Analyst Ami Fadia from Needham maintained a Buy rating on Immuneering and increased the price target to $11.00 from $8.00.
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Ami Fadia has given her Buy rating due to a combination of factors including the recent positive developments surrounding Immuneering’s stock. The company has seen a significant rise in its stock value following a $25 million private placement and a strategic agreement to study its drug in combination with Lilly’s KRAS G12C for non-small cell lung cancer.
Furthermore, Fadia anticipates substantial upside potential ahead of the Phase 2a study update for atebimetinib in first-line pancreatic ductal adenocarcinoma, a market valued at $8-10 billion where chemotherapy is currently the only treatment option. The upcoming data is expected to demonstrate superior efficacy and comparable safety to existing treatments, bolstering confidence in the drug’s competitive edge. Consequently, Fadia has increased the probability of success from 30% to 35%, leading to a raised price target of $11.
In another report released on September 11, Mizuho Securities also reiterated a Buy rating on the stock with a $10.00 price target.
Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IMRX in relation to earlier this year.