Shares of InflaRx (NASDAQ:IFRX) jumped 83.9% on Tuesday, April 4. Further, its stock is up about 11.4% in the pre-market session on Wednesday. While the stock price of this clinical-stage biopharmaceutical company increased quite a lot, Wall Street analysts see further upside.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The surge in IFRX stock came after the U.S. Food and Drug Administration granted an Emergency Use Authorization (EUA) to Gohibic (vilobelimab), its monoclonal antibody used for the treatment of COVID-19 in hospitalized adults.
The FDA approval is based on the phase III clinical trial results, which showed improved patient survival.
As the company plans to apply for full approval of Gohibic, LifeSci Capital analyst Sam Slutsky sees further upside in IFRX stock.
The analyst upgraded IFRX stock to Buy following the EUA approval. He sees a substantial market opportunity for Gohibic, which will likely drive the company’s top line.
The analyst said, “We plan to do more work on the potential market opportunity for Gohibic in COVID-19, but believe that the drug has a nice position within the market based on its label, and that there remains a notable market opportunity for novel COVID-19 therapies.”
Is IFRX a Buy, Sell, or Hold?
IFRX stock has received four unanimous Buy recommendations, reflecting a Strong Buy consensus rating on TipRanks. Analysts’ average price target of $5 implies a further upside of 32.63%.
