Immutep’s Efti Shows Promise in Cancer Therapy, Analyst Maintains Buy Rating

Analyst Joel Beatty from Robert W. Baird maintained a Buy rating on Immutep (IMMP – Research Report) and keeping the price target at $7.00.

Joel Beatty has given his Buy rating due to a combination of factors surrounding Immutep’s promising clinical trial results. The biotechnology company’s lead candidate, eftilagimod alpha (efti), is being developed for various cancers, including first-line non-small cell lung cancer (NSCLC), head and neck squamous cell carcinoma (HNSCC), and metastatic breast cancer. Beatty’s optimism is particularly fueled by the recent positive preliminary topline results from a study of efti in combination with Keytruda for the treatment of first-line recurrent/metastatic HNSCC in patients with negative PD-L1 expression. The observed overall response rate (ORR) of 26.9% is significantly higher than the historical ORR from Keytruda monotherapy, suggesting efti’s potential as an effective treatment option.

Furthermore, Beatty believes that the favorable data not only supports further development of the efti/Keytruda combo as a chemotherapy-free regimen but also provides a strong indication that the upcoming randomized data could be positive. This anticipation sets the stage for a potential stock price movement of at least +/- 30% upon the release of the randomized study results. The analyst also notes that even in the event of less favorable outcomes in other patient cohorts, the strength of the current data for PD-L1 negative patients could warrant continued development, thereby adding a base value to the company’s stock.

In another report released on April 24, Maxim Group also maintained a Buy rating on the stock with a $10.00 price target.

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Immutep (IMMP) Company Description:

Immutep Ltd. is a biotechnology company, which engages in the research and development of immunotherapeutic treatments for cancer and autoimmune diseases. Its product is IMP321, which involves in clinical development for the treatment of breast cancer and melanoma. The company was founded on May 21, 1987 and is headquartered in Sydney, Australia.