In a report released today, Joseph Stringer from Needham reiterated a Buy rating on Inozyme Pharma (INZY – Research Report), with a price target of $23.00.
Joseph Stringer has given his Buy rating due to a combination of factors surrounding Inozyme Pharma’s promising developments and underappreciation in the market. One of the key reasons is the anticipation of 48-week data from Phase 1/2 adult trials in ABCC6 and ENPP1 deficiency, which are expected to be released in early April 2024. This forthcoming data has the potential to be a significant catalyst for the stock. Additionally, Inozyme Pharma and GACI Global have initiated a worldwide patient registry to monitor disease progression in individuals with ENPP1 Deficiency and infantile-onset ABCC6 Deficiency, which underscores the company’s commitment to addressing these rare diseases.
Furthermore, Inozyme Pharma’s announcement of the INZ-701 Phase 1 SEAPORT-1 trial commencement for patients with calciphylaxis due to end-stage kidney disease (ESKD) who are on hemodialysis is also a positive development, with topline data expected in the fourth quarter of 2024. Stringer believes that the company’s stock is significantly undervalued when considering only the commercial opportunity associated with ENPP1. He maintains a Buy recommendation on Inozyme Pharma’s stock with a price target of $23, expressing confidence in the company’s prospects.
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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:
- Inozyme Pharma Reports Full Year 2023 Financial Results and Provides Business Highlights
- Inozyme Pharma to Participate in the TD Cowen 44th Annual Health Care Conference
- Inozyme Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
- Inozyme reports inducement grants under Nasdaq listing rule
