Immunome price target raised to $33 from $27 at Wedbush

Wedbush analyst David Nierengarten raised the firm’s price target on Immunome (IMNM) to $33 from $27 and keeps an Outperform rating on the shares following quarterly results. The firm notes the company announced that it has closed the purchase of AL102 from Ayala Pharmaceuticals (ADXS) on March 25, 2024. AL102 is a gamma secretase inhibitor in an ongoing Phase 3 trial in patients with desmoid tumors; enrollment completed in February. Wedbush views the recent acquisition of AL102 and the exclusive licensing of IM-1021 from Zentalis (ZNTL) as an efficient use of capital and believes these programs will return significant value to investors.