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Investing.com - H.C. Wainwright has reiterated its Buy rating and $10.00 price target on Immunic Inc. (NASDAQ:IMUX), following positive long-term data from the company’s multiple sclerosis treatment. The stock, currently trading at $0.85, has strong analyst support with a highly bullish consensus rating of 1.17 according to InvestingPro data, though it has declined about 13% in the past week.
The research firm highlighted encouraging results from the Phase 2 EMPhASIS trial’s open-label extension study of Vidofludimus calcium in relapsing-remitting multiple sclerosis (RRMS) patients at Week 144. The data showed 92.3% of patients remained free of 12-Week confirmed disability worsening, while 92.7% remained free of 24-Week confirmed disability worsening.
Vidofludimus calcium works through a dual mechanism that includes novel neuroprotection from Nurr1 activation and relapse prevention through DHODH inhibition for anti-inflammatory effects. The treatment has demonstrated up to 5.5 years of favorable long-term safety and tolerability data.
H.C. Wainwright noted that Immunic has completed global enrollment for its dual Phase 3 ENSURE-1 and ENSURE-2 trials in relapsing multiple sclerosis patients. Pivotal topline data from these trials is expected by the end of 2026.
The firm maintained its positive outlook on Immunic based on continued progress with its multiple sclerosis platform and the potential benefits of Vidofludimus calcium for disease management and neurological function preservation.
In other recent news, Immunic, Inc. announced the pricing of its underwritten public offering, expected to generate approximately $65 million in gross proceeds. This offering includes pre-funded and series A and B warrants to purchase shares of common stock. The proceeds are intended to support clinical trials and general corporate activities. Additionally, Immunic reported promising results from its Phase 2 EMPhASIS trial for its multiple sclerosis drug, vidofludimus calcium. The trial indicated that 92.3% of patients remained free of 12-week confirmed disability worsening after 144 weeks of treatment. Furthermore, the company’s board authorized up to 35 million stock appreciation rights for employees, including 22,015,000 for executive officers. These rights are contingent on shareholder approval to amend the 2019 Omnibus Equity Incentive Plan. Lastly, Leerink Partners is serving as the sole bookrunner for the public offering of warrants.
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