Avalo Therapeutics price target raised to $60 from $48 at Piper Sandler

Piper Sandler raised the firm’s price target on Avalo Therapeutics (AVTX) to $60 from $48 and keeps an Overweight rating on the shares. The firm notes shares traded-up about 60% since reporting abdakibart’s hidradenitis suppurativa Phase 2 LOTUS data. That said, Piper believes Avalo’s upward stock momentum will continue, especially as “we enter a new era” in the interleukin-1 space with several upcoming indirect catalysts the firm thinks will provide key validation to further highlight the mechanism’s expansion/pipeline potential.