Bank of America Securities analyst Alec Stranahan reiterated a Buy rating on Immatics yesterday and set a price target of $12.00.
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Alec Stranahan has given his Buy rating due to a combination of factors including promising efficacy data and the potential for future value generation. The updated data from Immatics’ phase 1b trial in uveal melanoma shows compelling efficacy metrics, with an objective response rate of 67% and a median progression-free survival of 8.5 months. These results are consistent with previous data releases and indicate a strong therapeutic profile for anzu-cel, despite the need to monitor certain safety concerns such as grade 3+ cytokine release syndrome (CRS) and ICANS in the upcoming phase 2 study.
Furthermore, Immatics’ PRAME platform is seen as partially derisked, with several significant data readouts expected over the next 18 months that could drive further value. The company’s pipeline is expanding, with additional data anticipated from other assets like IMA203CD8 and IMA402, which could enhance long-term investor sentiment. The competitive landscape in uveal melanoma is less defined compared to cutaneous melanoma, offering Immatics a potential advantage. These elements together support the Buy rating and a price objective of $12.
According to TipRanks, Stranahan is a 3-star analyst with an average return of 2.1% and a 53.44% success rate. Stranahan covers the Healthcare sector, focusing on stocks such as Janux Therapeutics Inc, Agios Pharma, and Novavax.