Immuneering Corporation (NASDAQ:IMRX) focuses on clinical-stage oncology treatments, which basically makes it a cancer fighter. And Immuneering managed to get its fight taken a little more seriously after bringing in new accolades from a couple of analysts. That sent Immuneering shares unexpectedly down, though only fractionally, in Wednesday’s trading.
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Immuneering pulled in new praise from Mizuho Securities’ Mara Goldstein and Morgan Stanley’s Jeffrey Hung. Hung upgraded Immuneering from “underweight” to “equal weight,” noting that Immuneering picked up the pace on its study timeline. Now the Phase 2 dose is expected to kick off in early 2024, which makes the time-to-market that much slimmer. Meanwhile, Goldstein noted that the data on Immuneering’s latest treatment, known as IMM-1-104, is showing results that are consistent with earlier projections. That suggests said predictions were valid, and that was enough for Goldstein to hike her rating from “neutral” to Buy outright. Goldstein also doubled the price target from $10 to $20.
Plus, in a move that normally sends investors skittering for the door, Immuneering is also working with Latham & Watkins on a new fundraising effort. Latham & Watkins will serve as underwriters, and the new offering of 2,727,273 Class A common stock shares are set to go at $11 per share. Immuneering will also deliver a presentation at the 22nd Annual Needham Virtual Healthcare Conference, discussing several new developments in its pipeline. That makes it clear it has such developments and enough faith to present them publicly.
Analysts have plenty of faith in Immuneering too. Currently, thanks to four Buys and one Hold rating, analyst consensus calls Immuneering stock a Strong Buy. Plus, it also offers 49.17% upside potential thanks to its average price target of $19.40.
