Leerink Partners analyst Faisal Khurshid reiterated a Buy rating on Immunic (IMUX – Research Report) on April 1 and set a price target of $5.00.
Faisal Khurshid’s rating is based on several key factors surrounding Immunic’s current and future potential. One of the primary reasons is the upcoming Phase 2 CALLIPER data for vidofludimus in progressive multiple sclerosis, which is anticipated to provide significant insights. Khurshid believes that positive data supporting a path forward in this area, particularly with a confirmed disability progression hazard ratio of less than 0.80, could lead to substantial stock appreciation. Additionally, the potential downside risk is somewhat mitigated by opportunities in the relapsing multiple sclerosis market.
Furthermore, the ongoing Phase 3 ENSURE program in relapsing multiple sclerosis is progressing as planned, with data expected in 2026, which adds to the positive outlook. The analyst also notes that more than 80% of patients are participating in the open-label extension of the CALLIPER study, indicating strong engagement. While there are questions about the company’s financing outlook post-CALLIPER readout, the existing cash runway until the third quarter of 2025 provides some financial stability. Overall, the combination of these factors contributes to Khurshid’s optimistic Buy rating.
In another report released on March 29, William Blair also initiated coverage with a Buy rating on the stock with a $1.20 price target.