On Thursday, Piper Sandler maintained a positive stance on Immunome Inc . (NASDAQ:IMNM) with an Overweight rating and a $21.00 price target. The endorsement comes after Immunome's recent third-quarter update for 2024, where the company confirmed that its phase 3 RINGSIDE trial of AL102, a gamma secretase inhibitor, is progressing as planned with top-line data anticipated in the second half of 2025.
The analyst's optimism is rooted in the phase 2a results of the RINGSIDE trial, which showed an objective response rate (ORR) of 61%, suggesting a strong possibility that the phase 3 trial will show a significant difference in the primary endpoint of median progression-free survival (mPFS). If the drug receives approval, it is expected to be a competitor to Springworks Therapeutics (NASDAQ:SWTX)' Ogsiveo, which has posted third-quarter sales of $49.3 million.
In addition to the developments around AL102, Immunome is also on schedule with its Investigational New Drug (IND) applications for IM-021, a ROR1 antibody-drug conjugate (ADC), and IM-3050, a fibroblast activation protein (FAP) targeted radionuclide therapy (RLT). Both INDs are expected to be filed in the first half of 2025.
Shares of Immunome Inc. concluded the trading day at $11.59 prior to the announcement. The maintained rating and price target by Piper Sandler reflect a positive outlook for the company's stock, with significant upside potential from the current market price.
In other recent news, Immunome Inc. reported significant advancements within its drug development pipeline. Notably, the company is pushing forward with its key drug candidates, IM-3050 and IM-1021, which are expected to reach Investigational New Drug filings in the first quarter of 2025. Additionally, Immunome has undergone a merger, further bolstering its pharmaceutical pursuits.
The company has also welcomed new leadership with the appointment of Roee Shahar as Executive Vice President, Commercial, and the promotion of Max Rosett to Chief Financial Officer. Analysts from TD Cowen and Piper Sandler maintain positive ratings for the company, while JPMorgan has given Immunome an Overweight rating, expressing optimism for the potential of AL102.
In another development, Immunome has launched its 2024 Inducement Plan, reserving 2 million shares of common stock to attract new talent. This move underscores the company's commitment to attracting and retaining top talent in the competitive biopharmaceutical industry.
Lastly, Immunome has entered into a global exclusive license agreement with Nectin Therapeutics, granting the company the rights to develop, manufacture, and commercialize products derived from a series of monoclonal antibodies.
InvestingPro Insights
Immunome Inc.'s recent developments and Piper Sandler's positive outlook are complemented by several key financial insights from InvestingPro. The company's market capitalization stands at $685.96 million, reflecting investor confidence in its potential. Despite the promising clinical trial progress, InvestingPro data reveals that Immunome is not yet profitable, with a negative gross profit of $46.96 million over the last twelve months as of Q2 2024. This aligns with the company's current stage of drug development, where significant investments are typically made before revenue generation.
InvestingPro Tips highlight that Immunome holds more cash than debt on its balance sheet, which is crucial for a biotech company funding expensive clinical trials. Additionally, the stock's price movements are quite volatile, as evidenced by the recent 7.58% decline over the past week. This volatility is not uncommon for biotech stocks, especially those with pending trial results.
For investors seeking a deeper understanding of Immunome's financial health and market position, InvestingPro offers 11 additional tips, providing a comprehensive analysis to inform investment decisions in this dynamic biotech stock.
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