X4 Pharmaceuticals price target lowered to $3 from $4 at Stifel

Stifel analyst Stephen Willey lowered the firm’s price target on X4 Pharmaceuticals (XFOR) to $3 from $4 and keeps a Buy rating on the shares. Despite a directional/modestly positive uptick in XOLREMDI sales, the firm is taking a more-conservative view of the launch trajectory and commercial opportunity in WHIM syndrome. Stifel’s perspective of the XOLREMDI opportunity in CN remains unchanged, but management’s ability to achieve timely completion of patient enrollment into the ongoing Phase 3 4WARD trial per today’s updated/extended second half of 2025 guidance represents the most-important FY25 catalyst given the balance sheet still requires bridging to a year-end 2026 top-line data disclosure.