Baird starts Immutep at Outperform, sees ‘unique advantages’ over Bristol drug

Baird analyst Joel Beatty initiated coverage of Immutep (IMMP) with an Outperform rating and $7 price target. The firm believes lead agent eftilagimod alpha has “unique advantages” over Bristol-Myers’ (BMY) recently approved relatlimab and views Phase 2b NHSCC topline results due later in 2023 as “the next key catalyst,” the analyst tells investors.