Enanta Pharmaceuticals Inc (ENTA)

[willyw]

Several points I'd make;

The price of the stock today shows market sentiment. It *seems* that there may be other compounds that are effective w/ fewer sides.

OTOH, I would argue that many of the players, like as was true in HCV, are still trying to sort NASH out. I still consider ENTA as having a fair amount of expertise in this area.

Given that..... I'm a little confused at Luly's response that the 2.5mg dose (or future undisclosed higher and lower dose, whatever they may be). It would seem that the community response it that the 2.5 dose is toast. Luly's response makes me feel ENTA hasn't discarded that. This leads me to feel that they still see it as potentially viable. I can't tell (from only having listened to it once) that they strongly favor one dose over the other. My thinking the 2.5 discontinuation rate makes it a non-player.

I harken back to viekira. What if ENTA had thrown in the towel after "failing" with that?



There seems like a disconnect in ENTA's response and the markets.

"I have not failed. I've just found 10,000 ways that won't work." Thos Edison

I'm not sure that ENTA is quite done with NASH (or FXR). I'm sure that several other companies probably are.

It is certainly true that both intercept and Gilead seemed positive with their results and the market was also very underwhelmed. My thinking is that the pros are less crushed by "failure" than the market. I have no clue. I only see the failure. Luly, ENTA and others who have expertise see the ares in which they succeeded and want to continue going to the next step.

The ultimate winner won't be the company that fails and quits. That may be the preferred course that many would take today. Fewer still are those who get it right on the first try.