Mizuho doubles PT on Immuneering over positive cancer drug data

Immuneering

19/04/2023 11:51

** Mizuho Securities upgrades drug developer Immuneering
Corp  IMRX.O  to "buy" from "neutral" rating; doubles PT to $20 
    ** Brokerage says data from early-stage study on IMRX's lead
drug candidate, IMM-1-104, provides "initial evidence of
validation" 
    ** Early-stage study shows drug well-tolerated in patients
with advanced tumors caused by mutation of a certain protein, co
said on Tuesday 
    ** Co said it is accelerating study timeline; now expects
dose-escalation phase in early 2024
    ** IMRX also prices 2.7 mln share offering at $11/share, a
10% discount over Monday's close; expects to raise $30 mln gross
proceeds
    ** Cash from the $30 mln offering and shortening of
early-stage dose escalation portion of trial should extend cash
runway beyond previous guidance of Q4 2024 - brokerage
    ** Six of 8 brokerages rate the stock "buy" or higher, and 2
rate "hold"; their median PT is $16
    ** As of last close, stock has more than doubled this year

 (Reporting by Mariam Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))