On Thursday, H.C. Wainwright maintained a Neutral stance on Ventyx Biosciences Inc (NASDAQ:VTYX), with a consistent price target of $6.00. The firm's position comes in light of recent developments from a competing drug study by NodThera, which reported positive results for its NLRP3 inhibitor, NT-0796. This drug is seen as a direct rival to Ventyx's own NLRP3 inhibitor, VTX3232.
NodThera's NT-0796 achieved its primary endpoint in a Phase 1/2 trial, demonstrating a reduction in high-sensitivity c-reactive protein (hsCRP) levels over a 28-day period in obese patients with cardiovascular risk. The study, which concluded on June 12, enrolled 67 patients who were randomized to receive either NT-0796 or a placebo. All participants had a body mass index (BMI) between 30 and 40 kg/m2 and at least one risk factor for atherosclerotic cardiovascular disease.
The trial also evaluated secondary endpoints, including various inflammatory and cardiovascular-risk specific biomarkers, along with changes in body weight and composition. While the press release did not provide specific data on weight loss, it did note that the greatest benefits were observed in patients at higher risk. Importantly, NT-0796 was reported to be generally safe and well tolerated, with most adverse events being mild and transient, and no serious adverse events were reported.
The findings from NodThera's trial present a comparison to preclinical data from Ventyx, which indicated body weight reduction in mice. However, the results from Ventyx's studies suggested a lesser effect compared to NT-0796 and semaglutide, a GLP-1 agonist. The firm from H.C. Wainwright has reported these findings with caution, citing the short duration of the study and lack of detailed weight loss data as limiting factors in assessing the trial's significance.
In other recent news, Ventyx Biosciences reported encouraging results from its preclinical studies. The company's CNS-penetrant NRLP3 in combination with GLP-1 led to a significant weight reduction and improved body composition, suggesting potential benefits for nonalcoholic steatohepatitis treatment. Ventyx Biosciences plans to initiate a 28-day Phase 2a proof-of-concept trial involving 70 obese patients in 2024, with topline results anticipated in 2025.
Despite a net quarterly loss of $38.6 million, the company maintains a robust cash balance of $302.6 million. Piper Sandler retained its Overweight rating and $21.00 shares target for Ventyx Biosciences, while Oppenheimer reduced its price target from $12.00 to $10.00 but maintained an Outperform rating.
Ventyx Biosciences also appointed Matthew Moore, a seasoned industry professional, as its new Chief Operating Officer. These are among the recent developments in the company's operations, reflecting its commitment to advancing oral therapies for patients with inflammatory diseases.
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