Read Why Did Raymond James Slash Price Target On Inflarx

Raymond James remains a Strong Buy on Inflarx NV IFRX following 1Q22 earnings based on a promising outlook for vilobelimab in Pyoderma Gangrenosum (PG) and potentially other indications.
The biotech macro backdrop has forced many companies to be prudent with cash runway and prioritize clinical programs.
InflaRx is also focusing on a potential pivotal trial in PG, halting (for now) hidradenitis suppurativa (HS) and ANCA vasculitis programs.
It is also discussing COVID data with regulators to see if Phase 3 data supports authorization.
The decision extends the cash runway well into 2H 2024. The company closed the quarter with a cash balance of €99.3 million.
The analysts removed risk-adjusted ANCA vasculitis revenues from its model, dropping PoS in HS to 5% and adding PG (40% PoS, peak risk-adjusted revenues of $313 million).
They also lowered the operating expenses based on capital conservation from halting HS and ANCA development. Collectively, the changes move the price target to $7 from $15.
Price Action: IFRX shares are trading at $1.46 during the market session on the last check Friday.

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