X4 Pharmaceuticals initiated with an Overweight at Piper Sandler

Piper Sandler analyst Edward Tenthoff initiated coverage of X4 Pharmaceuticals with an Overweight rating and $3 price target. X4 is developing mavorixafor, a CXCR4 inhibitor that blocks pathway hyperactivation to normalize immune cell trafficking, to treat a range of immune diseases. X4 recently reported positive Phase III data on mavorixafor in WHIM syndrome showing an increase in time above threshold of absolute neutrophil count of 15.04 hours vs. 2.75 hours on placebo, the analyst says. Tenthoff also notes that X4 also reported encouraging Phase Ib data on mavorixafor in chronic neutropenia and in Waldenstrom’s Macroglobulinemia with IMBRUVICA.