Immunome, Inc (NASDAQ: IMNM) has a “rich pipeline of potential best and/or first-in-class targeted oncology therapeutics,” Goldman Sachs analysts wrote in a note to clients on Monday.
They initiated coverage on Immunome stock with a ‘Buy’ rating and 12-month target price of $26 per share.
The analysts stated that the company’s most advanced asset, varegacestat, a gamma-secretase inhibitor, is currently being investigated in a Phase 3 RINGSIDE study in patients with desmoid tumors, with data expected at year-end 2025.
“We are positive into the results and believe varegacestat is differentiated over Merck KGaA’s Ogsiveo, with best-in-class potential per Phase 2 data demonstrating a 75% overall response rate and 45% tumor reduction, versus 41% and 27.1% for Ogsiveo in the Phase 3 DeFi trial,” they wrote.
The Goldman Sachs analysts estimate a $5 billion peak sales opportunity across Immunome’s pipeline, with "blockbuster" potential for upside as they haven’t modelled for the pre-clinical ADC (antibody-drug conjugate therapies) programs, which enter the clinical trial phase next year.
Immunome shares rose 6% to $10.39 in afternoon trading on Tuesday.