Aug. 27 at 11:40 AM
Piper Sandler🏁
$IVA OW/
$26:
We are initiating coverage on Inventiva with an OW rating and
$26 PT as the company is developing its lead asset, lanifibranor (oral pan-PPAR agonist), in #MASH with Ph3 NATiV3 topline in 2H26.
Recognize,
$IVA is trading at a market cap of ~
$650M, representing a 14x valuation gap vs
$MDGL (
$9.2B) in MASH, which we believe provides a lucrative buying opportunity given
$IVA has an oral asset de-risked for PoS.
Thus, considering REZDIFFRA's successful launch progress so far in MASH, this highlights the high unmet needs, where lanifibranor has especially attractive positioning for #T2D MASH patients given its unique benefits to glycemic control/insulin resistance (~10.6M F2-3 US MASH patients estimated by 2030, with ~15-20% T2D co-morbidity rate).
Ultimately, we believe Ph3 NATiV3 in 2H26 is de-risked and could be a key stock-moving event to further highlight lanifibranor's compelling MASH
value proposition and drive share gains.
$NVO $LLY $VKTX ALGS ALT AKRO ETNB
