Mar. 17 at 12:05 PM
H.C. Wainwright⬇️
$EPRX
$BMY AZN - AMGN
$PHAT $APGE $CLDX
H.C. Wainwright said—We reiterate our Buy rating on Eupraxia Pharmaceuticals (EPRX) and revise our price target to
$11 (from
$12) following the company's 4Q25 results and additional 52-week follow-up data from the RESOLVE trial evaluating EP-104Gl in eosinophilic esophagitis (EoE)
While quarterly financials remain secondary for a clinical-stage company, the durability data continue to reinforce the differentiated profile of EP-104GI as a long-acting, localized steroid therapy, supporting the potential for infrequent dosing and improved adherence versus current treatment approaches
Our price target revision reflects higher forward opex assumptions and dilution from the recent equity raise, partially offset by a higher probability of success for EP-104GI and a lower cost of capital in our model
Importantly, the Phase 2b RESOLVE study remains on track for a 3Q26 topline readout, which we view as the next key catalyst for the program.
