BTIG starts Eiger BioPharma at buy

BTIG initiated coverage of Eiger BioPharmaceuticals (NASDAQ:EIGR) with a “buy” rating and $32 price target. The stock closed at $7.45 on July 13.

Eiger has four significant assets in Phase 2 clinical testing for four distinct orphan indications, writes analyst Robert Hazlett.

Eiger’s material assets in development include Lonafarnib, an oral inhibitor of prenylation, and a pegylated interferon lambda, both for hepatitis delta viral infections; Exendin 9-39, a competitive glucagon-like peptide-1 antagonist for post-bariatric hypoglycemia; and Ubenimex, an oral leukotriene A4 hydrolase inhibitor being developed both for pulmonary arterial hypertension and lymphedema.

Mr. Hazlett said Eiger has established proof-of-concept in several indications, has multiple catalysts upcoming, and material potential across indications with unmet need.