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DewDiligence

11/18/13 10:53 AM

#170111 RE: ronpopeil #170110

ENTA—Stock not reacting too much to it.

Success in SAPHIRE-1 was largely expected. Efficacy of the 3-DAA + ribavirin regimen was known to be strong from the phase-2 AVIATOR study and the main question in SAPHIRE-1 was whether a newfound safety problem would surface. (It didn’t.)

ENTA’s stock will react more positively to strong data in the PEARL-2/3/4 studies if the arms without ribavirin perform as well as—or nearly as well as—the arms with ribavirin.