Aligos Therapeutics assumed with a Buy at Jefferies

Jefferies assumed coverage of Aligos Therapeutics (ALGS) with a Buy rating and price target of $48, down from $60. The shares look “inexpensive” with the company’s oral hepatitis B capsid assembly modulator pevifoscorvir sodium in Phase II with a topline readout in 2027, the analyst tells investors in a research note. The firm says expectations have been reset following prior class failures. However, pevifoscorvir could “meaningfully differentiate on potency,” Jefferies contends. It sees an “asymmetric” risk/reward ahead of the 2027 data with Aligos trading near its cash levels.