aTyr Pharma initiated with an Outperform at Leerink

Leerink analyst Faisal A. Khurshid initiated coverage of aTyr Pharma (ATYR) with an Outperform rating and $16 price target The firm has strong confidence aTyr’s lead program efzofitimod will be successful in its ongoing Phase 3 study in pulmonary sarcoidosis, with topline results expected in Q3 2025. The Phase 3 EFZO-FIT results in Q3 represents a key binary event for the stock and the firm’s positive view is informed by encouraging Phase 1b/2a data, its Monte Carlo-based simulator, positive MEDACorp key opinion leaders feedback, and a deep dive into the underlying science. Leerink thinks efzofitimod has the potential to be a transformative treatment in this high need indication and sees a compelling risk/reward opportunity ahead of the readout. Leerink is among Leerink’s top picks for 2025.