89bio’s home run fails to excite

Targeting fibroblast growth factors in cardiometabolic diseases has not always gone smoothly. But 89bio has prevailed in a mid-stage study in severe hypertriglyceridaemia with its sole project, the subcutaneous FGF21 analogue pegozafermin.

The company immediately followed the news with a $75m offering, helping explain this morning's muted stock market response – 89bio shares rose just 3% at the open. But investors might also have an eye on a readout next year in a bigger opportunity, Nash – and here 89bio has plenty of competition.