FibroBiologics initiated with a Buy at EF Hutton

EF Hutton initiated coverage of FibroBiologics with a Buy rating and $16 price target. FibroBiologics is a biotechnology company focused on developing and commercializing fibroblast-based allogeneic cell therapy for treating various chronic conditions, the analyst tells investors in a research note. The firm says the company must establish proof-of-concept that Fibroblast Cell Therapy is viable in wound healing and can have utility in diseases like multiple sclerosis.