Immatics (IMTX) PT Raised to $14 at BofA Securities

BofA Securities analyst Alex Stranahan raised the price target on Immatics (NASDAQ: IMTX) to $14.00 (from $12.00) while maintaining a Buy rating.

The analyst comments "We continue to like Immatics’ PRAME franchise which we’d argue is coming into its own with recent bispecific data adding another key player to the franchise. Immatics remains well-capitalized ($505.8M in cash, runway into 2H27e) to support pipeline developments and reach a potential launch for IMA203 (guided for 2H27e). The nearest-term data catalyst will be IMA203CD8 (to be presented on Dec. 11th at the ESMO Immunooncology Congress) where we’ll be looking for enhanced activity/durability to support movement into other PRAME cancers. That said, we’ll also be watching updates from IMA402 and IMA401 ahead of the IMA203 pivotal data. We reiterate Buy and lift our PO to $14 (from $12) as we update PoS for bispecific programs and OpEx trends."

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