H.C. Wainwright Reiterates Buy Rating on Inozyme Pharma Inc. (INZY)

H.C. Wainwright analyst Edward White reiterated a Buy rating and $14.00 price target on Inozyme Pharma Inc. (NASDAQ: INZY).

The analyst commented: "Yesterday, Inozyme presented positive interim data from the Phase 1 single-arm, open-label SEAPORT 1 trial at the American Society of Nephrology’s Kidney Week 2024. This trial is assessing the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of INZ-701 at 1.8mg/kg once weekly for 30 days in adults with end-stage kidney disease (ESKD) and low pyrophosphate (PPi) levels undergoing hemodialysis. INZ-701 is a novel enzyme replacement therapy being developed for the treatment of mineralization disorders. The primary endpoint of the SEAPORT 1 trial is safety and change from baseline PPi. We note that low PPi levels are associated with calciphylaxis. The trial is being conducted at two sites in the U.S. Inozyme announced that 11 patients have completed the four-week dosing with subcutaneous INZ-701; one patient remains in follow-up for safety. There were significant increases in PPi levels with INZ-701 from <700nM and into the normal range by week 3 of the four-week dosing schedule; the largest increases were observed in patients with the lowest PPi levels at baseline. Increased mean PPi levels was associated with reductions in mineral metabolism biomarkers (phosphate and FGF-23). Drug exposure was proportional to dose. INZ-701 was well tolerated in the trial with no drug-related treatment-emergent adverse events (TEAEs). It was reported that 27% (3/11) of patients experienced a TEAE unrelated to drug. One patient had temporary drug interruption with one missed dose caused by a TEAE. Other than one case of hyperkalemia, all adverse events were mild-to-moderate. While this is only a Phase 1 study in a small number of patients, we believe the data are compelling and bode well for future development. Reiterate Buy rating and $14 PT."

For an analyst ratings summary and ratings history on Inozyme Pharma Inc. click here. For more ratings news on Inozyme Pharma Inc. click here.

Shares of Inozyme Pharma Inc. closed at $4.91 yesterday.

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