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Equillium price target lowered to $7 from $12 at Stifel
The Fly

Equillium price target lowered to $7 from $12 at Stifel

Stifel lowered the firm’s price target on Equillium to $7 from $12 and keeps a Buy rating on the shares following its Q4 results. The analyst suspects the greatest value driver for investors to be itolizumab in lupus nephritis, which is currently in Phase 1b EQUALISE study. With the data for this study pushed to 2024 from mid-2023, investors now have "an opportunity" to get a glimpse of EQ101 and EQ102, Stifel says. The firm expects the release of initial Phase 2 data for EQ101 and Phase 1 SAD/MAD data for EQ102 to generate two data catalysts in H2 of 2023. With the ongoing volatility in biotech stocks, investors continue to steer towards safer names in the sector, Stifel argues. Due to this, the firm sees Equillium’s cash position as an advantage, but investors may view the stock as one to revisit later.

Published first on TheFly

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