Oppenheimer reiterates Outperform rating on Immuneering stock ahead of data

Investing.com - Oppenheimer maintained its Outperform rating and $21.00 price target on Immuneering Corporation (NASDAQ:IMRX), a $360 million market cap biotech company, ahead of upcoming clinical trial data. According to InvestingPro data, analysts maintain a Strong Buy consensus with price targets ranging from $8 to $21.

The firm noted that Immuneering plans to report updated overall survival data from its Phase 2a clinical trial of atebimetinib plus mGnP among 34 first-line pancreatic ductal adenocarcinoma (PDAC) patients on September 25.

Oppenheimer views this update as a key catalyst for Immuneering following the June update, which demonstrated 94% overall survival and 72% progression-free survival at the six-month landmark with favorable tolerability.

The firm expressed optimism about the upcoming data release, suggesting it may attract further attention following insider transactions, a recently closed $25 million private placement at $3.95 per share, and an agreement with Eli Lilly to combine atebimetinib with olomorasib.

Immuneering shares have risen 166% in the past month compared to a 10% gain in the SPDR S&P Biotech ETF (XBI), with Oppenheimer believing there is additional upside potential with this upcoming catalyst.

In other recent news, Immuneering Corporation announced the closure of a private placement, raising approximately $25 million in gross proceeds. The company sold over 6.3 million unregistered shares of Class A common stock at $3.95 per share, along with warrants to purchase additional shares at $5.50 each. This equity raise was executed at a 15% premium to the prior closing price, effectively doubling Immuneering’s cash balance. Mizuho has reiterated its Outperform rating on Immuneering, maintaining a price target of $10.00 following the successful fundraising. Additionally, Immuneering has entered into a clinical supply agreement with Eli Lilly for its KRAS G12C inhibitor, olomorasib. This agreement will facilitate a Phase 2 clinical trial of Immuneering’s lead product candidate, atebimetinib, in combination with olomorasib for patients with advanced KRAS G12c-mutant non-small cell lung cancer. Moreover, Immuneering is set to present updated survival data for its pancreatic cancer treatment, atebimetinib, with results from 34 patients to be shared soon. These developments reflect a period of significant activity and progress for the company.

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