Goldman Sachs Starts Immunome Inc. (IMNM) at Buy

Goldman Sachs analyst Salveen Richter initiates coverage on Immunome Inc. (NASDAQ: IMNM) with a Buy rating and a price target of $26.00.

The analyst comments "We initiate coverage on IMNM at Buy. IMNM is a clinical stage biotechnology company developing in-house and acquired potentially best- and/or first-in-class targeted oncology therapeutics. IMNM's most advanced asset, varegacestat, a gamma-secretase inhibitor, is currently being investigated in the Ph3 RINGSIDE study in patients with desmoid tumors, with data expected at YE25. We are positive into the results and believe varegacestat is differentiated over Merck KGaA's Ogsiveo, with best-in-class potential per Ph2 data demonstrating a 75% overall response rate and 45% tumor reduction, vs. 41% and 27.1% for Ogsiveo in the Ph3 DeFi trial, acknowledging study differences (see our analysis within), and superiority per once-daily dosing, noting diligence indicating physician/patient preference for the easier regimen. Separately, IMNM's antibody-drug conjugate (ADC) platform, including lead ROR1-targeting IM-1021, leverages a proprietary topoisomerase1-inhibitor (clinically validated mechanism of AZN’s Enhertu/Datroway) engineered to avoid drug resistance. Preclinical IM-1021 studies demonstrate superiority over MRK’s ROR1-ADC zilovertamab vedotin, and we await first clinical data in 2026. IMNM’s third-most-advanced program, FAP-radioligand IM-3050, shows superior affinity over competitors pre-clinically, and will enter the clinic by YE25. Overall, we estimate a $5bn peak sales opportunity across the pipeline, with potential for upside as we do not model for the pre-clinical ADC programs, which enter the clinic next year."

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

Shares of Immunome Inc. closed at $9.39 yesterday.

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