Eloxx Pharmaceuticals (ELOX) Stock Jumps As Analyst Issues Bullish Note

Eloxx Pharmaceuticals (NASDAQ: ELOX) Stock jumped 5% in the pre-market session an analyst at B. Riley Securities started coverage on the stock with a Buy rating and set a price of $5

Eloxx Pharmaceuticals (ELOX) Stock Jumps As Analyst Issues Bullish Note

Riley Securities initiates ELOX with a Buy and price target of $5. Analyst Mayank Mamtani stated, “ELOX is a clinical-stage biotech emerging as a leader in the ribosomal RNA-targeted genetic therapies, particularly following the recent acquisition of Zikani Therapeutics. We believe the combined entity, now led by a seasoned Zikani team, is well positioned to maximize the potential of complementary platforms targeting the human ribosome. These small molecule therapies are designed to improve read-through activity aimed at correcting nonsense mutations, which are identified as key drivers of 1.5k+ rare disease and oncology indications.

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ELOX’s most advanced candidate, ELX-02, is aimed at restoring the translation of full-length functional proteins and limiting messenger RNA degradation. ELX-02 is now being tested in a Phase II study in cystic fibrosis patients. We expect a monotherapy readout for this intra-patient, dose-escalation study in 2H21, followed by a readout in early 2022E from the recently initiated fifth treatment arm combining ELX-02 with Vertex Pharmaceuticals’ Kalydeco.

Notably, we believe this would also establish strong proof of concept for emerging highly potent macrolide-based oral candidates from ELOX’s TURBO-ZM platform to address potentially sizeable market opportunities in rare diseases such as recessive dystrophic epidermolysis bullosa (RDEB). Furthermore, we estimate that ELOX’s recent $52M equity raise strengthens the balance sheet and extends the company’s runway into late 2022.”

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.