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On Monday, Boral (OTC:BOALY) Capital downgraded Immunome Inc . (NASDAQ:IMNM) from Buy to Hold. The adjustment followed the company’s release of six-month follow-up data from its Phase 1 COVID-19 vaccine study. Boral Capital’s analyst noted that while the data was encouraging, it did not materially influence their investment thesis, which is primarily focused on Immunome’s ovarian cancer program. The company’s stock, which has seen a -41% return over the past year, currently maintains a strong analyst consensus with a 1.22 rating (where 1 is Strong Buy).
The analyst cited a recent S-1 filing by Immunome as a significant factor in the decision to downgrade the rating. This filing indicates a potential for dilutive financing that could result in a substantial increase in the number of outstanding shares. While the company holds more cash than debt and maintains a healthy current ratio of 10.49, InvestingPro data shows it’s quickly burning through cash. The scale of this possible dilution and the uncertainty surrounding shareholder approval were highlighted as reasons for the lowered rating.
The analyst’s concerns about the financing execution led to the withdrawal of the previous price target for Immunome stock. Boral Capital is seeking greater visibility on the execution of the financing before re-establishing a price target.
Immunome has not made any public statement in response to the downgrade at this time. The company’s focus remains on advancing its ovarian cancer program, which is central to Boral Capital’s investment thesis.
The stock market’s reaction to this news will be observed as investors and other stakeholders assess the potential impact of the dilutive financing and the analyst’s revised outlook for Immunome. According to InvestingPro analysis, the company currently appears undervalued despite its market challenges, with analyst price targets ranging from $20 to $38 per share. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better evaluate this investment opportunity.
In other recent news, Immunome Inc. has been the subject of several noteworthy developments. Guggenheim Securities recently adjusted its outlook on the company by lowering the price target from $35.00 to $25.00, while maintaining a Buy rating. This revision follows Immunome’s fourth-quarter 2024 earnings report, which aligned with previous disclosures. The change in price target was influenced by stock dilution from a recent financing round, although this was partially offset by an increased probability of success for the IM-1021 program. Immunome is actively advancing its clinical programs, with the Phase III RINGSIDE trial for AL102 fully enrolled and topline data expected in the second half of 2025. Additionally, a Phase I trial for ROR1 ADC, IM-1021, began in February 2025, targeting patients with advanced B-cell lymphomas and solid tumors. The company has also submitted an IND application for FAP RLT, IM-3050, with clinical trials anticipated to start in the latter half of 2025. Immunome’s preclinical pipeline includes three novel antibody-drug conjugates targeting solid tumors, all in IND-enabling studies.
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