Immutep has secured the US patent for its cancer drug eftilagimod alpha (efti) to be used in combination with a PD-1 pathway inhibitor. Shares gained 9.5% at after-hours trading on Tuesday.
The patent will expire on Jan. 8, 2036. The US patent comes after Immutep’s (IMMP) cancer drug was granted European patent authorization in Nov. 2018.
“This United States patent grant represents another important milestone for the Company, and along with the clinical data we have seen from our trials, supports our long held view that combining efti with an anti-PD-1 checkpoint inhibitor should result in a very meaningful therapeutic benefit to cancer patients.” said Immutep’s Chief Scientific Officer Frédéric Triebel.
On Dec. 10, Maxim analyst Jason McCarthy doubled the price target on the stock from $4 to $8 and reiterated a Buy rating. The new price target implies 182% upside potential.
McCarthy is enthusiastic about efti’s meaningful and significant impact in metastatic breast cancer (mBC), IMMP’s Chinese partner EOC Pharma’s new Phase II efti trial in mBC in 1Q21, and the continued demonstration of efti’s potential and progression in lung and H&N [head & neck] cancers.
The analyst believes that Immutep is well-capitalized with ~$38 million in cash on its balance sheet.
Overall, the rest of the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 2 unanimous Buys. (See IMMP stock analysis on TipRanks)
With shares, up 59% year-to-date, the average price target stands at $6.5 and implies 129% upside potential at current levels.
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