Stifel Starts Immunic Inc. (IMUX) at Buy
Stifel analyst Paul Matteis initiates coverage on Immunic Inc. (NASDAQ: IMUX) with a Buy rating and a price target of $2.50.
The analyst commented: "We're initiating coverage on IMUX with a Buy rating and a $2.50 target price. Our thesis on Immunic is predicated on: (1) a belief that vidoflimus calcium ("VidoCa") has a high probability-of-success in ph3 RMS studies [data by YE], (2) our view that VidoCa's differentiated safety profile is enough to garner meaningful uptake in the crowded MS market--this is supported by KOL checks, (3) a belief VidoCa could have a unique angle around neuroprotection as a secondary mechanism--which could increase upside/revenues in RMS, or enable success in Progressive MS, and (4) a belief that the stock is relatively cheap vs our base case revenue projections. The bear case largely centers around the competitiveness of the MS market, and perceived uncertainty around where VidoCa fits in around Ocrevus and various generics. KOLs though see multiple pockets of market share if the data pans out--pointing to Vumerity as a potentially conservative analog."
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Shares of Immunic Inc. closed at $1.11 yesterday.