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On Thursday, Guggenheim Securities adjusted its outlook on Immunome Inc . (NASDAQ:IMNM) by lowering the company’s price target from $35.00 to $25.00. Despite the reduction, the firm maintained a Buy rating on the stock. The stock, currently trading at $8.57, sits near its 52-week low of $8.30, having declined 19.3% year-to-date. According to InvestingPro data, analyst targets range from $20 to $38, suggesting significant upside potential. The reevaluation by Guggenheim followed Immunome’s fourth-quarter 2024 earnings report, which aligned with previous disclosures.
Immunome has been actively advancing its clinical programs, notably the Phase III RINGSIDE trial for its candidate AL102, aimed at treating desmoid tumors. The trial was fully enrolled in February 2024, and the company is anticipating topline data in the second half of 2025. Additionally, Immunome initiated a Phase I trial for ROR1 ADC, IM-1021, in February 2025. This trial is set to include patients with advanced B-cell lymphomas and solid tumors. With a market capitalization of $700.78 million and a strong current ratio of 4.08, InvestingPro analysis shows the company maintains robust liquidity to support its clinical programs.
The company has also recently submitted an Investigational New Drug (IND) application for FAP RLT, IM-3050, and expects to begin clinical trials in the latter half of 2025. Beyond these developments, Immunome’s preclinical pipeline features three novel antibody-drug conjugates (ADCs) targeting solid tumors—IM-1617, IM-1340, and IM-1335—all of which are currently in IND-enabling studies.
The revision in Immunome’s price target reflects several factors, including the dilution of stock following recent financing in the first quarter of 2025. However, this impact was partially mitigated by an increased probability of success (PoS) for IM-1021, bolstered by positive data from a similar program, MRK’s MK-2140, reported in December.
Guggenheim’s analyst noted the update to their model to account for the fourth-quarter results and the changes in the company’s financial and clinical landscape. The new price target represents a balance between the recent capital raise’s dilutive effects and the promising developments in Immunome’s pipeline.
In other recent news, Immunome Inc. has announced an upsized public offering of common stock, setting the price at $7.75 per share, which is expected to generate approximately $150 million in gross proceeds. The company has also provided preliminary financial estimates, reporting around $217.3 million in cash, cash equivalents, and marketable securities as of December 31, 2024. Additionally, Immunome is proceeding with its drug development pipeline, with its lead candidate, varegacestat, in a Phase 3 trial for desmoid tumors. The company has also cleared an IND application for IM-1021, an antibody-drug conjugate targeting ROR1, with a Phase 1 trial anticipated to start in early 2025.
In another development, Immunome’s Chief Financial Officer, Max Rosett, has received a relocation package that includes a one-time $100,000 cash bonus and an additional $300,000 for purchasing a primary residence in Bothell, Washington. The offering is being managed by J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities, with Wedbush PacGrow as the lead manager. Immunome’s recent announcements also include a $125 million stock offering, with a 30-day option for underwriters to purchase an additional 15% of shares. These developments highlight Immunome’s ongoing efforts in research and development and its strategic financial decisions to support its executive team and pipeline progress.
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