Lucid Capital Markets initiates coverage on Innate Pharma stock with Buy rating

Investing.com - Lucid Capital Markets initiated coverage on Innate Pharma S.A. (NASDAQ:IPHA) with a Buy rating and an $8.00 price target on Thursday. According to InvestingPro data, the stock is currently trading near its Fair Value, with a market capitalization of $187 million and strong recent momentum, showing a 17% gain year-to-date.

The research firm highlighted Innate Pharma’s clinical-stage pipeline, focusing on antibodies and antibody-drug conjugates for oncology indications. Lucid Capital estimates non-risk adjusted peak sales of approximately $1.5 billion by 2042 for IPH4502 and around $555 million for lacutamab. InvestingPro analysis reveals the company holds more cash than debt on its balance sheet, with a current ratio of 2.21, though it’s currently experiencing negative EBITDA of -$59 million.

The firm also forecasts approximately $451 million in peak royalties, profit sharing, and milestone payments for monalizumab, which is partnered with AstraZeneca. Lucid Capital assigns probability of success ratings of 10% for IPH4502, 65% for lacutamab, and 54% for monalizumab.

Several upcoming catalysts were identified for the next 12-18 months, including Phase 3 protocol agreement with the FDA for lacutamab in cutaneous T-cell lymphoma, initial Phase 1 solid tumor data from IPH4502 in late 2025 or early 2026, and Phase 3 PACIFIC-9 top-line readout for monalizumab in 2026.

In its valuation breakdown, Lucid Capital attributes $1 per share to IPH4502, $3 per share to lacutamab, $3 per share to monalizumab, and $0.50 per share to the early pipeline and platform technologies.

In other recent news, Innate Pharma has been the subject of varying analyst opinions. Leerink Partners downgraded Innate Pharma from Outperform to Market Perform, adjusting its price target significantly from $10.00 to $2.00. This change was attributed to the company’s strategic shift, prioritizing its antibody-drug conjugate (ADC) strategy over its ANKET platform. Conversely, BTIG initiated coverage on Innate Pharma with a Buy rating and set a price target of $8.00. BTIG emphasized the potential of Innate Pharma’s therapies in cancer and autoimmune diseases as key drivers for the company. These developments reflect differing perspectives on Innate Pharma’s future prospects. Investors are advised to consider these insights as they evaluate their positions.

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