Mural Oncology ‘undervalued,’ initiated with Strong Buy at Raymond James

Raymond James analyst Laura Prendergast initiated coverage of Mural Oncology with a Strong Buy rating and $18 price target The firm says Mural Oncology is undervalued, as nemvaleukin, its lead asset, has a near-term commercial opportunity that doesn’t seem to be on the radar yet for many and its management and board have notable experience that inspire confidence in Mural’s ability to maneuver late stage drug development and commercial launches, the analyst tells investors in a research note. Raymond James is modeling first revenue in second half 2026 and $474M in U.S. sales by 2035.