Morgan Stanley analyst Jeffrey Hung downgraded Immuneering to Underweight from Equal Weight with a price target of $5, down from $12. The analyst cites a lack of clear clinical catalysts in 2023 for the downgrade. The firm sees better opportunities elsewhere in its coverage over the next 12 months after adjusting its projected timeline for IMM-1-104 potentially reaching the market to 2029 from 2026 previously.
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