Aug. 19 at 11:55 AM
Mizuho⬇️
$LONA's PT to
$15 on higher OpEx & stayed Outperform after LONA reported 2Q26 results last Friday (8/14)
$AZN $RHHBY NVS LLY PFE - ARVN CELC RLAY
SNY BIIB IONS AMLX DNLI BIOA ELDN
Mizuho said -- We caught up with management yesterday, and most importantly, LONA's Phase 3 ELAINE-3 study for lead asset lasofoxifene/laso (a selective estrogen receptor modulator/SERM) in treatment-resistant ER+/HER2-ESR1-mutant metastatic breast cancer/BrCa continues to advance, with key milestones (trial enrollment completion in 4Q26, and top-line data in 2H27) still on track.
We also discussed progress with the company's ALS asset (ATH-1105, but now called brelgometon) and the company's current finances, but bigger picture, we leave with our positive thesis on LONA intact.
On a model update (higher OpEx), we adjust our PT from
$16 to
$15, but with an implied 95% share upside potential, and in our view, an underappreciated laso market opportunity in breast cancer, we maintain our OP rating on LONA.
