Raymond James analyst Steven Seedhouse raised the firm’s price target on InflaRx to $20 from $10 and keeps an Outperform rating on the shares following the company’s Q1 earnings report and ahead of its “highly anticipated” data from its Phase 2/3 trial of IFX-1 in COVID-19. Seedhouse has increased COVID-19 revenue contribution from IFX-1 in his model to about $70M at peak based on his “continually increasing conviction” that the 30-patient Part 1 cohort of the PANAMO trial in severe COVID patients will be positive, he tells investors.
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