Equillium price target lowered to $4 from $8 at Jefferies

Jefferies lowered the firm’s price target on Equillium (EQ) to $4 from $8 and keeps a Buy rating on the shares. The company’s recent $30M financing marks a new chapter as it pivots to a new lead pipeline asset, focused initially on the large commercial opportunity in ulcerative colitis, the analyst tells investors in a research note. The firm finds the pre-clinical data generated encouraging/supporting evidence and looks forward to the first-in-human trial set to start in mid-2026. Jefferies added that it updated its revenue model for EQ504 in moderate to severe UC, leading to the new price target