InflaRx NV

IFRX · NASDAQ

$1.54+$0.09 (+6.21%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $1.45

IFRX analyst rating

BuyConsensus of 6 analysts over the last 12 months. 83% rate it a buy.

Strong buy1
Buy4
Hold1
Underperform0
Sell0

12-month price target · 11 analysts

Average $8.05 (+422.5% upside)

Low: $3.03
Now: $1.54
High: $14.70

Upgrades and downgrades

The latest rating actions, newest first

IFRX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Sep 14, 2026	Initiates	Buy	$8.00	47%
Cantor Fitzgerald	Aug 7, 2026	Maintains	Overweight	$4.00 → $6.00	39%
Raymond James	May 13, 2026	Upgrade	Outperform → Strong Buy	$7.00 → $9.00	70%
HC Wainwright & Co.	May 11, 2026	Maintains	Buy	$6.00 → $8.00	17%
Cantor Fitzgerald	May 11, 2026	Maintains	Overweight	$2.00 → $4.00	39%
Guggenheim	Apr 21, 2026	Maintains	Buy	$14.00	49%
Guggenheim	Mar 20, 2026	Maintains	Buy	$22.00 → $14.00	49%
HC Wainwright & Co.	Dec 30, 2025	Maintains	Buy	$6.00	17%
Leerink Partners	Dec 3, 2025	Downgrade	Outperform → Market Perform	$5.00 → $2.00	34%
Guggenheim	Nov 10, 2025	Maintains	Buy	$10.00 → $22.00	49%

The case for and against

Updated Oct 21, 2026

Bull case

InflaRx is viewed favorably because izicopan appears to offer a differentiated, potentially best-in-class C5aR profile with stronger PK/PD, simpler dosing, and no SAEs or TEAEs across >180 dosed subjects, while Tavneos has clear limitations including hepatotoxicity, slow onset, and burdensome dosing. The opportunity is amplified by commercial validation from Tavneos, which generated $643M in 2025 worldwide AAV sales and roughly $600M annualized run-rate in 2Q26, suggesting a large market that izicopan could capture if it proves safer and more convenient. Financially, the company’s €39.8M cash and marketable securities at 1Q26, excluding a recent ~€127M offering, are expected to fund operations through 2029, supporting execution into the planned AAV Phase 2 study in late 2026 or early 2027.

Bear case

InflaRx is facing a weak fundamental setup because its lead C5aR-related opportunity is tied to a deteriorating competitive backdrop, while a survey of 13 US AAV physicians showed strong willingness to switch from Tavneos to an izicopan-like profile, implying the market already prefers a safer, faster-acting oral alternative. At the same time, vilobelimab has effectively wound down U.S. commercialization, with only reactive ordering remaining and about €18.0M of SG&A in 2025 against roughly €29K of revenue, underscoring poor operating leverage and the need for external capital. The outlook is further pressured by regulatory and clinical risk, including Tavneos withdrawal concerns, liver-toxicity scrutiny, and the possibility that INF904 could fail in the CSU and HS basket study, leaving the company with limited near-term monetization.

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