Zura Bio initiated with a Buy at Chardan

Chardan initiated coverage of Zura Bio with a Buy rating and $14 price target. The analyst is positive on the prospects of Zura’s ZB-106 as a treatment for systemic sclerosis and hidradenitis suppurativa, as well as ZB-168 for the treatment of alopecia areata. Both programs have shown supportive safety data in the clinic and the company expects to initiate multiple Phase 2 studies for the programs starting in 2024, the analyst tells investors in a research note.