89bio Inc. (ETNB) PT Lowered to $12 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the price target on 89bio Inc. (NASDAQ: ETNB) to $12.00 (from $13.00) while maintaining a Sector Perform rating.

The analyst comments "Both ph.III studies in MASH have been initiated and are enrolling. While we like pegoza's likely role in MASH indication and FDA's amenability towards ETNB's study designs for faster confirmatory outcomes, we remain on the sidelines with the biopsy readouts remaining some time away and pending greater clarity we expect nearer-term on the role of GLP-1s and other obesity/T2D drugs in MASH and on MASH launch trajectories. Tgt to $12 on model updates."

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