IMRX - Immuneering gains as Morgan Stanley Mizuho upgrade on lead asset

2023-04-19 08:17:22 ET

Shares of Immuneering Corporation ( NASDAQ: IMRX ) added ~8% pre-market Wednesday after Morgan Stanley and Mizuho upgraded the clinical-stage oncology company citing initial data for its lead candidate IMM-1-104.

At the annual meeting of the American Association for Cancer Research (AACR) on Tuesday, Immuneering ( IMRX ) released initial Phase 1 data for IMM-1-104, which is in a Phase 1/2 trial for advanced RAS mutant solid tumors .

Morgan Stanley analyst Jeffrey Hung who has upgraded IMRX to Equal Weight from Under Weight, notes that the company has accelerated the study timeline with recommended Phase 2 dose (RP2D) now expected to begin in early 2024.

Given "encouraging initial results and greater clarity on timing of upcoming catalysts," the analyst upgrades the stock and raises its price target to $14 from $5 per share.

"Data presented at AACR shows that IMM-1-104's PK profile is consistent with what was predicted preclinically, which we see as initial validation," Mizuho analyst Mara Goldstein wrote, upgrading Immuneering ( IMRX ) to Buy from Neutral.

Increasing the estimated probability of success in various expansion cohorts, the analyst also raised the price target on the stock to $20 from $10 per share.

Wall Street has remained bullish on Immuneering ( IMRX ) stock, with an average rating of Buy from analysts, while Seeking Alpha's Quant System, which consistently beats the market, rated IMRX as a Strong Buy.

For further details see: