Analyst Downgrades Immunic After Lack of Details Drive Uncertainty
SVB Leerink has downgraded Immunic Inc (NASDAQ: IMUX) to Market Perform from Outperform following disappointing initial data from the highly anticipated Phase 1b proof-of-concept study for IMU-935 in patients with moderate-to-severe psoriasis. The analyst lowered the price target to $5 from $9.
"While we appreciate that this is an interim readout in which many study aspects are still blinded, we believe the limited data disclosure creates significant uncertainty around the potential path forward for IMU-935," SVB writes.
IMUX expects to report detailed data from this study in 1Q23, which they believe may clarify why the treatment failed to separate from the placebo.
The analyst continues to see fundamental value for lead program vidofludimus calcium (IMU-838) in RRMS.
SVB notes the costs and extended timelines to pivotal data for this program (topline data from the first Phase 3 trial expected by YE25) and believes investors are likely to approach IMUX's early pipeline as a "show-me story" given the recent clinical setbacks in UC and PsO.
Price Action: IMUX shares are down 76.96% at $2.12 on the last check Friday.
Latest Ratings for IMUX
Date | Firm | Action | From | To |
|---|---|---|---|---|
Sep 2021 | HC Wainwright & Co. | Maintains | Buy | |
Apr 2021 | Aegis Capital | Initiates Coverage On | Buy | |
Mar 2021 | JMP Securities | Initiates Coverage On | Market Outperform |
View More Analyst Ratings for IMUX
View the Latest Analyst Ratings
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
