BioTuesdays

Ladenburg starts Immunic at buy; PT $50

Ladenburg Thalmann initiated coverage of Immunic (NASDAQ:IMUX) with a “buy” rating and $50 price target. The stock closed at $14.30 on April 22.

Immunic is focused on the development of orally available small molecule drugs for the treatment of autoimmune disorders, with several inhibitors that target key proteins involved in autoinflammatory diseases.

“Our investment thesis focuses on Immunic’s lead compound, IMU-838, which is in mid-late stage clinical development for several autoimmune disorders,” writes analyst Matthew Kaplan.

He said IMU-838 is being developed for the treatment of ulcerative colitis, with a Phase 2b study currently ongoing and top-line results expected by the second half of 2020.

IMU-838 also is being developed for the treatment of Crohn’s disease, he said, adding that the first Phase 2b study is planned for the second half of 2019, with top-line results expected by the fourth quarter of 2021.

In addition, IMU-838 is being developed for the treatment of relapsing-remitting multiple sclerosis, with a Phase 2b study ongoing and top-line results expected by the fourth quarter of 2020.

And finally, Mr. Kaplan said IMU-838 is being developed for the treatment of primary sclerosing cholangitis. A Phase 2 investigator-led study is planned for the second half of 2019, with top-line results expected by the second half of 2020.

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