InflaRx N.V. IFRX shares are rallying hard Thursday. Here's why.
What Happened: German biopharma InflaRx, which focuses on developing therapies for autoimmune and inflammatory diseases, announced positive data Wednesday from the third cohort of patients in the Phase 2a study of vilobelimab in Pyoderma Gangraenosum.
PG is a rare and debilitating neutrophil-driven, autoinflammatory skin disease, characterized by an acute, destructive ulcerating process of the skin, primarily occurring on the legs but also other regions of the body. It can lead to chronic, painful and difficult-to-treat wounds with long healing times.
In the third dosing cohort at the highest dose level of 2,400 mg biweekly, six of the seven patients achieved clinical remission with a PGA score of less than or equal to 1, which reflects a closure of the target ulcer. Overall, vilobelimab was also well tolerated.
Sell-Side Review Of Data Reason Behind Upside? The stock reaction was muted following the Wednesday morning data release.
After opening Wednesday's session up 1.8% at $2.91, the stock traded in a $2.78-$3 range before ending unchanged at $2.86.
Following the release of the data, SVB Leerink analyst Joseph Schwartz reiterated an Outperform rating on the shares.
Terming the data as compelling, HC Wainwright analyst Edward White reiterated a Buy rating and increased the price target from $10 to $11.
Raymond James analyst Steven Seedhouse upgraded the stock from Outperform to a Strong Buy and also upped the price target from $10 to $14, suggesting roughly 400% upside from current levels.
IFRX Price Action: In premarket trading Thursday, InflaRx shares were jumping 31.79% to $3.77
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