B. Riley cuts Immunic target, sees ‘compelling entry point’

B. Riley analyst William Wood lowered the firm’s price target on Immunic (IMUX) to $27 from $40 and keeps a Buy rating on the shares. The firm says the shares trade at a near-zero enterprise value heading into Immunic’s Phase 3 refractory multiple sclerosis trial readout by the end of 2026. Current levels offer a “compelling entry point in the stock further reinforced by a materially deteriorated competitive landscape,” the analyst tells investors in a research note. Riley believes the company’s February $200M financing removed its capital overhang.