Immatics initiated with a Buy at Mizuho

Mizuho analyst Graig Suvannavejh initiated coverage of Immatics with a Buy rating and $12 price target. The early-stage biotech is developing T-cell receptor, or TCR, based therapies and "uniquely" is advancing both TCR-based cell therapies and TCR-based bispecific candidates, the firm said. The firm cites its "enthusiasm" for TCR-based approaches and the opportunity with PRAME as well as "promising" Phase 1b data announced last fall for its favorable view of the stock’s risk/reward.