Equillium initiated with a Buy at B. Riley

B. Riley analyst William Wood initiated coverage of Equillium (EQ) with a Buy rating and $6 price target Equillium is developing EQ504, an oral AhR agonist for ulcerative colitis that aims to reduce inflammation and promote mucosal healing, with promising preclinical results and plans to enter clinical trials in mid-2026, the analyst tells investors in a research note. Given prior clinical validation of AhR modulation and limitations of current therapies, EQ504 could represent a differentiated next-generation treatment with improved efficacy and tolerability, the firm says.