Street Calls of the Week
Investing.com - Goldman Sachs initiated coverage on Immunome Inc. (NASDAQ:IMNM) with a Buy rating and a price target of $26.00 on Monday. The stock, currently trading at $9.39, sits well below analysts’ target range of $18-$38, according to InvestingPro data.
The investment bank highlighted Immunome’s clinical stage pipeline of targeted oncology therapeutics, with particular focus on varegacestat, a gamma-secretase inhibitor currently in Phase 3 trials for desmoid tumors with data expected by year-end 2025. InvestingPro analysis reveals the company maintains a strong liquidity position with a current ratio of 12.13, though it’s currently burning through cash reserves.
Goldman Sachs noted varegacestat demonstrated a 75% overall response rate and 45% tumor reduction in Phase 2 trials, compared to Merck KGaA’s Ogsiveo, which showed 41% and 27.1% respectively in its Phase 3 trial, though study differences were acknowledged.
The firm also emphasized Immunome’s antibody-drug conjugate platform, including lead candidate IM-1021 targeting ROR1, which demonstrated preclinical superiority over Merck’s zilovertamab vedotin, with first clinical data expected in 2026.
Goldman Sachs estimates a $5 billion peak sales opportunity across Immunome’s pipeline, noting potential upside from pre-clinical antibody-drug conjugate programs expected to enter clinical trials next year.
In other recent news, Infinimmune has announced a research collaboration agreement with Immunome, Inc. This partnership focuses on the discovery and optimization of novel antibodies. According to the agreement, Immunome will have target exclusivity, while Infinimmune will manage the antibody discovery and optimization processes. Immunome will take charge of the development and commercialization of any resulting candidates from this collaboration. The financial terms of the agreement have not been disclosed. This collaboration marks a significant development for both companies as they work together in the biotechnology field.
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