Equillium initiated with a Buy at Stifel

Stifel analyst Alex Thompson initiated coverage of Equillium (EQ) with a Buy rating and $5 price target Despite the preclinical status of the EQ504, the firm’s “constructive thesis” is based on its broader thesis that the inflammatory bowel disease market is in need of novel modalities to push the efficacy ceiling, either as monotherapies or orthogonal mechanisms for combinations, the analyst tells investors.