Inventiva Under-the-radar NASH story
Inventiva is developing lanifibranor (pan-PPAR agonist) in NASH, and a phase 3 trial is ongoing with the last patient first visit expected in 2H23. We revisit the case following the recent € 36m financing, which should fund the company into early 3Q24 sufficient to meet its near-term milestones. While financing has been a source of overhang for the stock, Inventiva is on the right path to secure the additional funding required to reach the phase 3 topline readout in 2H25. We believe Inventiva remains undervalued relative to its peers particularly in the context of the strength of the lanifibranor dataset. We re-work our model arriving at a new PT of € 14 (from € 16). While we acknowledge the financing risk, we see Invenitva as an under-the-radar story with significant upside, and upgrade our rating to BUY (from ACCUMULATE).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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