Stifel on X4 Pharmaceuticals (XFOR): 'today’s disclosure significantly de-risks the now enrolling P3 4WARD trial'

Stifel analyst Stephen Willey reiterated a Buy rating and $5.00 price target on X4 Pharmaceuticals (NASDAQ: XFOR).
The analyst comments "We believe weakness in XFOR shares following the disclosure of preliminary safety/efficacy data from the P2 trial evaluating mavorixafor in chronic neutropenia (CN) appears unwarranted, in our view. We acknowledge there appear to be several factors at play here – including a 20% headline discontinuation rate (we think GI safety/tolerability is a non-issue), a lack of G-CSF withdrawal/down-titration data (the company messaged this), the extrapolation of P2 enrollment kinetics to P3 (management reiterated its ~12 month P3 enrollment guidance), caution surrounding near-term WHIM sales disclosures (it will admittedly remain a “show-me” story), and a balance sheet likely still requiring bridging to top-line P3 CN data (we think there’s strategic optionality here). However, we believe today’s disclosure significantly de-risks the now enrolling P3 4WARD trial by clearly replicating WHIM-like ANC increases with both monotherapy and combination (+stably-dosed G-CSF) regimens for which the extrapolation of success to infection-based data seems straightforward, in our view."

For an analyst ratings summary and ratings history on X4 Pharmaceuticals click here. For more ratings news on X4 Pharmaceuticals click here.

Shares of X4 Pharmaceuticals closed at $1.00 yesterday.

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