InflaRx shares jump 20.87% intraday after Raymond James and Cantor Fitzgerald raise price targets on positive HS trial data.

InflaRx surged 20.87% intraday after Raymond James and Cantor Fitzgerald raised price targets to $9 and $8, respectively, following strong Phase 2a data for INF904 in hidradenitis suppurativa (HS) patients. The trial showed a 63% HiSCR50 response rate at Week 8 for the 120mg BID dose, with notable reductions in abscesses and pain, outperforming competitor Phase 3 results. Raymond James cited the data as a "strong foundation" for HS and complement-driven autoimmune disease programs, while Cantor Fitzgerald upgraded its rating to Overweight. The news, coupled with H.C. Wainwright’s initiation of coverage at a $6 price target, fueled investor optimism amid the company’s upcoming Q3 2025 earnings report on November 10.