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UPDATE: Stifel Reiterates on Conatus Pharmaceuticals on HCV-POLT Strategy Shift


In a report published Friday, Stifel analyst Stephen Willey reiterated a Buy rating on Conatus Pharmaceuticals (NASDAQ: CNAT), but lowered the price target from $16.00 to $13.00.

In the report, Stifel noted, “GAAP net loss of $3.3M was roughly in-line with our $2.5M estimate – with slightly-higher-than-expected R&D spend (+69% q/q, +6% y/y) required to support the initiation of the P2b ACLF study driving the difference. 3Q13-ended cash/equivalents totaled $60M – matching the $60M in net IPO proceeds. Management has decided to delay the initiation of a P2b/3 trial evaluating emricasan in patients re-infected with hepatitis C virus (HCV) following post-orthotopic liver transplant (HCV-POLT). The decision was largely a function of recent-data presented by Gilead at the annual AASLD meeting (November 1-5, Washington, DC) demonstrating the combination of sofosbuvir and ribavirin in this patient population yielded a 77% SVR4 rate – impressive efficacy that is likely to negatively-impact management's ability to recruit/enroll patients and maintain patient compliance (patients would have been allowed to leave the study in order to receive antiviral therapy). We believe a development path forward here is untenable and would expect management to eventually announce a formal stopping decision in the near-term.”

Conatus Pharmaceuticals closed on Thursday at $8.25.

Latest Ratings for CNAT

Mar 2019DowngradesBuyNeutral
Mar 2019DowngradesBuyNeutral
Mar 2019DowngradesBuyHold

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Posted-In: Stephen Willey StifelAnalyst Color Price Target Analyst Ratings


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