InflaRx (IFRX) stock plummeted on Wednesday after the clinical-stage biopharmaceutical company announced a halt to its Phase 3 trial of vilobelimab to treat pyoderma gangrenosum. The company did so at the recommendation of its Independent Data Monitoring Committee due to futility, after evaluating data from the first 30 patients.
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As a result of InflaRx’s decision, the Phase 3 trial of vilobelimab will be discontinued. Instead, the company will focus on its Phase 2a trial of INF904 as a treatment for chronic spontaneous urticaria and hidradenitis suppurativa.
IFRX stock investors weren’t pleased with the news, which sent the shares diving 56.59% in pre-market trading. That extends a 1.62% drop from yesterday, and the company’s 26.32% decline year-to-date.
Is IFRX Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for InflaRx is Strong Buy, based on six Buy and a single Sell rating over the past three months. With that comes an average IFRX stock price target of $8.67, representing a potential 376.47% upside for the shares. These ratings and price targets could change following today’s clinical trial update.
