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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