Immuneering price target raised to $30 from $21 at Oppenheimer

Oppenheimer analyst Jay Olson raised the firm’s price target on Immuneering (IMRX) to $30 from $21 and keeps an Outperform rating on the shares after the company surprised with an earlier-than-expected update on atebimetinib in 1L PDAC. The firm says that “the sooner the better when data are this strong,” exceeding expectations that it had recently laid out. Encouragingly, the 9-month overall survival rate, a key focus of the update, achieved 86%, well above Oppenheimer’s 75% expectation and clearly separated from historical GnP benchmarks. The favorable OS outcome was further supported by an impressive 53% PFS rate at 9 months, which altogether reinforces the efficacy contribution of atebimetinib on top of mGnP. Moreover, atebimetinib+mGnP continued to demonstrate a favorable tolerability profile, the firm adds.