H.C. Wainwright initiated coverage of Odyssey Therapeutics on Thursday with a buy rating and a $44 price target, representing roughly 72% upside from the NASDAQ-listed biotech’s closing price of $25.62 on Wednesday.
The firm highlighted Odyssey’s lead asset, OD-001, an oral RIPK2 scaffolding inhibitor in Phase 2 development for ulcerative colitis, with potential applications in Crohn’s disease. OD-001 targets RIPK2 to inhibit recruitment of XIAP, an E3 ubiquitin ligase that drives downstream inflammatory signaling. H.C. Wainwright noted that OD-001 has demonstrated clinical proof-of-concept in ulcerative colitis, positioning the company in a large inflammation and immunology market.
Odyssey, a clinical-stage biotechnology company, raised approximately $292 million in May through its initial public offering and a concurrent private investment in public equity. As of its latest filings, the company held $433 million in cash and reported a current ratio of 11.36, with minimal debt on its balance sheet.
The biotech plans to launch a Phase 2b placebo-controlled monotherapy trial in the second half of 2026, alongside a Phase 2a combination induction trial with vedolizumab. Initial induction data from both studies is expected in the second half of 2027, with an interim update on the Phase 2a monotherapy trial scheduled for October at the UEG Week conference. H.C. Wainwright estimates Odyssey’s financial runway extends through at least the second half of 2028 based on its current cash position.
The stock closed down 2.33% at $25.62 on Wednesday, though it has gained 56% over the prior six months. Other analysts tracking the company include Oppenheimer, which set a $40 price target, and JPMorgan, which assigned a $26 target. Odyssey’s shares have traded in a range between $20 and $30 over the past year.
