Jun. 25 at 9:03 PM
Oppenheimer🏁
$EPRX OP-
$17
$PHAT $BMY AZN-AMGN APGE-ABBV
Oppenheimer said—We initiate coverage of Eupraxia Pharmaceuticals with an Outperform rating and
$17 PT, reflecting the differentiated potential for lead asset EP-104GI in eosinophilic esophagitis (EoE), an underappreciated indication dominated by burdensome steroids and high-cost biologics.
By delivering sustained, localized fluticasone via a once-yearly endoscopic procedure, EP-104GI appears well-positioned to address a significant treatment gap where adherence remains critically challenging, supported by KOL feedback and prior Ph1b/2a data showing durable remission and promising safety.
Ph2b interim data in 4Q26 is the next pivotal catalyst, where positive data, similar to Ph1b/2a, could unlock ~50% upside and support Ph3 initiation within current cash runway (~
$140M into 2H28E).
We forecast peak risk-adjusted EoE sales of
$1.2B, following commercialization in 2031, and view Gl indication expansion as potential additional upside.
