LeonaBio

LONA · NASDAQ

$5.27+$0.22 (+4.36%)TodayMarket closed · Oct 20, 4:13 PM ET

Prev close $5.05

LONA analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 5 analysts

Average $17.68 (+235.5% upside)

Low: $15.15
Now: $5.27
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

LONA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Mizuho	Aug 19, 2026	Maintains	Outperform	$16.00 → $15.00	54%
Citizens	Aug 17, 2026	Maintains	Market Outperform	$18.00 → $17.00	41%
Citizens	Jul 30, 2026	Upgrade	Market Perform → Market Outperform	$18.00	41%
Piper Sandler	May 27, 2026	Initiates	Overweight	$20.00	70%
Mizuho	Feb 19, 2026	Upgrade	Neutral → Outperform	$10.00	54%

The case for and against

Updated Oct 14, 2026

Bull case

LeonaBio is well positioned because its lead asset, lasofoxifene, has already shown differentiated clinical activity in ESR1-mut ER+/HER2- metastatic breast cancer, including a competitive 13-month median PFS in ELAINE-2 versus roughly 4-6 months for monotherapy standards. The ongoing Phase 3 ELAINE-3 trial is large at about 600 patients, with more than 80% already enrolled and top-line results expected in 2H27, while the company ended 2Q26 with more than $50MM in cash and is described as well-funded for execution. Beyond oncology, brelgometon (ATH-1105) posted favorable Phase 1 safety, tolerability, dose-proportional PK, and CNS penetration in ALS, giving LeonaBio multiple shots on goal in high-unmet-need markets.

Bear case

LeonaBio is a high-risk clinical-stage biotech whose thesis is weakened by multiple unresolved clinical, regulatory, and commercial hurdles, especially since lasofoxifene is viewed as too late for an increasingly competitive 2L+ ER+/HER2- metastatic breast cancer market and its abema combination is seen as unattractive on safety. The company also faces patent and market-exclusivity challenges from generic competitors, which could pressure pricing and sharply reduce future sales if successful. Financially, it is expected to continue generating net losses until approval and commercialization, and likely through the early launch phase, while needing additional capital that could dilute shareholders; the Sept ’24 Ph 2/3 Alzheimer’s readout missing primary and key secondary endpoints further weakens confidence in its pipeline.

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