MLV Reiterates Buy on Conatus Pharmaceuticals Inc Following Positive Top-Line Results of Emricasan Phase 2
MLV’s healthcare analyst Vernon Bernardino weighed in with an optimistic view on Conatus Pharmaceuticals Inc (NASDAQ:CNAT), after the company announced positive top-line results from its double-blind, placebo-controlled Ph 2 with emricasan in patients with non-alcoholic fatty liver disease (NAFLD), which included patients with nonalcoholic steatohepatitis (NASH).
Bernardino wrote, “We believe the NAFLD/NASH data confirm the last of three questions needed prior to Conatus’ pursuit of high level discussions with the EMA/FDA. In particular, Conatus now has further confirmed that emricasan is active across liver diseases of different etiologies and that dosing emricasan 25mg twice daily is optimal for advancement into late-stage testing. We anticipate seeing additional encouraging data in results expected to be presented at the 50th Annual Meeting of the European Association for the Study of the Liver (EASL) being held, April 22-26, 2015, in Vienna Austria. We would be buyers at current prices and reiterate our Buy rating .”
The analyst reiterated a Buy rating on CNAT with a price target of $16, which implies an upside of 137% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of -10.9% and a 32.6% success rate. Bernardino has a -0.3% average return when recommending CNAT, and is ranked #3464 out of 3550 analysts.