Inhibikase Therapeutics initiated with a Buy at BofA

BofA initiated coverage of Inhibikase Therapeutics (IKT) with a Buy rating and $6 price target Investors “seemed largely unfazed” by FDA’s decision last November to forego a phase 2 in favor of a two-part, adaptive phase 3, reducing development timelines, the analyst noted. Beyond the regulatory support for the company’s prodrug of leukemia therapy imatinib for PAH, the firm believes shares are undervalued given a “compelling” mechanistic rationale, good phase 1 data, and prescriber enthusiasm, the analyst tells investors.