Jefferies Cuts Price Target on Immune Design (IMDZ) to $15 Following 3Q
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Jefferies maintained a Buy rating on Immune Design (NASDAQ: IMDZ), and cut the price target to $15.00 (from $17.00), following the company's 3Q earnings report. IMDZ provided an update indicating that the follow up for CMB305 is 7.4 mo and LV305 is 21.3 mo. Safety also continues to look favorable for both programs.
Analyst Brian Abrahams commented, "Ongoing clinical studies remain on track for CMB305 and G100, and we expect updated safety, immunogenicity and potential efficacy data at ASCO 2017 to showcase their promise; interesting preclin programs, including ZVex-Multi for expressing multiple conserved tumor antigens and/or immunomodulators and ZVex Neo, reflect they are staying on the cusp of cutting-edge IO technology. Continue to believe IO platform is undervalued. Adjust tgt to $15 on model updates."
Shares of Immune Design closed at $6.75 yesterday.
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