Guggenheim analyst Yatin Suneja upgraded InflaRx (IFRX) to Buy from Neutral with an $8 price target after the FDA granted emergency use authorization, or EUA, for Gohibic in critically ill COVID-19 patients. Despite the pandemic coming to a close, the firm thinks there is still "a significant market opportunity" since the weekly hospitalization rate for COVID is still above 2,000 patients per week in the U.S. InflaRx will most likely will price Gohibic in the "five digit" range, or likely above $20,000 per course, which is above Gilead’s (GILD) Remdesivir, the firm said. Guggenheim thinks the company has "a good setup going into the rest of 2023" with the COVID EUA opportunity and the potential for INF904 to differentiate from Amgen’s (AMGN) Avacopan, the analyst added.
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