Morgan Stanley notes that Novo Noridisk (NVO) announced along with reporting Q2 results this morning that the company is discontinuing development of zalfermin following completion of its Phase 2 trial in metabolic dysfunction associated steatohepatitis due to a lack of efficacy. The firm sees a positive readthrough to Akero’s (AKRO) EFX as the news further bolsters its competitive positioning within the FGF21 class and sees the Phase 3 SYNCHRONY Real World MASH data as the next key catalyst. Morgan Stanley has an Overweight rating and $84 price target on shares of Akero Therapeutics, which are up $2.19, or 4%, to $51.75 in morning trading.
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