Equillium initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Equillium (EQ) with an Outperform rating and $7 price target The firm is positive on Equillium’s ability to create value as it develops EQ504 for the “large” ulcerative colitis market. Even though ulcerative colitis sales are projected to rise to $12B globally by 2030, available drugs provide modest efficacy and carry persistent safety risks, the analyst tells investors in a research note. Opco believes Equillium’s “differentiated approach predicts benefit beyond their reach, and is derisked by a robust body of evidence that features clinical validation.”