89bio price target raised to $38 from $25 at UBS, says shares ‘undervalued’

UBS raised the firm’s price target on 89bio (ETNB) to $38 from $25 and keeps a Buy rating on the shares. Akero Therapeutics (AKRO) reported strong results from the 96-week biopsy data from the Phase 2b SYMMETRY trial of FGF21efruxifermin in metabolic dysfunction-associated steatohepatitis F4s, with efruxifermin 50mg resulting in a 24% effect size in fibrosis improvement over placebo at 96 weeks in a completers analysis, the analyst tells investors in a research note. UBS thinks the results are “highly validating” for the potential of the FGF21 class in MASH F4 as potentially the most potently anti-fibrotic class in the space and a key positive read to 89bio. The firm thinks 89bio shares are undervalued.