H.C. Wainwright analyst Ram Selvaraju has reiterated their bullish stance on EQ stock, giving a Buy rating on March 25.
Ram Selvaraju has given his Buy rating due to a combination of factors related to Equillium’s promising clinical trial results and financial projections. The significant positive data from the EQUALISE study for itolizumab in treating lupus nephritis was a key element in his assessment. The drug showed high rates of complete and partial responses among subjects, with a rapid and significant decrease in proteinuria levels, which is a measure of kidney disease severity. This suggests that itolizumab could become a substantial player in the lupus nephritis treatment landscape if the outcomes translate into clinical practice.
In addition to the clinical data, the potential business implications also influenced Selvaraju’s rating. A partnership with Ono Pharmaceutical could be solidified by the latter’s option to acquire itolizumab, pending further data set triggers expected in the second half of 2024. The analyst also noted the comparability of itolizumab’s trial results with those of approved treatments, which supports the drug’s potential market impact. Furthermore, the ability of patients in the study to reduce their use of corticosteroids while on itolizumab indicates a favorable safety and tolerability profile. Based on these factors, Selvaraju raised the 12-month price target for Equillium’s stock from $4 to $5, reaffirming the Buy rating.
In another report released on March 25, Leerink Partners also reiterated a Buy rating on the stock with a $7.00 price target.
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Equillium (EQ) Company Description:
Equillium, Inc. is a biotechnology company, which engages in the development of products for severe immuno-inflammatory disorders with high unmet medical need. Its product pipeline include EQ001, is a monoclonal antibody that selectively targets the novel immune checkpoint receptor CD6. The company was founded by Daniel Mark Bradbury, Bruce D. Steel, and Stephen Connelly on March 16, 2017 and is headquartered in La Jolla, CA.
