INZY - Inozyme initiated with a buy at H.C. Wainwright on promise of enzyme replacement therapy

H.C. Wainwright had initiated Inozyme Pharma (INZY +11.8%) with a buy based on optimism for its enzyme replacement therapy INZ-701. Wainwright has a $33 price target (~441% upside based on Friday's close). The candidate is in phase 1/2 for ENPP1 deficiency and in IND-enabling stages for ABCC6 deficiency and calciphylaxis. All are abnormal mineralization diseases. Preliminary data for the ENPP1 indication is expected in 1H 2022. Analyst Edward White estimated that INZ-701 in ENPP1 will be launched in 2026 with sales of $14.9M that year, increasing to $615M in 2030. However, he added a larger opportunity exists for INZ-701 in ABCC6 deficiency. Enrollment in a phase 1/2 trial in that indication was expected to begin in Q4 2021 but it appears the company has yet to do so. White projected that early safety and biomarker data in this indication is expected in 1H 2022. He estimated INZ-701 will be approved

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Inozyme initiated with a buy at H.C. Wainwright on promise of enzyme replacement therapy