Buy Rating on Inozyme Pharma Supported by Advancements in Lead Program and Promising Market Opportunities

Tazeen Ahmad, an analyst from Bank of America Securities, reiterated the Buy rating on Inozyme Pharma (INZY – Research Report). The associated price target remains the same with $14.00.

Tazeen Ahmad has given his Buy rating due to a combination of factors including the advancement of Inozyme Pharma’s lead program, INZ-701, particularly for the treatment of ENPP1 deficiency. The anticipation of interim data from the ENERGY-1 phase 1b trial in the second half of the year, alongside the expected initiation of the ENERGY-2 pivotal trial, underpins a positive outlook. Furthermore, the projected mid-2025 release of topline data from the ENERGY-3 pivotal trial in pediatric patients offers additional support for the therapy’s potential market opportunity, especially given the lack of approved alternatives and promising early indications of clinical benefits.
Additionally, Ahmad’s analysis factors in the progression of INZ-701 for ABCC6 deficiency, with positive phase 1/2 data already in hand and the prospect of pivotal studies beginning in the first quarter of 2025, contingent on regulatory feedback and funding. The potential expansion of INZ-701’s use to treat end-stage kidney disease (ESKD), an area with significant unmet medical need and high mortality rates, also contributes to the Buy rating. Financial considerations, including a review of the company’s quarterly expenses and an updated discounted cash flow (DCF) model reflecting recent trends, further solidify the basis for the $14 price objective.

In another report released today, Needham also reiterated a Buy rating on the stock with a $23.00 price target.

INZY’s price has also changed dramatically for the past six months – from $3.200 to $4.600, which is a 43.75% increase.

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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.