Oppenheimer analyst Jay Olson lowered his price target for Conatus to $10 from $14 after the company announced top-lined results from the Phase 2b ENCORE-PH trial in 240 patients with compensated or early decompensated NASH cirrhosis and severe portal hypertension. The analyst notes that the trial did not meet the primary endpoint of a statistically significant decrease in mean HVPG versus placebo in all patients. However, in compensated NASH cirrhosis patients, post hoc analyses demonstrated consistent improvements in mean HVPG at week 24 over baseline, he points out. Olson believes development in compensated patients is on the table post all Phase 2 readouts. He reiterates an Outperform rating on the shares.
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