Stifel bullish on Imago BioSciences' lead drug potential; shares gain

Hanall Biopharma

25/03/2022 18:25

** Shares of biopharma co  IMGO.O  rise as much as 9.4% to
$20.92 - on track for its fifth straight session of gains 
    ** Stock among top pct gainers on the Nasdaq Biotechnology
Index  .NBI  
    ** Stifel expects additional updates from mid-stage studies
testing IMGO's lead drug bomedemstat in both indications -
essential thrombocythemia (ET) and myelofibrosis this year 
    ** Brokerage believes continued expansion of its lead drug
bomedemstat's trial programs provides additional optionality for
IMGO 
    ** Sees bomedemstat as a treatment for ET, a condition in
which the body produces too many platelets, as the
most-meaningful lever of longer-term value for IMGO 
    ** Brokerage expects little regulatory risk in late-stage ET
study design of bomedemstat 
    ** Stifel raises price target on IMGO's shares to $36 from
$34, reiterates "buy" rating, citing Q4 results were in-line
with brokerage's expectations 
    ** IMGO, late on Thursday, posted a Q4 loss per share of 44
cents, reported cash of $217.4 mln at year-end  urn:newsml:reuters.com:*:nGNXbx6D9k 
    ** All five brokerages covering the stock rate it "buy" or
higher, their median PT is $36, reflecting a potential upside of
88% to Thursday's close 
    ** As of last close, IMGO down ~23% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))