Immatics initiated Buy at Mizuho on underrated TCR opportunity
Michael M. Santiago
- Mizuho Securities has launched its coverage of Immatics N.V. (NASDAQ:IMTX), citing an underappreciated opportunity in the German biotech in the race to develop T-cell receptor (TCR)-based immune-oncology therapies.
- The decision comes as Immatics (IMTX) plans to share follow-up Phase 1/2 data for its lead asset and autologous T-cell therapy IMA203 in H2 2023 against solid tumors.
- In October, IMTX shares rose after the company disclosed early-stage data for IMA203, indicating a 50% confirmed objective response rate.
- "With initial clinical proof-of-concept data already in hand, we're encouraged by the progress IMTX has made thus far," the analyst Graig Suvannavejh wrote with a $12 price target on the stock.
- Noting that IMTX has lost 12% YTD compared to a ~10% drop in the biotech space, the analyst favors the risk-reward opportunity given the past and upcoming data for IMA203 and the prospects in the TCR space, particularly in the drugs directed at tumor target PRAME.
- Read why Seeking Alpha contributor Alberto Abaterusso thinks Immatics (IMTX) is on track for "a V-shaped rebound."