Zenas BioPharma initiated with a Buy at Citi

Citi initiated coverage of Zenas BioPharma with a Buy rating and $27 price target The company’s obexelimab “represents a franchise within a single asset,” targeting multiple indications in the inflammation and immunology space, with IgG4-RD leading the way, the analyst tells investors in a research note. The firm says positive Phase 3 data in IgG4 “could pave the way for larger downstream indications.”