Shares of Ventyx Biosciences could surge greater than 50% on a competitive slate of treatments for autoimmune diseases, in keeping with Goldman Sachs. Analyst Chris Shibutani initiated coverage of Ventyx Biosciences with a buy rating, saying the corporate has a promising latest oral treatment in development for plaque psoriasis. “We expect that VTYX’s fast-follower approach developing potentially best-in-class therapies for validated therapeutic targets will translate to meaningful opportunities within the commercially attractive immunology & inflammation (I & I) space,” Shibutani wrote in a Monday note. For the analyst, the principal driver behind the buy rating is the firm’s VTX958, the corporate’s TYK2 inhibitor , that’s currently in Phase 2 development, in keeping with the note. The analyst is expecting a reading into the inhibitor as a treatment for plaque psoriasis within the fourth quarter of 2023. The TYK2 inhibitor from Ventyx Biosciences is notable, since it’s expected to have “one in all the cleanest safety profiles” amongst its competitors. “Commercially, VTX958 is being developed for big, well-established I & I markets that generate tens of billions of dollars in annual sales,” Shibutani wrote. “We’ve got a positive outlook that VTYX can capture significant share, specifically from advanced oral therapies and biologics, if the goal profile of biologic-like efficacy in a protected, oral formulation is realized,” Shibutani added. Shares of Ventyx Biosciences have surged greater than 60% in 2022. The analyst’s 12-month price goal of $50 implies upside of roughly 53% from Friday’s closing price for the stock. —CNBC’s Michael Bloom contributed to this report.
© Newspaper WordPress Theme by TagDiv