SVB Leerink starts Imara at OP; PT $25


SVB Leerink initiated coverage of Imara (NASDAQ:IMRA) with an “outperform” rating and $25 price target in 12 months. The stock closed at $15.75 on April 3.

Imara is focused on developing and commercializing novel therapeutics to treat hemoglobinopathies, a group of rare blood disorders and diseases that affect red blood cells.

“We believe this rare blood disorder pure play could garner greater investor interest as its patient-friendly oral selective phosphodiesterase-9 inhibitor, IMR-687, advances,” writes analyst Joseph Schwartz.

He said IMR-687 is a potentially disease-modifying therapy currently in development for sickle cell disease and beta-thalassemia, two rare hemoglobinopathies with few approved treatment options and significant unmet medical need.

“Pending continued positive data, IMR-687 is poised to potentially re-define the standard of care in sickle cell disease and to become the first approved oral treatment for beta-thalassemia,” Mr. Schwartz said.

With two Phase 2b studies initiating in the first half of 2020, “we look forward to a string of potential de-risking and value-creating catalysts for Imara over the next two years,” he added.

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