In a report released yesterday, Tazeen Ahmad from Bank of America Securities reiterated Inozyme Pharma (INZY – Research Report) to a Buy, with a price target of $16.00.
Tazeen Ahmad has given her Buy rating due to a combination of factors. Firstly, she observed that Inozyme Pharma reported a positive update on their ongoing phase 1/2 trials of INZ-701 in ENNP1 and ABCC6 deficiencies in adult patients. The update further validates the durable effect of ‘701 on serum PPi level normalization in ENNP1 patients over 18 months, underpinned by additional biomarker and clinical outcomes data. This update is seen as positive as it demonstrates signs of functional benefit to ENPP1 patients which correlate with positive biomarker data. The company is on track to present topline data from both studies in 1Q24 and initiate the pivotal trial in pediatric patients in October.
Additional biomarker data in ENNP1 patients showed a correlation between PPi level increase and improvements in FGF-23 and serum Pi levels, further supporting the mechanism of action of ‘701. Furthermore, ‘701 resulted in improvements in GIC as assessed by patients and clinicians, with high responder rates on the PROMIS of pain, fatigue, and pain interference. A trend to improvement on the 6MWT was also seen, especially in patients with a lower baseline 6WMT. These results could help identify the subset of adult ENPP1 patients most likely to benefit from ‘701 treatment. Updated data in ABCC6 patients also continues to support the highest dose of the drug, with sustained elevation in PPi levels over 9 months and initial signs of clinical benefit.
Ahmad covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, Alnylam Pharma, and Neurocrine. According to TipRanks, Ahmad has an average return of 6.0% and a 48.66% success rate on recommended stocks.
In another report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $16.00 price target.
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Inozyme Pharma (INZY) Company Description:
Inozyme Pharma Inc is a rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases of abnormal mineralization impacting the vasculature, soft tissue and skeleton. The company is focused on developing a novel therapy to treat the rare genetic diseases of ENPP1 and ABCC6 deficiencies. Its product candidate, INZ-701, is a soluble, recombinant, or genetically engineered, fusion protein that is designed to correct a defect in the mineralization pathway caused by ENPP1 and ABCC6 deficiencies.
Read More on INZY:
- 3 Best Stocks to Buy Now, 9/13/2023, According to Top Analysts
- Inozyme reports inducement grants under Nasdaq listing rule
- Inozyme Pharma to Present at the H.C. Wainwright 25th Annual Global Investment Conference
- Inozyme Pharma Reports Second Quarter 2023 Financial Results and Provides Business Highlights
- Inozyme reports Q2 EPS (35c), consensus (43c)
