Immune Design (IMDZ): Multiple Readouts Expected in 2017 - Jefferies
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Jefferies analyst, Brian Abrahams, reiterated his Buy rating on shares of Immune Design (NASDAQ: IMDZ) and believes that IMDZ's multiple is underappreciated. He believes "IO programs continue to progress and evolve, with an increasing focus on the neoantigen platform and multiple data readouts in 2017. We continue to believe their platform should enable differentiated opportunities to augment long-term immune recognition and suppression of cancers, and that patience will be rewarded as data potentially matures next year."
IMDZ confirmed that following a favorable DSMB safety review, the ongoing ph.II combo study of CMB305+atezolizumab in soft tissue sarcomas is progressing to part 2 of the 80-pt randomized study, with the first update now planned for ASCO 2Q17 once a more robust dataset accumulates. Single-agent CMB305 data as well as LV305 data presented earlier this year showed signals of positive disease control in sarcoma, in our opinion, relative to historicals, and IMDZ is considering accelerated regulatory strategies including both singleagent and checkpoint combo regimens. Data from the G100+Keytruda fNHL study is also expected at ASCO 2017.
That said, he is cutting his price target to $17.00 (from $20.00) on model/timeline updates.
Shares of Immune Design closed at $7.65 yesterday.
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