Guggenheim initiated coverage of X4 Pharmaceuticals with a Buy rating and $12 price target. The firm sees the "differentiated hematology play" having significant upside potential in the next 18 months with a current valuation that does not fully reflect the opportunity of the company's "key value driver," mavorixafor, a potential first-in-class oral CXCR4 antagonist for WHIM syndrome, an already approved ultra-rare condition, and potentially in primary chronic neutropenia, for which it is in Phase 3 development.
