H.C. Wainwright initiated coverage of Inozyme (NASDAQ:INZY) with a “buy” rating and $33 price target. The stock closed at $6.10 on Feb. 4.
Inozyme is a rare disease biopharmaceutical company focused on developing therapeutics for the treatment of abnormal mineralization diseases, such as ATP binding cassette subfamily C member 6 (ABCC6) deficiency and ectonucleotide pyrophosphatase/phosphodiesterase 1 (ENPP1) deficiency.
Multiple enzymes and other proteins perform sequential reactions as part of a normal mineralization process, writes analyst Edward White. “Not only does a healthy mineralization pathway maintain healthy bones and teeth, but it also inhibits pathological ectopic mineralization,” he added.
Inozyme’s lead product candidate, INZ-701, is a novel enzyme replacement therapy being developed for the treatment of mineralization disorders. It previously received orphan drug designation from the EMA and FDA for the treatment of ENPP1 deficiency and ABCC6 deficiency.
INZ-701 also has fast track designation and rare pediatric disease designation for the treatment of ENPP1 deficiency. “It is designed to mimic ENPP1 enzymatic activity throughout the body and increases levels of inorganic pyrophosphate and adenosine levels,” Mr. White said.
In addition, INZ-701 is in preclinical development for calciphylaxis and diseases of neointimal proliferation.
In November 2021, Inozyme dosed the first patient in a first-in-human Phase 1/2 clinical trial of INZ-701 in adult patients with ENPP1 deficiency. Preliminary biomarker and safety data are expected in the first half of 2022, Mr. White said.
Inozyme is expected to begin dosing patients soon in a Phase 1/2 clinical trial of INZ-701 for ABCC6 deficiency, with preliminary safety and biomarker data also expected in in the first half of 2022.
