Lucid Capital Markets Starts Eloxx Pharma (ELOX) at Buy

Lucid Capital Markets analyst Dev Prasad initiates coverage on Eloxx Pharma (NASDAQ: ELOX) with a Buy rating and a price target of $38.00.

The analyst comments "We initiate coverage of Eloxx Pharmaceuticals (ELOX) with a Buy rating and a $38 price target, reflecting an attractive risk/reward profile ahead of the mid-2027 EXACT Phase 2b readout in nonsense-mutation Alport syndrome (NMAS). The lead asset, exaluren, is designed to restore full-length protein production in diseases caused by nonsense mutations. Preliminary Phase 2a data in three NMAS patients showed a mean 72% increase in collagen IV α3/α4 staining and improved foot-process density (FSD) in all three patients, although UPCR responses were inconsistent. The Phase 2b EXACT study will test these findings in approximately 24 patients using a randomized, placebo-controlled design, with FSD as the primary efficacy endpoint in biopsy-eligible patients and UPCR as the key functional measure. We believe placeboadjusted FSD improvement accompanied by supportive UPCR activity would meaningfully derisk exaluren and its broader readthrough platform. We model $374M in risk-unadjusted and $112M in risk-adjusted U.S. peak sales. Beyond NMAS, nonsense-mutation ADPKD represents a larger opportunity, with preclinical data showing restoration of the relevant polycystin proteins and reduced cyst growth. We model $732M in risk-unadjusted and $37M in riskadjusted U.S. peak sales. With approximately $62M in cash expected to fund operations through the planned NMAS and ADPKD readouts, we see multiple potential inflection points over the next two years."

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

Shares of Eloxx Pharma closed at $18.16 yesterday.

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