Immatics (IMTX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on March 27. Analyst Graig Suvannavejh from Mizuho Securities maintained a Buy rating on the stock and has a $14.00 price target.
Graig Suvannavejh has given his Buy rating due to a combination of factors including Immatics’s robust clinical pipeline and anticipated data releases. Suvannavejh’s positive outlook is informed by the progression of Immatics’s clinical programs, specifically the planned initiation of the Phase 2/3 study for the first-generation IMA203/GEN1 targeting PRAME+ melanoma, which is expected to commence towards the end of 2024. This study is significant as it focuses on treating melanoma patients in the second-line setting and beyond, indicating a clear path for Immatics’s therapy in a defined patient population.
Moreover, Suvannavejh sees potential in the forthcoming data updates for both GEN1 and GEN2 of IMA203, along with the initial Phase 1 data for the bispecific programs IMA401 and IMA402, all of which are expected in the second half of 2024. The termination of the partnership with Genmab, while a setback, is mitigated by Immatics’s continued collaborations with high-profile companies such as Bristol Myers Squibb, Editas, and Moderna. These factors contribute to the analyst’s confidence in Immatics’s future prospects, underpinning the maintained Buy rating and a 12-month price target of $14.
In another report released on March 21, Leerink Partners also reiterated a Buy rating on the stock with a $20.00 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.
