Immatics price target lowered to $13 from $15 at BofA

BofA lowered the firm’s price target on Immatics (IMTX) to $13 from $15 and keeps a Buy rating on the shares. While political and rate uncertainty continues to be an overhang, the firm views the health of the Biopharma sector as “markedly improved from 2022 lows.” For stocks in its coverage, the firm continues to like late-stage clinical or early launch stories, although it sees Phase 1 clinical programs with derisking data and near-term catalysts as “increasingly areas of investor focus,” the analyst tells investors in a sector outlook note.