Shares of InflaRx N.V. /zigman2/quotes/209883736/composite IFRX -4.89% rocketed 32.2% on heavy volume toward a six-month high in morning trading Thursday, after Germany-based biopharmaceutical company's announcement of positive data from a cohort of a Phase 2a trial of its treatment for autoinflammatory skin disease prompted an upgrade at Raymond James. Trading volume exploded to 36.3 million shares, compared with the full-day average of about 983,000 shares. Raymond James analyst Steven Seedhouse upgraded InflaRx to strong buy from outperform, and boosted his price target to $14 from $10, as "strong physiological response" from vilobelimab in Pyoderma Gangraenosum (PG) suggests promising activity in PG. "However, perhaps more importantly total reduction and control of plasma C5a confirm IFX-1 on target activity, which has good readthrough to imminent (4Q21) ANCA vasculitis data where approval of Tavneos provides clear line of sight for this mechanism, and in hidradenitis suppurativa where it appears clear now a higher dose could afford more complete C5a inhibition in skin lesions and thus clearer efficacy in a planned Phase 3 trial," Seedhouse wrote in a note to clients. InflaRx's stock has still lost 24.8% year to date, while the iShares Biotechnology ETF /zigman2/quotes/206189322/composite IBB -1.77% has gained 5.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.30% has rallied 21.9%.