Shares of biopharmaceutical company Inozyme Pharma (NASDAQ:INZY) are soaring higher today after it announced positive topline and safety data in presently ongoing Phase 1/2 trials of INZ-701.
The drug is being evaluated for the treatment of ENPP1 deficiency and ABCC6 deficiency (PXE) and demonstrated improved PPi (plasma pyrophosphate) levels as well as a favorable safety profile in patients.
Next, the company is aiming to begin a pivotal trial of the drug in pediatric patients with ENPP1 deficiency. Importantly, INZY expects cash and equivalents of $127.9 million for the period ending December 31, 2022. The cash position places the company comfortably well into Q4 2024.
Overall, Wall Street has a consensus price target of $20 on INZY, implying a more than massive 547% potential upside in the stock. That’s on top of the 69% gain in the share price over the past month.
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