Aug. 20 at 10:33 AM
William Blair🏁
$SRZN and said -- We are initiating coverage of Surrozen with an Outperform rating and fair value estimate of
$51 per share.
$MRK $OCUL EYPT REGN RHHBY FDMT KOD OCS
William Blair added—Surrozen is a biotechnology company developing multispecific antibodies that leverage Wnt agonism-and specifically FZD4 agonism -for the treatment of serious retinal diseases.
While Wnt agonism is a relatively new mechanism in vascular retinopathies, Phase I/II data with Merck/EyeBio's MK-3000 (remigromig; formerly Restoret) demonstrated clinical proof-of-concept, and we expect the first Phase III readout in second half 2026.
Surrozen has developed a more potent FZD4 agonist, SZN-413, which it licensed to Boehringer Ingelheim in 2022, and is now focused on a portfolio of multispecific antibodies leveraging that same FZD4 agonist backbone but with additional functionality.