (p=0.04). While the MELD and Child-Pough scores weren't significantly different at three months for the overall population, for those with a baseline MELD score of >=15 (nine emricasan and 10 placebo patients) the improvement was significant (p=0.003). This transplanteligible subpopulation is rather small (22% of total). However, whether the improvement becomes more measurable for the less severe population over time, will be ascertained in the ongoing open label portion of the trial (all 74/86 continuing patients receiving emricasan). The 3-6-month open label portion will also be informative, as far as the impact on previously placebotreated patients. The overall results could guide, in consultation with the FDA, whether the upcoming ENCORE trial could become a pivotal study. Results are expected in 2Q16."
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Shares of Conatus Pharmaceuticals closed at $2.87 yesterday.