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Investing.com - Jefferies raised its price target on Zenas Biopharma (NASDAQ:ZBIO) to $52.00 from $43.00 on Monday, while maintaining a Buy rating on the stock. The stock, currently trading at $31.71, has shown remarkable momentum with a 139% gain over the past six months.
The upgrade follows what Jefferies described as "impressive topline data" from the company’s Phase 2 trial for relapsing multiple sclerosis (RMS).
According to Jefferies, the company’s drug candidate Obex achieved a 95% relative reduction in the cumulative number of new GdE T1 lesions at weeks 8 and 12, with near-complete suppression of new lesions sustained throughout the 12-week period.
The research firm noted that more data on T2 at 12 weeks and PIRA/biomarker/relapse measurements at 24 weeks is expected in the first quarter of 2026.
Jefferies believes these results support further development in RMS and reinforce Obex’s strength across the company’s autoimmune franchise, which includes IgG4-related disease and systemic lupus erythematosus (SLE).
In other recent news, Zenas BioPharma announced positive results from its Phase 2 MoonStone trial of obexelimab in relapsing multiple sclerosis, achieving a 95% reduction in new brain lesions compared to placebo. The trial, which involved 116 patients, showed statistically significant results, with near-complete suppression of inflammatory markers by week 8, sustained through week 12. Additionally, Zenas BioPharma has entered into a significant licensing agreement with InnoCare Pharma, securing global development and commercialization rights for three autoimmune product candidates, including orelabrutinib, a BTK inhibitor in Phase 3 development for multiple sclerosis. This agreement could potentially be valued at over $2 billion, with Zenas agreeing to pay up to $100 million in cash and issue up to 7 million shares of its common stock. H.C. Wainwright has maintained a Buy rating on Zenas BioPharma, citing the pipeline expansion as a positive development. The firm also set a price target of $30.00, reflecting confidence in the company’s future prospects. These developments mark significant progress in Zenas BioPharma’s efforts to expand its treatment options in the field of multiple sclerosis.
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