Enanta Pharma falls after brokerages cut PT on mixed COVID drug trial data

Enanta Pharmaceuticals

09/05/2023 16:32

** Shares of drug developer Enanta Pharmaceuticals Inc
 ENTA.O  fall 29.4% at ~$24
    ** Co on Monday posted topline mid-stage trial data testing
its oral antiviral, EDP-235, for treating COVID-19 patients at
standard risk
    ** Multiple brokerage cut stock PT, citing mixed results on
a study goal that showed no overall difference in time to
improvement of targeted COVID symptoms
    ** Brokerage Baird slashes PT to $40 from $90; says absence
of an effect on viral load or the pre-specified time to symptom
improvement underpins the difficulty in running a COVID-19 study
    ** SVB Securities points out that mixed data might suggest a
more complicated path forward for treatment; cuts PT to $37 from
$49
    ** Adds investor questions linger around partnership
prospects for EDP-235 and remaining late-stage trial design
options
    ** 3 more brokerages cut co's stock PT, including Jefferies
and H.C. Wainwright
    ** Including session's fall, stock down 47.9% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))