On Tuesday, Inozyme Pharma Inc. (NASDAQ:INZY) stock received a positive outlook from Jefferies, as the firm resumed coverage with a Buy rating, increasing the price target to $17 from the previous $16.
The focus is on the company’s lead asset, '701, which is currently in clinical trials for several medical conditions, including ENPP1 deficiency, Pseudoxanthoma Elasticum (PXE), and calciphylaxis.
The analyst from Jefferies highlighted the potential for Inozyme Pharma's treatments, emphasizing the underrecognized opportunities within PXE and calciphylaxis, which together represent an approximate $2 billion opportunity.
The anticipation of upcoming catalysts in 2024 is expected to further de-risk the company’s prospects. These include potential FDA alignment on a pediatric PXE pivotal trial in the fall, which may lead to an accelerated approval path, and Phase I data from a calciphylaxis trial expected in the fourth quarter.
The report also notes the significance of Phase I data from ENPP1 deficiency trials in infants, anticipated in the fourth quarter as well. This data, along with top-line results from the pediatric pivotal trial expected in the second half of 2025, could support a broad age label for the treatment, which has a projected $500 million opportunity.
Jefferies' stance on Inozyme Pharma reflects a confidence in the company's clinical development trajectory and its potential to address significant unmet medical needs. The analyst's comment underscores the strategic milestones ahead for Inozyme Pharma, which could enhance the value of its lead asset and expand its addressable market.
In other recent news, Inozyme Pharma has announced key developments in its operations. The company reported approximately $23.8 million remaining in its at-the-market equity offering program, facilitated by Jefferies LLC.
The firm also received Fast Track designation from the FDA for its investigational drug INZ-701, intended for the treatment of ABCC6 Deficiency, a rare genetic disorder. This designation was based on positive findings from Inozyme's ongoing Phase 1/2 clinical trial.
Inozyme Pharma's annual stockholders' meeting resulted in the re-election of three Class I directors and the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Analysts from H.C. Wainwright and BofA Securities maintained a Buy rating for Inozyme, while Wells Fargo initiated coverage with an Overweight rating, all setting a price target of $14.00.
These recent developments highlight the company's ongoing efforts in the biopharmaceutical sector, with a focus on treatments for rare diseases affecting bone health and blood vessel function. As Inozyme Pharma continues its operations, the firm's updates offer a snapshot of its current status and recent progress.
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