Maxim Group Starts AzurRx Biopharma (AZRX) at Buy

Maxim Group analyst Caroline Palomeque initiates coverage on AzurRx Biopharma (NASDAQ: AZRX) with a Buy rating and a price target of $5.00.

The analyst commented:

• We are initiating coverage of AzurRx BioPharma with a Buy rating and a $5 price target. The company’s lead candidate is MS1819-SD, an oral, non-animal derived, recombinant lipase enzyme for the treatment of exocrine pancreatic insufficiency (EPI) in cystic fibrosis (CF) and chronic pancreatitis (CP).
• AzurRx is prioritizing MS1819-SD development in CF first, followed by CP, which is the regulatory path used for approved standard of care (SOC) Porcine Pancreatic Enzymes (PPEs) for Pancreatic Enzyme Replacement Therapy (PERT). Positive data was demonstrated in a P2a in CP, a P2 (OPTION study) in CF is ongoing, data is expected in 2019.
• MS1819-SD is differentiated in the PPE space, consisting of only the lipase, not the amylase or protease, as in SOC PPEs. In the data thus far, MS1819-SD achieves comparable efficacy, but with reduction in daily pill burden; 5-8 pills per day vs. SOC requiring 25-40 pills per day. PPE is a $1.2B+ market in the US.
• Conclusion: The PERT market is relatively undifferentiated. As a new entrant, MS1819-SD would be the first non-porcine product available for EPI that lowers pill burden, reduces risk of allergic reaction and improves quality of life (QoL). P2 is ongoing, the data read in 2019 represents a significant catalyst for AZRX shares, which should drive a higher valuation.

For an analyst ratings summary and ratings history on AzurRx Biopharma click here. For more ratings news on AzurRx Biopharma click here.

Shares of AzurRx Biopharma closed at $1.72 yesterday.

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