In a report released today, Rami Katkhuda from LifeSci Capital maintained a Buy rating on Eledon Pharmaceuticals, with a price target of $4.00.
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Rami Katkhuda’s rating is based on Eledon Pharmaceuticals’ promising developments in their kidney transplantation program. The company has reported positive topline data from the Phase II BESTOW study, which evaluated the safety and efficacy of tegoprubart compared to tacrolimus in kidney transplant patients. While the study did not achieve statistical superiority in eGFR levels, tegoprubart demonstrated a differentiated safety profile with fewer opportunistic infections and lower rates of metabolic, neurologic, and cardiovascular toxicities compared to the current standard of care.
Despite the lack of eGFR superiority, the noninferior efficacy and meaningful safety benefits of tegoprubart provide a viable commercial opportunity in kidney transplantation. Eledon’s financial position is also strong, with $93.4 million in cash and recent financing of $57.5 million to support the continued development of tegoprubart. The company plans to advance to a Phase III study in 2026, which further supports the Buy rating given the potential for long-term growth and success in this therapeutic area.
In another report released on November 10, Noble Financial also reiterated a Buy rating on the stock with a $10.00 price target.