InflaRx price target raised to $9 from $2 at Raymond James

Raymond James analyst Ryan Deschner raised the firm’s price target on InflaRx (IFRX) to $9 from $2 and keeps an Outperform rating on the shares. Inflarx reported “strong” early efficacy and safety data from their oral C5aR inhibitor INF904 in Hidradenitis Suppurative patients in a Phase 2a autoimmune disease basket study, the analyst tells investors in a research note. The response of HS patients at 4 weeks is very positive, given competitive levels of HiSCR response were seen at 4 weeks, further increasing for at least four more weeks post-treatment, and Raymond James believes there is ample room for an oral drug with a novel mechanism in the HS market.