Inflarx: Falls as Baird 'skeptical' of skin disease drug trial analysis

Inflarx NV

22/07/2019 11:41

** U.S.-listed shares of Inflarx NV  IFRX.O  down 5% at
$2.85 premarket
    ** Baird cuts PT to $4 from $6, says "remain skeptical" of
co's data last week from a new analysis of its mid-stage study
testing skin treatment, IFX-1  urn:newsml:reuters.com:*:nL4N24K2L2
    ** Baird says the utter lack of material difference in the
main goal between even the highest dose of IFX-1 and placebo
leaves the brokerage skeptical about the drug's long-term
clinical and regulatory path
    ** This is particularly important considering that Humira,
the only approved drug for the disease, received approval based
largely on significant improvements in endpoints vs placebo
across two late-stage trials - Baird
    ** Baird reiterates "neutral" rating saying IFRX chooses to
go down the path of continuing to develop IFX-1 despite these
substantial clinical and regulatory headwinds, and thus expend
significant cash
    ** Stock set to extend YTD declines of about 92% this year

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))