Piper Sandler Reiterates Overweight Rating on Evolus Health with $18 PT

Piper Sandler Reiterates Overweight Rating on Evolus Health with $18 PT

Title: Piper Sandler Reiterates Overweight Rating on Evolus Health with $18 PT

Piper Sandler has reiterated its Overweight rating on Evolus Health (NASDAQ:EVUL), maintaining a price target of $18.00. The firm's bullish stance on the company's prospects is driven by its strong pipeline of products and potential for significant market growth. Evolus Health, currently valued at $350 million, has shown impressive momentum, gaining over 100% in the past year and trading near its 52-week high.

The research firm highlighted Evolus Health's lead asset, lanifibranor, an oral pan-PPAR agonist being developed for metabolic dysfunction-associated steatohepatitis (MASH). Phase 3 NATiV3 topline results are expected in the second half of 2026. Piper Sandler noted that the company's current market capitalization represents a 14-times valuation gap compared to competitor Madrigal Pharmaceuticals' $9.2 billion valuation in the MASH treatment space [1].

Evolus Health's gross profit margins are impressive at 90%, although the company is currently burning through cash. The firm pointed to lanifibranor's potential positioning for type 2 diabetes MASH patients, citing its benefits for glycemic control and insulin resistance. According to InvestingPro data, there are approximately 10.6 million F2-3 US MASH patients by 2030, with around 15-20% having type 2 diabetes comorbidity [1].

Piper Sandler views the upcoming Phase 3 NATiV3 trial results as a de-risked and potentially significant stock-moving event that could highlight lanifibranor's value proposition in the MASH treatment landscape. While analyst targets range from $3 to $20, InvestingPro analysis suggests the stock is currently trading above its Fair Value [1].

In other recent news, Evolus Health has made notable appointments within its leadership team. The company announced the appointment of Jason Campagna as President of Research and Development and Chief Medical Officer. Campagna brings experience from his previous roles at Q32 Bio and Intercept Pharmaceuticals. Additionally, Martine Zimmermann has been named Executive Vice President of Regulatory Affairs and Quality Assurance. Renée Aguiar-Lucander, former CEO of Calliditas, has joined Evolus Health's Board of Directors [1].

These changes come as Evolus Health continues to advance its lead drug candidate, lanifibranor, through late-stage clinical development. The company is focused on treatments for metabolic dysfunction-associated steatohepatitis.

References
[1] https://www.investing.com/news/analyst-ratings/piper-sandler-initiates-inventiva-stock-with-overweight-rating-on-mash-potential-93CH-4212184