Immatics initiated with a Buy at Guggenheim

Guggenheim analyst Paul Jeng initiated coverage of Immatics (IMTX) with a Buy rating and $16 price target Immatics is a leading biotech in the T cell receptor immunotherapies space with a broad pipeline of clinical-stage assets, the analyst tells investors in a research note. The firm sees an attractive risk/reward at current share levels given the company’s late-stage lead asset anzutresgene autoleucel, which is targeting a “high unmet need” market in metastatic melanoma.