In a report released on May 14, Jonathan Chang from Leerink Partners reiterated a Buy rating on Immatics (IMTX – Research Report), with a price target of $20.00.
Jonathan Chang has given his Buy rating due to a combination of factors that suggest a strong potential for Immatics’s TCR-T cell therapy platform, notably in the treatment of melanoma. The most recent update on IMA203, a TCR T-cell therapy targeting melanoma, has demonstrated an increase in the overall response rate to 55% from 50% previously reported. Moreover, the median duration of response, although not reached in the past, is now a considerable 13.5 months, indicating a potential for long-lasting effects of the therapy.
In addition to the promising data, Chang’s confidence is bolstered by the therapy’s safety profile, which is perceived to be more tolerable compared to other TIL or CAR-T cell therapies. The company’s plans to initiate a Phase II/III study, expected to commence in the fourth quarter of 2024, further underpin the positive outlook. Chang’s assessment also takes into account Immatics’s broader pipeline, which includes updates on IMA203CD8 Gen 2 data and initial clinical data for the company’s TCR bispecific programs, anticipated in the second half of 2024. This comprehensive development trajectory cements Immatics’s status as a leader in TCR therapeutics, justifying the Buy rating.
According to TipRanks, Chang is an analyst with an average return of -4.8% and a 34.17% success rate. Chang covers the Healthcare sector, focusing on stocks such as MacroGenics, Adaptimmune Therapeutics, and NovoCure.
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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.
