Leerink analyst Joseph Schwartz downgraded InflaRx (IFRX) to Market Perform from Outperform with a price target of $2, down from $5. InflaRx delivered unexpectedly positive Phase 2a data for INF904 in Hidradenitis Suppurativa and Chronic Spontaneous Urticaria, with the HS results looking compelling enough to justify a Phase 2b trial, the analyst tells investors in a research note. Despite management’s view that its EUR 44.4M cash balance can fund operations into 2027, further financing appears likely and could be notably dilutive at the current valuation.
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