Needham lowered the firm’s price target on Immuneering to $15 from $20 and keeps a Buy rating on the shares. The company’s IMM-1-104’s Phase 1b data validated its mechanism of action at the safety, PK/PD, and ctDNA level, but it did not translate into complete response which raises concerns on its efficacy as a monotherapy, the analyst tells investors in a research note.
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