Equillium initiated with a Strong Buy at Raymond James

Raymond James initiated coverage of Equillium (EQ) with a Strong Buy rating and $6 price target Lead asset EQ504 is in development for ulcerative colitis and “could emerge as a differentiated oral therapy,” the analyst tells investors. A Phase 1 proof-of-concept study of EQ504 in healthy volunteers is expected to initiate in mid-2026, with initial data expected approximately six months after initiation, the analyst noted.