Inventiva A MASH turnaround story with big upside potential
Inventiva's lanifibranor is the next in line candidate in MASH, with its phase 3 (NATiV3) trial now fully recruited, locking in a topline readout for 2H26. The program is de-risked by a robust phase 2b, showing competitive fibrosis response rates and strong HbA1c reduction— a key differentiator for the large MASH + T2D population. With oral dosing and clean safety, lanifibranor is well-positioned to capture a meaningful share of the validated MASH commercial opportunity. A € 348m structured financing secured in 2024 ensures runway through phase 3 completion, removing the previous funding overhang. We roll over our model, and update cash and shares which brings us to a new TP of € 8 (from € 7). Despite its advanced status and strong dataset, Inventiva trades at a steep discount to peers like Akero and 89bio. As such, we see significant upside potential and reiterate our BUY.Inventiva is a clinical stage biotechnology research company delivering therapies in the areas of oncology, fibrosis and rare diseases. The most advanced clinical programs (IVA337 for systemic sclerosis in Non-Alcoholic Steato-Hepatitis and IVA336 for Maroteaux-Lamy syndrome-MPS VI) have demonstrated efficacy in relevant in vivo and in vitro models as well as safety in phase I and phase II clinical trials. Using its in-house drug discovery platform, which covers target validation, screening, chemistry, ADME and pharmacology, Co. is developing an internal oncology and fibrosis discovery pipeline with approaches centered on transcription factors, epigenetics targets and nuclear receptors.
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