Maxim Group downgraded Immune Pharmaceuticals (OTCQB:IMNP) to “hold” from “buy” and removed its prior price target of $2 as the company continues to resolve its financing overhang. The stock closed at 13 cents on Aug. 3.
Analyst Jason McCarthy writes that Immune’s valuation has pulled back to less than $5-million and the company was delisted from NASDAQ on July 26, 2018. Immune is evaluating its strategic options, including a potential reverse split, he added.
“Our fundamental view of the lead clinical candidate, bertilimumab, remains unchanged as the antibody has previously demonstrated early positive data in bullous pemphigoid and [on July 30] received orphan designation in Europe,” Mr. McCarthy said.
“However, while we await resolution of the company’s capital needs to support clinical programs and operations, we are stepping to the sidelines,” he added.
