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Mizuho (NYSE:MFG) raised its price target on Immuneering Corporation (NASDAQ:IMRX) to $10.00 from $8.00 on Wednesday, while maintaining an Outperform rating following positive clinical trial results for the company’s pancreatic cancer treatment. According to InvestingPro data, the company, currently valued at $65.5 million, is trading below its Fair Value, with analyst targets ranging from $1.50 to $21.00 per share.
The biotechnology company announced updated Phase 2a data for its lead drug atebimetinib (formerly IMM-1-104) in first-line pancreatic cancer when combined with modified Gemcitabine/nab-paclitaxel, a standard treatment regimen. The trial results showed encouraging overall survival and progression-free survival data that Mizuho described as "even better than current, established standard-of-care treatment regimens." InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 7.48 and more cash than debt on its balance sheet.
Mizuho increased its probability of success assumption for the drug combination to 50% from 30% previously, citing the treatment’s "still very favorable safety/tolerability profile" as a key factor in the more optimistic outlook.
Despite the positive clinical data, Immuneering shares closed down 23% on Wednesday, compared to a 2% decline in the SPDR S&P Biotech ETF. Mizuho attributed the stock’s drop to potential profit-taking following Tuesday’s 25% gain and possible investor concerns about near-term financing needs.
Mizuho views atebimetinib as a "potential best-in-class drug for first-line pancreatic cancer" and maintained its Outperform rating on the stock based on the current risk/reward profile.
In other recent news, Immuneering Corporation has reported promising results from its ongoing Phase 2a clinical trial evaluating atebimetinib in combination with modified gemcitabine/nab-paclitaxel for first-line pancreatic cancer patients. The trial showed a 94% overall survival rate and a 72% progression-free survival rate at six months, surpassing standard care benchmarks of 67% and 44%, respectively. Immuneering also noted a 39% overall response rate and an 81% disease control rate, with no Grade 3 or higher adverse events observed in most categories typically associated with standard treatments. The company plans to increase target enrollment in the trial to approximately 50 patients and aims to initiate a pivotal randomized trial in 2026. Additionally, Immuneering held its Annual Meeting of Stockholders, where three Class I directors were elected, and RSM US LLP was ratified as the company’s independent registered public accounting firm. In leadership news, Dr. Igor Matushansky was appointed as Chief Medical (TASE:BLWV) Officer to lead clinical strategies for Immuneering’s cancer drug programs. Dr. Matushansky brings significant experience, having held roles at Sail Biomedicines and Ipsen (EPA:IPN) Pharmaceuticals. These developments reflect Immuneering’s ongoing efforts to advance its cancer treatment pipeline.
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