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On Thursday, H.C. Wainwright initiated coverage on Surrozen Inc. (NASDAQ:SRZN) with a Buy rating and established a price target of $32.00. The clinical-stage biotechnology company, currently valued at approximately $37 million, is focused on developing therapies that modulate the Wnt signaling pathway for tissue regeneration. According to InvestingPro data, analysts maintain a Strong Buy consensus with a significantly higher price target of $45.00. The company is working on tissue-specific antibodies that could potentially harness the body’s natural repair and regeneration mechanisms.
The analyst at H.C. Wainwright highlighted the importance of Wnt signaling in various developmental stages, including cell growth, homeostasis, and regeneration, noting its potential in treating degenerative diseases through targeted tissue regeneration. While Surrozen’s lead candidate, SZN-043, is undergoing Phase 1b development for severe alcohol-associated hepatitis (sAH), with proof-of-concept data expected in the first half of 2025, InvestingPro analysis shows the company maintains a healthy current ratio of 7.4, with cash reserves exceeding debt obligations.
Surrozen has also been recognized for its strategic partnership with Boehringer Ingelheim, established in the fourth quarter of 2022, for the development of another candidate, SZN-413, for retinal vascular-associated diseases. This partnership serves as a significant endorsement of Surrozen’s approach to Wnt modulation.
Furthermore, Surrozen’s preclinical pipeline includes candidates such as SZN-8141 and SZN-8143, aimed at conditions like wet age-related macular degeneration, diabetic macular edema, and uveitic macular edema, which target Wnt signaling for specific pathways. Another candidate, SZN-113, is being developed for Fuchs’ endothelial corneal dystrophy and geographic atrophy, focusing on Wnt signaling mediated by a different pathway.
The initiation of coverage by H.C. Wainwright comes with a positive outlook, as the analyst anticipates that the upcoming proof-of-concept data from SZN-043 in the first half of 2025 could de-risk the program and provide near-term validation for the company’s therapeutic approach. The stock has shown strong momentum with a 30% gain over the past six months, despite current challenges reflected in its financial metrics. InvestingPro subscribers can access 8 additional key insights about Surrozen’s financial health and market position.
In other recent news, Surrozen Inc. has announced a research collaboration with TCGFB, Inc. to discover antibody therapeutics for idiopathic pulmonary fibrosis, a severe lung condition. The agreement involves Surrozen providing antibody discovery services over a two-year period, with TCGFB retaining all related intellectual property rights. The terms of the agreement include a compensation of up to $6 million to Surrozen, covering third-party costs, and a warrant for up to 3,380,000 shares of TCGFB common stock.
In addition to this collaboration, Surrozen has extended its headquarters lease in South San Francisco through April 2029, demonstrating a commitment to maintain its operations in the area. The biotech firm also continues to make progress in its partnership with Boehringer Ingelheim, advancing the development of SZN-413, a bi-specific antibody aimed at treating retinal vascular diseases.
In other developments, Surrozen has announced the resignation of board member Tim Kutzkey, Ph.D., and reported positive preclinical data for its antibody-based Wnt mimetic technologies. It has also completed a Phase 1a clinical trial for its drug candidate SZN-043 and secured an initial $17.5 million in funding through a private placement agreement. These are among the recent developments in Surrozen’s ongoing operations and research efforts.
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