©Reuters.
On Friday, Immunelling Corporation (NASDAQ:IMRX) was downgraded by Jefferies from Buy to Hold and the stock rating was changed. The analyst also significantly revised the company's price target, lowering it from the previous $16.00 to $3.00. This adjustment was made after evaluating the latest clinical data from the company's Phase I study.
Phase I trial data revealed a favorable safety profile and several instances of tumor regression. However, there was no confirmed response and investor enthusiasm waned. The analyst said more patients and clearer, more convincing data will be needed to reignite investor interest. This perspective led to the decision to move to a Hold rating with a price target consistent with the company's current cash per share, pending further data expected by year-end.
This trial posed a challenge because it included patients with heterogeneous tumors, all of whom had RAS mutations. It was hoped that the specific mutations targeted would give the drug more convincing activity. Despite these hurdles, the observed safety and tumor shrinkage were positive outcomes, although not sufficient to maintain a higher stock rating or price target.
Immuneering Corporation stock is currently trading close to its current cash value of $85 million. However, according to forecasts, the company's cash reserves are expected to be less than $50 million by the end of 2024. This financial forecast is factored into price targets and rating revisions.
This article was generated with the help of AI and reviewed by an editor. Please see our Terms of Use for more information.