Oppenheimer lowered the firm’s price target on Eloxx Pharmaceuticals to $30 from $60 due to the continuing market compression in biotech stocks, while keeping an Outperform rating on the shares. The firm notes Eloxx Pharmaceuticals announced additional biopsy results showing that ELX-02 treatment improved podocyte foot process effacement in all three patients by an average of 60%, based on a blinded kidney biopsy analysis by NIPOKA GmbH lab. Oppenheimer continues to believe in the company’s approach to ribosome modulation, even as it navigates complex rare-disease clinical development, combined with unforgiving capital markets.
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