Immuneering downgraded to Hold from Buy at Jefferies

Jefferies downgraded Immuneering to Hold from Buy with a price target of $3, down from $16. The company reported Phase I data that the firm thinks shows a clean safety profile, suggests promise for the deep cyclic inhibition mechanism and supports moving forward to Phase 2. However, there were no confirmed responses and the company needs more patients and more “clear and compelling data to get investors enthused,” says the analyst, who set the firm’s price target at cash per share pending the next data due later at year end.