SunTrust Robinson Humphrey analyst John Boris lowered the target on Conatus Pharmaceuticals (NASDAQ: CNAT) to $20.00 (from $26.00) based on negative HCV-POLT data after Emricasan (EMRI) demonstrated anti-fibrotic activity, but didn’t generate desired ≥15% difference in response in HCV-POLT patients. Low/no EMRI response in F2/F6 patties adversely impacted the result, while other subgroups achieved the efficacy threshold.

That said, the analyst still expects HCV-POLT data to generate lots of positive buzz at AASLD, as the focus on
cirrhosis differentiates it amongst NASH competitors so there is no change to the Buy rating.