LifeSci Capital analyst Charles Zhu maintained a Buy rating on Immunome today and set a price target of $20.00.
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Charles Zhu has given his Buy rating due to a combination of factors related to Immunome’s promising clinical developments and competitive positioning. The company’s Phase 3 RINGSIDE study is evaluating the efficacy of varegacestat, a gamma secretase inhibitor, in treating desmoid tumors. The study’s placebo-controlled design and previous clinical validation of GSIs in this indication suggest a high likelihood of technical success.
Moreover, varegacestat’s once-daily dosing schedule is seen as a significant advantage over its competitor, nirogacestat, which requires twice-daily dosing. The drug has shown superior efficacy in Phase 2 trials, with higher objective response rates and tumor volume reductions compared to nirogacestat’s Phase 3 results. Despite some skepticism regarding the translation of Phase 2 results to Phase 3, the potential for varegacestat to meet or exceed efficacy benchmarks provides a compelling case for investment.
Zhu covers the Healthcare sector, focusing on stocks such as Zymeworks, Nuvalent, and Merus. According to TipRanks, Zhu has an average return of -0.8% and a 45.97% success rate on recommended stocks.
In another report released on August 22, Evercore ISI also initiated coverage with a Buy rating on the stock with a $18.00 price target.