Graig Suvannavejh, an analyst from Mizuho Securities, reiterated the Buy rating on Immatics (IMTX – Research Report). The associated price target is $14.00.
Graig Suvannavejh’s Buy rating for Immatics (IMTX) is based on a combination of factors that emerged from recent data. The efficacy and safety results from the company’s ongoing IMA203 Phase 1b study were particularly compelling. The first-generation TCR-based cell therapy candidate, referred to as GEN1, demonstrated a 62% initial objective response rate (ORR) and a confirmed ORR of 50% in heavily pre-treated patients. Moreover, the treatment showed excellent tolerability, with, at worst, only one case of Grade 3 cytokine release syndrome (CRS), and no dose limiting toxicities (DLTs) observed.
Further bolstering Suvannavejh’s positive assessment was the encouraging data from the second-generation product, IMA203CD8 or GEN2. Although the safety profile was slightly inferior compared to GEN1, the treatment still showed a manageable safety profile and presented a 58% initial ORR and a cORR of 56%. In addition, the company’s robust cash position of over $500 million and its plans to initiate a Phase 2 study in 2024 and conduct signal-finding studies with GEN2 in various cancers have further strengthened the case for a Buy rating. Despite minor share underperformance, the durable and ongoing responses, coupled with the strong efficacy and safety of the GEN1 product, provide confidence in the potential success of this treatment in melanoma.
In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $16.00 price target.
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Immatics (IMTX) Company Description:
Immatics NV is engaged in discovery of true targets for cancer immunotherapies with the development of the right T cell receptors. The company’s pipeline consists of two lead product classes, engineered Adoptive Cell Therapies (ACTengine) and antibody-like TCR Bispecifics (TCER). Each therapeutic modality has distinct attributes to produce the desired therapeutic effect for patients at different disease stages and with different types of tumors focusing on particularly hard-to-treat solid cancers.
Read More on IMTX:
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