INmune Bio Inc. (INMB) PT Raised to $23 at Scotiabank

Scotiabank analyst George Farmer raised the price target on INmune Bio Inc. (NASDAQ: INMB) to $23.00 (from $22.00) while maintaining a Sector Outperform rating.

The analyst commented: "Out of the blue comes a brand-new cell therapy product, CORDStrom, that management believes is BLA-ready for treatment of recessive dystrophic epidermolysis bullosa (RDEB), an ultra-rare pediatric indication characterized by extremely fragile skin and constant emergence of itchy blistering wounds. Management seems confident that a BLA to be filed with FDA around year-end will be received positively based on completion of third-party data analysis and is even more confident that UK regulatory authorities will green-light as well. Preliminary results presented yesterday look compelling but at this time lack the heft that we think investors would be looking for from a pivotal study. Ultimately, however, we see 95% of INMB valuation tied to the potential of XPro for treatment of mild Alzheimer’s disease and, anyway, think a positive outcome of the ongoing XPRo Phase 2 trial expected to read out in June would completely dwarf the CORDStrom commercial opportunity. We lift our target to $23 from $22 on the potential of this new pipeline product."

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