H.C. Wainwright analyst Ed Arce lowered his price target for Conatus Pharmaceuticals to $8 from $14 after updating his model post the company’s Q4 results. The analyst previously projected market launch for emricasan in the second half of 2021, but now adopts a “more normal, less aggressive timeline,” reflecting in part the “highly competitive environment” expected over the next few years to recruit patients for Phase 3 nonalcoholic steatohepatitis trials. Arce now anticipates market entry in the first half of 2023. He affirms a Buy rating on Conatus.
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