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Investing.com - Canaccord Genuity maintained its buy rating and $14.00 price target on Ventyx Biosciences Inc (NASDAQ:VTYX) stock, currently trading at $2.26, following positive Phase IIa trial results for its Parkinson’s disease treatment. According to InvestingPro data, analyst targets range from $2 to $21, with the stock currently appearing undervalued based on Fair Value analysis.
The Phase IIa open-label study for VTX3232 in early Parkinson’s disease demonstrated effective inhibition of NLRP3 and suppression of downstream biomarkers, according to Canaccord Genuity.
The trial results support once-daily dosing for the drug, with Ventyx now planning to initiate a Phase II dose-ranging study for VTX3232 in Parkinson’s patients.
Canaccord expressed encouragement about the reported results, noting they support potential indications for VTX3232 in additional neurodegenerative diseases beyond Parkinson’s.
The research firm maintained its $14.00 twelve-month price target on Ventyx stock, reiterating a bullish stance on the company’s shares.
In other recent news, Ventyx Biosciences reported positive results from its Phase 2a trial of VTX3232, an experimental treatment for early-stage Parkinson’s disease. The trial met its primary safety and tolerability objectives, with no drug-related adverse events observed. It also achieved its pharmacokinetic and pharmacodynamic endpoints, demonstrating high drug exposures and suppression of NLRP3-related biomarkers. Despite these promising results, H.C. Wainwright maintained a Neutral rating on Ventyx, highlighting that some exploratory biomarkers remained unchanged. Ventyx plans a larger Phase 2 trial to further assess the drug’s efficacy and explore potential applications in Alzheimer’s disease. Additionally, Piper Sandler reiterated an Overweight rating on Ventyx, citing the company’s promising pipeline and recent strategic developments. Ventyx’s Annual Meeting of Stockholders resulted in the re-election of two Class I directors and the ratification of Ernst & Young LLP as the independent auditor. These developments reflect Ventyx’s ongoing efforts to advance its therapeutic candidates and engage with its stockholders.
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