On Tuesday, Piper Sandler adjusted its stock price target for Immunome Inc. (NASDAQ:IMNM), a biopharmaceutical company, to $23.00, down from the previous $27.00. Despite the reduction, the firm maintained its overweight rating on the company's shares. This decision follows Immunome's recent business update, which included expectations for future clinical milestones.
Immunome anticipates topline data from the pivotal part B of the RINGSIDE trial for its product AL102™ in the second half of 2025. Moreover, the company is on schedule to submit Investigational New Drug (IND) applications for IM-1021 and IM-3050 within the first quarter of 2025. AL102™ is being developed as a treatment for patients with desmoid tumors, a rare condition.
The analyst from Piper Sandler highlighted that AL102™ presents a significant commercial opportunity, especially given the successful sales figures reported by Springworks Therapeutics (NASDAQ:SWTX) for Ogsiveo, which generated $40.2 million in sales in its second quarter post-launch for the same indication. Notably, AL102™ has demonstrated higher response rates in comparison to Ogsiveo, based on cross-trial comparisons.
Immunome's focus on desmoid tumors, a fibrous tissue cancer that can be debilitating, puts it in direct competition with other treatments in the market. The company's strategy and upcoming clinical developments are key factors influencing the analyst's continued positive outlook on the stock, despite the lowered price target.
Investors and stakeholders in Immunome Inc. are likely to keep a close watch on the company's progress as it advances through the clinical trial phases and regulatory processes for its pipeline products. The updated price target and maintained overweight rating reflect the firm's assessment of Immunome's potential in the biopharmaceutical industry.
In other recent news, Nectin Therapeutics and Immunome Inc. have entered into a global exclusive license agreement, allowing Immunome to develop, manufacture, and commercialize products derived from a series of monoclonal antibodies. The specifics of the deal remain undisclosed, but Nectin will receive an upfront payment with the potential for milestone payments and royalties.
Meanwhile, Immunome has been making significant strides in leadership and product development. The company has appointed Dr. Phil Tsai as Chief Technical Officer and promoted Max Rosett to Chief Financial Officer. Kinney Horn has also joined as Chief Business Officer, and Dr. Sandra M. Swain has been added to the Board of Directors. In terms of product development, the Phase 3 trial for AL102 in treating desmoid tumors is fully enrolled and two Investigational New Drug applications are expected to be filed in the first quarter of 2025.
JPMorgan has given Immunome an Overweight rating, noting the potential of AL102 and optimism for upcoming milestones. These recent developments highlight both companies' commitment to advancing their respective pipelines of targeted cancer therapies.
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