Canaccord has begun coverage on Eupraxia Pharmaceuticals (EPRX, Financial), assigning it a Speculative Buy rating and setting a price target of C$9. Recently, in May 2024, the company shifted its research focus from knee osteoarthritis to a condition known as eosinophilic esophagitis. This chronic, immune-driven disorder of the esophagus is becoming more prevalent, with few treatment options currently available.
The research note highlights promising data from the ongoing Phase 1b/2a trials of Eupraxia’s leading drug candidate, EP-104GI. The findings indicate that this product might offer unprecedented durability and safety, potentially positioning it as a primary treatment option with the advantage of annual dosing.
