InflaRx downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded InflaRx (IFRX) to Outperform from Strong Buy with a price target of $2, down from $13, after the Independent Data Monitoring Committee recommended the Phase 3 trial evaluating vilobelimab in pyoderma gangrenosum be stopped at the interim futility analysis due to lack of observed treatment effect. The firm’s Our investment thesis is now primarily focused on the INF904 programs for which it has a positive outlook. However, given their relatively early stage, Raymond James dramatically reduced its price target driven by the relatively higher level of uncertainty prior to their proof-of-concept basket study readout.