Raymond James raises INmune Bio stock target to $23

On Wednesday, Raymond (NSE:RYMD) James increased the price target for INmune Bio Inc. (NASDAQ: NASDAQ:INMB) shares to $23 from the previous $18, while maintaining an Outperform rating. According to InvestingPro data, the stock currently trades at $8.25, with analyst targets ranging from $16 to $22, suggesting significant potential upside. The company, with a market capitalization of $183 million, has shown strong momentum with a 77% year-to-date return despite recent volatility. The firm’s analysts noted the company’s recent clinical and regulatory progress, specifically highlighting the potential of CORDStrom, INmune Bio’s platform for treating Recessive Dystrophic Epidermolysis Bullosa (RDEB), a rare genetic skin disorder.

INmune Bio recently announced encouraging Phase 2 data for CORDStrom in RDEB, which showed clinically meaningful improvements in itch after 3 to 6 months of treatment, especially in patients under 10 years old with severe disease. Based on conversations with the FDA, the company believes these outcomes could be an approvable endpoint, with a Biologics License Application (BLA) filing expected by the end of the year.

The FDA has granted both Rare Pediatric Disease Designation (RPDD) and Orphan Drug Designation (ODD) to CORDStrom, recognizing the treatment’s potential. Additionally, the therapy’s systemic infusion method has demonstrated benefits that could position it as a key player in RDEB treatment, possibly even as an adjunctive treatment due to its complementary efficacy with topical solutions and its favorable safety profile. InvestingPro analysis reveals the company maintains a healthy financial position with more cash than debt and a current ratio of 2.59, providing adequate resources for clinical development.

INmune Bio plans to further assess the long-term benefits of CORDStrom, including wound healing and closure, in a 12-month open-label extension (OLE) study. Although there are still questions regarding how the FDA will interpret the data across different age and severity subgroups, the company remains optimistic about the platform’s role in treating RDEB.

Raymond James updated their financial model to include projected revenue from CORDStrom, while also applying a conservative risk adjustment to XPro, another of INmune Bio’s products, which is anticipated to release data in June. The revised price target reflects the new revenue potential and the added diversification and de-risking elements that CORDStrom brings to INmune Bio’s overall pipeline. For deeper insights into INMB’s financial health, valuation metrics, and 13 additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro, which provides expert analysis of this emerging biotech company’s potential.

In other recent news, INmune Bio has been making strides in the development of new therapies. Scotiabank (TSX:BNS) recently raised its price target for INmune Bio’s stock to $23, citing the company’s new cell therapy product, CORDStrom, which is being prepared for a Biologics License Application (BLA) for the treatment of recessive dystrophic epidermolysis bullosa (RDEB). BTIG research firm maintained its Buy rating and a $21.00 price target for INmune Bio, expressing optimism about the company’s INKmune therapy for metastatic castration-resistant prostate cancer (mCRPC).

In addition, INmune Bio has begun the Phase II segment of its ongoing clinical trial for mCRPC at the West Los Angeles Veterans Administration (VA) Hospital. The trial is evaluating the safety and efficacy of INKmune, a novel NK cell targeted therapy.

Rodman & Renshaw initiated coverage on INmune Bio with a Buy rating and set a price target of $23.00, based on a detailed analysis of the potential future cash flows from INmune Bio’s fosgonimeton program. These recent developments highlight the continued progress being made by INmune Bio in the field of biotechnology.

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