CA - IMV cut to Neutral at H.C. Wainwright pending updates on strategic review

2023-05-02 11:50:41 ET

H.C. Wainwright downgraded immuno-oncology company IMV Inc. ( NASDAQ: IMV ) to Neutral from Buy on Tuesday, citing the need for more clarity over the strategic review the Canada-based biotech has undertaken.

The downgrade comes close on the heels of IMV’s plans to seek creditor protection after the Nova Scotia Supreme Court issued an interim order providing a stay of creditor claims and the exercise of contractual obligations.

The company also announced Monday that it has paused enrollment in its Phase 2b AVALON and VITALIZE trials for lead candidate MVP-S in ovarian cancer and diffuse large B cell lymphoma, respectively, pending the outcome of the strategic review.

IMV ( IMV ) develops cancer vaccines based on its DPX immune-educating technology platform, and in March, the company was on track to complete enrollment in Stage 1 of AVALON and VITALIZE trials in Q3 and Q2 2023, respectively.

“While we are disappointed in this latest development, particularly given the positive clinical data accumulated to date, we await further updates from company management regarding a path forward that will allow its DPX delivery technology and MVP-S to realize their full potential,” the analyst Joseph Pantginis wrote.

More on IMV

• IMV surges 40% on positive initial data from trial to treat Diffuse Large B Cell Lymphoma
• IMV shareholders to effect 1-for-10 reverse stock split

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