Apr. 24 at 12:55 PM
$IFRX Oppenheimer resumes coverage of IFRX with an Outperform and lowers their tgt to
$5 from
$7. Analyst Mazahir Alimohamed offered, "We are assuming coverage of InflaRx (IFRX) with an Outperform rating and
$5 PT. We view izicopan (INF904), an oral C5aR inhibitor with a differentiated pharmacological profile vs. avacopan (TAVNEOS; approved for ANCA-associated vasculitis [AAV]), as IFRX's main value driver. Backed by promising Ph2a basket study data (link), InflaRx is advancing izicopan to Ph2b in hidradenitis suppurativa (HS), which to us is the primary near-term development focus. Simultaneously, we see AAV as a compelling and increasingly relevant upside opportunity. InflaRx continues to engage with potential collaborators to unlock broader pipeline-in-a-product potential across I&I indications. Against a backdrop of strong interest in the complement space (Biogen's Apellis acquisition, Vanqua Bio licensing), we view izicopan as a compelling potential partnership candidate."