Investing.com — InflaRx N.V. (NASDAQ:IFRX) stock surged Thursday on heavy volume after it reported positive data from the third cohort of patients in the Phase 2a study for its autoinflammatory skin disease treatment, which resulted in an upgrade from Raymond James.
Shares of InflaRx are up 40%, at $4.02.
The company said six out of seven patients (85.7%) showed clinical remission and closure of skin ulcers in the highest dose cohort, with the treatment well tolerated and no adverse events recorded.
“We are happy to see more patients responding,” said Dr Korinna Pilz, chief clinical development officer of InflaRx.
“We will seek FDA guidance on next steps towards a pivotal program,” added Pilz.
The update prompted Raymond James to upgrade the stock to strong buy from outperform, with analyst Steven Seedhouse saying that the strong physiological response in the trial suggests “promising activity.” Seedhouse increased the firm’s price target on InflaRx to $14 from $10.
Meanwhile, Guggenheim analyst Yatin Suneja reiterated a buy rating and $16 price target on the stock, saying that the data reported was “encouraging.”