Genfit price target lowered to EUR 7 from EUR 9 at Guggenheim

Guggenheim lowered the firm’s price target on Genfit (GNFT) to EUR 7 from EUR 9 and keeps a Buy rating on the shares after competitor CymaBay (CBAY) announced topline results from its Phase 3 trial of seladelpar in PBC. The firm believes “market leadership for CBAY, but perhaps not dominance over elafibranor, is not a guarantee,” and believes Ipsen’s initiation of the large 450 patient PBC outcomes trial “highlights its commitment to aggressively marketing elafibranor,” adding to its confidence that about EUR 180M in regulatory milestones will be paid to Genfit by the end of 2024, the analyst tells investors