Andreas Argyrides, an analyst from Wedbush, has initiated a new Buy rating on Immunic (IMUX).
Andreas Argyrides has given his Buy rating to Immunic due to a combination of factors. Immunic is a pharmaceutical company that has been focusing on the development of innovative oral drug candidates for the treatment of chronic autoimmune and inflammatory diseases. The company’s lead drug candidate, IMU-838, has shown promising anti-inflammatory, anti-viral, and neuroprotective effects for relapsing-remitting and progressive forms of multiple sclerosis. On October 9, Immunic reported positive interim results from the Phase 2 CALLIPER trial in Progressive Multiple Sclerosis, which further cemented Argyrides’ positive outlook on the company’s stock.
Most notably, the interim analysis of the CALLIPER trial data exhibited that IMU-838 led to significant reductions in neurofilament light chain, a key biomarker of neuronal damage, across the overall Progressive Multiple Sclerosis population. This drug not only compares favorably to the only approved therapeutic for PPMS, Ocrevus, but also provides the advantage of being a once-daily oral medication. Furthermore, the drug demonstrated effectiveness in treating non-active secondary progressive MS, considered the hardest to treat segment of PMS. In view of these interim results, Argyrides perceives IMU-838 as a best-in-class DHODH inhibitor and first-in-class Nurr1 activator, highlighting Immunic’s potential to attract more serious partnership interest.
In another report released on October 6, Piper Sandler also assigned a Buy rating to the stock with a $28.00 price target.
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Immunic (IMUX) Company Description:
Immunic, Inc. engages in developing a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases. It focuses on ulcerative colitis, Crohn’s disease, relapsing-remitting multiple sclerosis, and psoriasis. Its products include IMU-838, IMU-935, and IMU-856. The company is headquartered in San Diego, CA.
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