Cautious Hold Rating for InflaRx’s INF904 Amid Uncertainties in Trial Results

LifeSci Capital analyst Sam Slutsky has maintained their neutral stance on IFRX stock, giving a Hold rating yesterday.

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Sam Slutsky has given his Hold rating due to a combination of factors related to the recent trial results of InflaRx’s INF904. The Phase 2a study for chronic spontaneous urticaria (CSU) and hidradenitis suppurativa (HS) showed some promising dose-response trends in HS, but the study’s small size and lack of a placebo arm limit the strength of these findings. Additionally, previous trials targeting the C5a pathway in HS have not been successful, which adds a layer of uncertainty to the current results.
For CSU, the data did not reveal a strong efficacy signal, and the performance of the high-dose arm was comparable to what might be expected from a placebo. The company plans to seek a partnership to further develop INF904 for CSU, indicating a cautious approach. Overall, while there are some positive aspects, the uncertainties and limitations in the data lead to a Hold rating, as further evidence is needed to support a more definitive investment decision.

In another report released yesterday, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $1.50 price target.