Immunome initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Immunome with an Overweight rating and $24 price target. The company is “turning a new page” following a transformational year after a merger and multiple deals, the analyst tells investors in a research note. The firm says Immunome’s pipeline now combines a pivotal stage asset and multiple early-stage programs in areas that are of significant investor interest. It finds the story “intriguing,” saying AL102 in desmoid tumors is the major driver in valuation today, and the rest of the pipeline is largely overlooked by investors.