Biotech Rallies Strongly On Second Consecutive Positive Headline

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, April 2, 2024

A California-based biotech company is turning heads on Tuesday after HC Wainwrite & Co. raised their price target on the stock form $4.00 to $5.00. This announcement came just one day following the company announcing positive topline data from the Type B portion of the Phase 1b EQUALISE study evaluating itolizumab in lupus nephritis patients.

Shares of Equillium Inc. (Nasdaq:EQ) rallied strongly on Tuesday, with traders pushing shares of the micro cap up to $2.296/share (+8.82%) at the early session high.

Equillium Inc is a biotechnology developing therapies to treat autoimmune and inflammatory disorders. Its pipeline includes itolizumab, a first-in-class antibody targeting the CD6-ALCAM pathway which plays a key role in the modulation of effector T cells - currently in a Ph 3 study for patients with acute graft-versus-host disease and a Ph 1b study for patients with lupus nephritis. EQ101, a first-in-class cytokine inhibitor that selectively targets IL-2, IL-9, and IL-15 is Ph 2 ready and expected to begin enrolling patients in an alopecia areata study in 2H 2022. EQ102, a cytokine inhibitor that selectively targets IL-15 and IL-21, is ready for clinical development and expected to begin enrolling patients in a Ph 1study including patients with celiac disease.

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