Salveen Richter, an analyst from Goldman Sachs, has initiated a new Buy rating on Immunome (IMNM).
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Salveen Richter has given his Buy rating due to a combination of factors that highlight Immunome’s promising pipeline in targeted oncology therapeutics. The company’s lead asset, varegacestat, is currently in a Phase 3 trial for desmoid tumors and has shown superior results compared to a competitor’s treatment, with a higher overall response rate and tumor reduction. This differentiation, along with a more convenient dosing regimen, supports its potential as a best-in-class therapy.
Additionally, Immunome’s innovative antibody-drug conjugate platform, particularly the ROR1-targeting IM-1021, demonstrates significant preclinical advantages over existing treatments, suggesting a strong future clinical performance. The company’s third program, the FAP-radioligand IM-3050, also shows promising preclinical results with superior affinity. These factors contribute to an estimated $5 billion peak sales opportunity, with further upside potential from preclinical programs, justifying the Buy rating.
In another report released on September 18, Evercore ISI also maintained a Buy rating on the stock with a $18.00 price target.