Oppenheimer adjusted its price target for Veru Inc. (NASDAQ:VERU), a biopharmaceutical company, reducing it to $5.00 from the previous $7.00. Despite the lowered price target, the firm maintained an Outperform rating on the stock.
Veru is preparing to initiate the Phase 2b clinical trial of enobosarm, which will assess its effectiveness in preserving lean body mass and promoting fat loss in obese individuals over 60 years old undergoing treatment with GLP-1 receptor agonists for weight management. The company is set to dose the first patient soon, with the anticipation of revealing top-line data in the fourth quarter of this year.
The optimism surrounding enobosarm stems from its clinical history in various settings. "Enobosarm appears to be in the lead among development programs directed toward muscle mass preservation with GLP-1 therapy, and is distinguished by its oral format, mechanism, and human experience," said the analysts.
Veru has indicated that its current financial resources are adequate to fund both the 12-week double-blind phase and the subsequent 16-week open-label extension of the Phase 2b trial
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