Enanta Pharmaceuticals (ENTA): Previewing EDP-978 Phase 1 Healthy Volunteer Update Expected in 4Q26

Topline data from the phase 1 healthy volunteer (HV) study of EDP-978 (KIT inhibitor) is anticipated in 4Q26. We see a win scenario for the phase 1 EDP-978 HV study being a clean safety profile (no neutropenia / no liver toxicity or other AEs of concern; we would expect some on-target impacts - hair color changes / neutrophil reduction, etc), serum tryptase reduction in the ~60-80% range (which would put the product in a competitive range and "in the game") and a PK profile supportive of QD dosing. The update could put the EDP-978 program and the company's overall immunology portfolio more "on the radar" for the Street. More broadly speaking, at current levels, we do not see ENTA shares as appropriately reflecting the probability-adjusted value of zelicapavir in RSV alone, with the immunology pipeline (EDP-978/KIT, EPS-3903/STAT6, MRGPRX2) offering potential longer-term upside. We would note that there are no Street expectations for the EDP-978 HV update. The phase 1 trial is designed