Immunome initiated with a Buy at Lake Street

Lake Street analyst Chad Messer initiated coverage of Immunome (IMNM) with a Buy rating and $23 price target The company’s lead clinical program, varegacestat for desmoid tumors, is not an antibody drug conjugate, but has a pivotal data read out this year, the analyst tells investors. ADCs, however, comprise the majority of the current pipeline and are a major focus for the company, whose lead ADC program, IM-1021, targets ROR1, which the firm calls “a ubiquitous target found across solid and liquid tumors.”