Mizuho on Immatics (IMTX): 'BMS Cell Therapy Collaboration Discontinued, but No Material Impact; Stock Attractive Here'

Mizuho analyst Graig Suvannavejh reiterated an Outperform rating and $16.00 price target on Immatics (NASDAQ: IMTX)

The analyst comments "IMTX disclosed the termination by partner Bristol Myers Squibb/BMS (BMY, not rated) of a collaboration regarding the development of novel TCR-based, T-cell therapies for cancer. The news comes to us as a disappointment (and it is an incremental negative for a stock that has been under pressure as of late), but that said, in light of (1) continued pipeline re-prioritization efforts at BMS since a new CEO arrived there last year, and (2) news of BMS' return of the previously partnered IMA401 program just a few months ago, we're not altogether surprised (or particularly bothered). Importantly, we had not factored any contribution from this collaboration, and thus, there is no impact to our model or estimates. Bigger picture, with the stock now trading down at levels not seen in over a year, and our overall positive view on IMTX unchanged, we maintain our OP rating."

For an analyst ratings summary and ratings history on Immatics click here. For more ratings news on Immatics click here.

Shares of Immatics closed at $7.21 yesterday.

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