Immunic ( NASDAQ: IMUX ) shares climbed ~14% after Wedbush Securities launched coverage on the clinical-stage biotech citing “best-in-class potential” for the company’s lead asset IMU-838.
The analyst Andreas Argyrides argues that IMU-838, which is undergoing studies for relapsing-remitting forms of multiple sclerosis (RRMS) and progressive multiple sclerosis (PMS) has a “strong safety and tolerability profile.”
That differentiates IMU-838 from approved MS therapies, including Sanofi’s ( SNY ) ( OTCPK:SNYNF ) Aubagio and Biogen’s ( BIIB ) Tecfidera, which collectively generated ~$13.8B in sales in 2021 despite their “poor safety profiles,” the analyst added.
Issuing a $5 12-month target on Immunic ( IMUX ), the analyst looks for further catalysts for IMU-838 in the form of mid-stage data in PMS and late-stage data in RRMS expected in H2 2023 and before 2025 year-end, respectively.
Argyrides also highlights the other candidates in the company’s pipeline, including IMU-856 and IMU-935, targeted at celiac disease and metastatic castration-resistant prostate cancer.
See how Immunic ( IMUX ) shares are stacked up against those of TG Therapeutics ( TGTX ), which recently launched its first product Briumvi as a treatment for relapsing forms of multiple sclerosis.
Seeking Alpha contributor Busted IPO Forum warns that an additional capital raise is ahead for Immunic ( IMUX ) before the potential regulatory nod for IMU-838 in RRMS.
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Immunic adds 14% as Wedbush initiates with bullish view on lead asset