Biotech Values

[DewDiligence]

MTCR addendum:

1) MTCR’s MET642 dataset just released is possibly the worst I’ve ever seen for a trial where the sponsor claimed the results were “encouraging.” At the high dose, there was no efficacy, but there was a sharp increase in LDL. Taking this drug for NASH very likely has a negative effect on MACE, compared to placebo.

2) FXR agonism for NASH is a discredited idea, for all practical purposes.

3) Pivoting MET642 to IBD might conceivably work, but it looks like a case of Zebra’s Law.

All told, the 50% drop in AH trading is justified, IMO.