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On Tuesday, Scotiabank (TSX:BNS) increased its price target for INmune Bio Inc. (NASDAQ:INMB) shares to $23.00, up from the previous target of $22.00, while maintaining a Sector Outperform rating. The stock, currently trading at $9.12 with a market cap of $202 million, has shown remarkable momentum with a 95% gain year-to-date, according to InvestingPro data. George Farmer, an analyst at Scotiabank, provided insights into the company’s recent developments, highlighting a new cell therapy product, CORDStrom, that INmune Bio believes is ready for a Biologics License Application (BLA) for the treatment of recessive dystrophic epidermolysis bullosa (RDEB).
RDEB is a rare pediatric condition that causes very fragile skin and frequent blistering wounds. According to the company, the therapy is expected to be well-received by the FDA when the BLA is filed around the end of the year, following the completion of third-party data analysis. Management is also optimistic about approval from UK regulatory authorities.
Farmer noted that preliminary results of CORDStrom were presented yesterday and, while they appear promising, they may not carry the weight investors seek from a pivotal study. According to InvestingPro analysis, the company maintains a strong financial position with more cash than debt and a healthy current ratio of 2.59. The analyst believes that the valuation of INmune Bio is primarily tied to its XPro product, which is being developed for the treatment of mild Alzheimer’s disease. The ongoing Phase 2 trial of XPro is expected to produce results in June and could significantly overshadow the commercial potential of CORDStrom.
The adjustment of the price target to $23 reflects the potential of the newly added pipeline product to the company’s portfolio. With analyst targets ranging from $16 to $22, and a "Strong Buy" consensus, Scotiabank’s assessment implies confidence in the future prospects of INmune Bio’s developments, particularly in the treatment of Alzheimer’s disease with XPro. For deeper insights into INMB’s valuation and 12 additional ProTips, including detailed financial health metrics and growth prospects, explore the comprehensive research available on InvestingPro.
In other recent news, INmune Bio, a clinical-stage biotechnology firm, has seen significant developments in its operations. The company announced plans to submit regulatory filings for CORDStrom, a therapy for the treatment of recessive dystrophic epidermolysis bullosa (RDEB) in pediatric patients, following positive outcomes from the MissionEB clinical trial. Additionally, INmune Bio has initiated the treatment of the first patient in the Phase II segment of its ongoing clinical trial for metastatic castration-resistant prostate cancer (mCRPC) at the West Los Angeles Veterans Administration (VA) Hospital.
Research firm BTIG reiterated its Buy rating for INmune Bio, expressing continued optimism about the company’s INKmune therapy for mCRPC. Similarly, 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 the company’s fosgonimeton program.
In other company developments, INmune Bio announced the extension of its Rights Agreement until December 30, 2025, aiming to protect shareholder interests and govern the company’s rights issuance. The Compensation Committee of INmune Bio’s Board of Directors also approved new stock option grants for several company officers and non-employee directors. These are recent developments based on past articles.
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