BTIG has reiterated its Buy rating and $21.00 price target for INmune Bio Inc. (NASDAQ: INMB), highlighting the company's innovative approach to Alzheimer's disease (AD) drug development.
INmune Bio is currently validating its XPro anti-inflammatory treatment for AD through a Phase 2 trial that is notably shorter and potentially smaller than typical studies in the field.
The trial's EMACC endpoint has shown a correlation with the CDR-SB gold standard, though the latter is often seen as insensitive to change.
The firm noted that the correlation between EMACC and CDR-SB could facilitate FDA acceptance of XPro trial results, which are expected in mid-2025, as reflective of treatment effects observed in other trials.
The EMACC endpoint, established in 2017, aims to measure cognitive changes in early AD more accurately than traditional endpoints like CDR and ADAS-Cog. It consists of five tests that are within the dynamic range for most early AD patients and are independent of investigator input, thus reducing subjective bias.
Recent reports have indicated that the blinded variance of EMACC readouts in the ongoing Phase 2 trial is within the expected range, suggesting that any treatment effects should not be obscured by noise.
INmune Bio's efforts to control inflammation in AD treatment align with the current understanding that this approach is among the most validated for potential combination therapies.
In other recent news, INmune Bio Inc. announced strong data from its Phase II Alzheimer's Disease trial, confirming the use of the novel cognitive measure EMACC as a primary endpoint.
The company also secured approximately $13 million from a registered direct offering, involving the sale of common stock and corresponding warrants to both new and existing institutional investors, as well as company insiders.
Scotiabank initiated coverage on INmune Bio with a Sector Outperform rating, highlighting the potential of the company's lead drug candidate, XPro. Furthermore, INmune Bio reported significant progress in its INKmune memory-like natural killer cell oncology platform and its ongoing Phase II Alzheimer's study during its second quarter 2024 earnings call.
InvestingPro Insights
As INmune Bio Inc. (NASDAQ:INMB) continues its journey in Alzheimer's disease drug development, real-time data and insights from InvestingPro provide a more detailed financial perspective on the company. The market capitalization of INmune Bio stands at $123.06 million, reflecting the scale of the company within the biotech industry. Despite the innovative approach highlighted by BTIG, INmune Bio's stock has experienced significant volatility, with a price total return of -50.71% year-to-date, indicating a challenging market sentiment towards the stock.
InvestingPro data reveals a Revenue Growth of -69.53% in the last twelve months as of Q2 2024, which aligns with analysts' expectations of a sales decline in the current year. This metric, coupled with a high Price to Book ratio of 3.39, suggests that the market values the company's assets at a premium, despite the revenue challenges. The company's liquid assets also exceed its short-term obligations, providing some financial stability in the near term.
InvestingPro Tips indicate that INmune Bio holds more cash than debt, which is a positive sign for the company's balance sheet resilience. However, it is important to note that analysts do not anticipate the company to be profitable this year. For those interested in a deeper dive into INmune Bio's financial health and future prospects, InvestingPro offers additional tips and metrics that can be accessed on their platform.
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