Immuneering initiated with an Outperform at Leerink

Leerink initiated coverage of Immuneering (IMRX) with an Outperform rating and $15 price target The firm notes lead asset atebimetinib is an allosteric MEK inhibitor that has shown compelling Phase 2 activity in combination with chemotherapy in first-line pancreatic ductal adenocarcinoma, a tumor type in which over 90% of patients are driven by aberrant, constitutive MAPK signaling. Leerink thinks DCI, which departs from conventional, continuous kinase inhibition and uses high dose, pulsatile blockade, introduces mechanistic risk. However, it sees significant upside if efficacy and tolerability are confirmed in the pivotal trial by allowing a more tolerable approach to MEK inhibition. The firm views atebi as a blockbuster+ agent in PDAC with $2.4B peak revenues, representing $14/share in its model.