Surrozen surges after Stifel starts coverage with 'buy'

Surrozen

07/09/2021 17:12

** Shares of U.S. drug developer  SRZN.O  up ~22% at $8.80
after Stifel starts coverage with "buy"
    ** Stifel says co's lead drug candidate, SZN-1326, for
ulcerative colitis (UC) can fill an unmet need for the bowel
disease by repairing damaged gut tissue and addressing the
fundamental issue in UC
    ** Sets PT of $19, which represents an upside of 162% to
stock's last close
    ** With a fundamentally differentiated approach versus the
standard of care, SZN-1326 could offer an attractive alternative
for patients who failed prior therapy - Stifel
     ** Co's other lead program, SZN-043, for a liver disease
called severe alcoholic hepatitis, takes a logical strategy in a
neglected market - Stifel
     ** Tackling attractive market opportunities with a
differentiated strategy and potential synergies with existing
standard of care makes SRZN a high-risk, high-reward stock,
brokerage says
    ** As of last close, stock is down ~24% vs its opening price
on Aug. 12, when co debuted on the Nasdaq through a SPAC merger
with Consonance-HFW Acquisition Corp

 (Reporting by Deborah Sophia and Manojna Maddipatla in
Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;
manojna.kalyani@thomsonreuters.com))