IN8bio: Clinical Momentum, Strengthened Cash Runway, and Unmodeled Pipeline Upside Support Buy Rating

In a report released today, Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on IN8bio, with a price target of $6.00.

Swayampakula Ramakanth has given his Buy rating due to a combination of factors related to IN8bio’s clinical progress and financial position. He highlights that updated data from the DeltEx DRI platform in glioblastoma show a substantial improvement in progression‑free survival versus standard of care, with early overall survival trends also favoring the company’s therapy, which could warrant a discussion with the FDA about a potential registration path. In addition, he points to the INB-619 T-cell engager program, where preclinical results suggest comparable B‑cell depletion to an approved therapy but with notably lower inflammatory cytokine release, indicating a potentially better safety profile for large autoimmune indications. The recent private placement of up to $40.2 million, including an initial $20.1 million tranche, extends the company’s cash runway into the first half of 2027 and specifically supports development of the INB‑619 program.

Moreover, Ramakanth underscores that his financial model and 12‑month price target of $6.00 per share are based only on projected cash flows from the INB‑100 program in AML, leaving additional upside from the GBM and TCE programs unmodeled. His valuation is derived from a risk‑adjusted net present value of future product revenues using an 11% discount rate and no terminal growth, combined with estimated year‑end cash, which together support the current target price. The presence of multiple clinical catalysts, the possibility of a regulatory path in GBM, and the emerging TCE platform create an upside scenario that, in his view, is not fully reflected in the current share price. While he notes standard risks including clinical, regulatory, commercial, partnership, financial, and intellectual property uncertainties, he concludes that the benefit‑risk balance favors maintaining a Buy recommendation on INAB.

Ramakanth covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Delcath Systems, and Pyxis Oncology. According to TipRanks, Ramakanth has an average return of 18.4% and a 42.40% success rate on recommended stocks.