Immunic’s Vidofludimus Calcium Shows Promise in Treating Progressive MS: Analyst Upgrades to Buy

William Blair analyst Myles Minter has reiterated their bullish stance on IMUX stock, giving a Buy rating on April 16.

Myles Minter has given his Buy rating due to a combination of factors that highlight the potential of Immunic’s vidofludimus calcium in treating progressive forms of multiple sclerosis. The positive top-line results from the Phase IIb CALLIPER study demonstrate a favorable risk/benefit profile for the drug, especially in patient populations that are challenging to treat, such as those with primary progressive MS and non-active secondary progressive MS. The study’s findings suggest that vidofludimus calcium has disease-modifying activity, which is a significant achievement given the limited treatment options available for these conditions.
Minter also notes the increased probability of success for the upcoming pivotal Phase III studies, raising expectations from 25% to 50%. Despite some investor concerns about minimal changes in brain volume decline compared to other treatments like Ocrevus, the overall 20% relative risk reduction in confirmed disability progression is seen as promising. Additionally, while there is a clear financing overhang with funding secured only until the third quarter of 2025, the potential for future success in clinical trials supports the Buy rating.

In another report released on April 16, B.Riley Financial also initiated coverage with a Buy rating on the stock with a $6.00 price target.