Obexelimab’s Strong Phase 3 Data and Differentiated Positioning Underpin Zenas BioPharma Buy Rating and $44 Target

In a report released today, Matthew Caufield from H.C. Wainwright reiterated a Buy rating on Zenas BioPharma, Inc., with a price target of $44.00.

Matthew Caufield has given his Buy rating due to a combination of factors tied to the strength of obexelimab’s Phase 3 data and the broader strategic outlook for Zenas BioPharma. He emphasizes that obexelimab produced a clinically meaningful and highly statistically significant reduction in the risk of IgG4-related disease flares versus placebo over a full year, while also delivering clear benefits across multiple secondary measures, including flare severity, need for rescue therapy, and remission rates. He also notes that the safety profile appears favorable, with lower infection rates than placebo and manageable injection site reactions, which he views as particularly important in chronic autoimmune treatment settings.
At the same time, Caufield frames these results in the context of competition from the CD19-depleting antibody UPLIZNA, arguing that obexelimab’s B‑cell–inhibitory mechanism, at‑home weekly subcutaneous dosing, and potential for more flexible, pay‑as‑you‑go pricing could support attractive first-line positioning despite somewhat lower headline flare reduction. He believes this differentiation, combined with prospective payer support, can drive meaningful market adoption if the drug is approved. Finally, he highlights Zenas’s broader autoimmune pipeline in indications such as multiple sclerosis, systemic lupus erythematosus, and additional dermatologic and neurologic diseases as a source of incremental value beyond IgG4‑RD, reinforcing his conviction in the long‑term investment case and supporting the reiterated Buy rating and $44 price target.

In another report released on December 24, Evercore ISI also maintained a Buy rating on the stock with a $55.00 price target.