2025-06-05-Jefferies-PRAX,LQDA,EYPT,AVTX,HOWL（PRAX）_杰富瑞2025年全球医疗会议-视频要点（PRAX_LQDA_EYPT_AVTX_HOWL）_9页_259kb

Equity Research Summary: Biotechnology - June 5, 2025

This report presents valuation and risk analysis for several biotechnology companies rated "Buy" by Jefferies Equity Research.

Key Companies Covered

• Avalo Therapeutics (AVTX)
• EyePoint Pharmaceuticals (EYPT)
• Liquidia Corporation (LQDA)
• Praxis Precision Medicines (PRAX)
• Werewolf Therapeutics (HOWL)

Valuation Approach

Valuations for all companies mentioned are primarily Discounted Cash Flow (DCF)-based. Price targets are derived using various methodologies including DCF analysis.

Common Key Risks Across Companies

All companies face similar core risks:

1. Clinical: Failure of drug candidates in clinical trials.
2. Regulatory: Unfavorable FDA/other regulatory decisions on benefit-risk profile or unmet need.
3. Commercial: Difficulty gaining market share in competitive therapeutic areas after approval.
4. Financing: Need for additional capital (equity/debt) during clinical development to extend runway.

Analyst Certification

Kambiz Yazdi certifies the views expressed accurately reflect his personal views on the subject securities and companies.

Analyst Ratings and Price Targets

All companies are rated "Buy" based on Jefferies' expectation of providing a 15% or higher total return within 12 months, setting them apart from "Hold" (plus/minus 15%/-10%) or "Underperform" ratings.

• AVTX Price Target: $23.00
• EYPT Price Target: $8.25
• LQDA Price Target: $31.00
• PRAX Price Target: $305.00 (Note: History shows recent large movements)
• HOWL Price Target: $11.00

Conflict of Interest Disclosure

Jefferies has investment banking relationships with some of these companies, which may represent a conflict of interest.

Important Notes

• This report is confidential and intended for Jefferies clients only.
• Investment decisions should be based on the recipient's specific circumstances and professional advice.
• Past performance is not indicative of future results.
• Price targets are projections based on analyses and methodologies may change.
• Valuations are sensitive to exchange rates.
• All prices mentioned may not include applicable fees.