May. 30 at 3:14 PM
$IFRX Late Friday Oppenheimer upgrade:
“We are updating our IFRX model to reflect izicopan's pivot to ANCA-associated vasculitis (AAV) as the lead indication, alongside the recently closed
$150M equity raise that extends runway through 2029E, increasing our price target to
$9 from
$5.
The PT increase is primarily driven by a shift in underlying value drivers——izicopan's HS has been deprioritized to a partnered, royalty-based opportunity, while AAV emerges as the new lead value driver representing a meaningfully larger
commercial opportunity (~
$3.0B combined US + EU peak sales in 2040E at 30%E (PoS).
With financing risk materially reduced and a defined development roadmap in
place, we believe IFRX offers asymmetric exposure to the C5aR class ahead of Capital Markets Day this summer.
$AMGN $BIIB $RHHBY $PFE
The 2029 runway opens M&A windows and we are now an odds on favorite w AAV given multiple Avacopan unforgivable “errors”. FDA simply can’t look the other way.
