Chardan lowered the firm’s price target on Immuneering to $16 from $21 and keeps a Buy rating on the shares after the company reported topline data from the Phase 1 portion of its study of lead MEK inhibitor candidate IMM-1-104. The data show clean safety and affirm pathway inhibition in line with preclinical modeling, but are not yet showing a clear signal of single agent activity in this late line patient population, says the firm, which is updating its model to reflect a “slightly more conservative” view of the odds of success in pancreatic cancer and non-small cell lung cancer.
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