Baird Lowers Immutep Stock Target After Phase 2b Trial Results, Maintains Outperformance According to Investing.com

On Thursday, financial services company Baird revised its price target on shares of Immutep Limited (NASDAQ:), a biotechnology company focused on immunotherapy for cancer and autoimmune diseases. The price target was lowered to $6.00 from the previous $7.00. Despite this change, Baird decided to maintain its Outperform rating on the company’s stock.

The revision follows Immutep’s recent announcement of Phase 2b trial results for its lead drug candidate, efti, which is being developed to treat head and neck squamous cell carcinoma (HNSCC). Baird’s analyst noted a favorable trend in the objective response rate (ORR), suggesting the drug is working. However, the analyst noted that the effect size was slightly below expectations.

Baird’s stance remains positive on Immutep’s prospects, particularly for efti in the treatment of non-small cell lung cancer (NSCLC), which is considered the most promising space for the drug. The continuing Outperform rating indicates confidence in the company’s potential to achieve above-average profits.

Immutep efti, as the lead agent, was investigated in a Phase 2b trial, specifically for its efficacy in the treatment of HNSCC. While the results led to a moderate price target reduction, Baird’s analysis suggests the drug still has value, particularly in other cancer indications such as NSCLC.

In other recent news, Immutep Limited has entered into an exclusive licensing agreement with Cardiff University to acquire the rights to a new generation of anti-LAG-3 molecules. This strategic move aims to enhance Immutep’s oncology portfolio. These molecules, developed by scientists at Cardiff University, target LAG-3, a protein often used by cancer cells to evade the immune system, and could potentially enhance the immune response against a variety of cancers. Details regarding the financial terms of the contract were not disclosed.

Additionally, CapitalOne rated Immutep “Overweight,” recognizing the potential of the company’s anti-cancer drug, eftilagimod alfa (efti). Currently, in studies across five different oncology indications, efti has shown promising results when combined with standard therapies in the treatment of non-small cell lung cancer (NSCLC) and metastatic breast cancer (mBC). The CapitalOne rating highlighted the robustness of the clinical data and Immutep’s readiness for pivotal studies, estimating peak efti sales of approximately $4.3 billion in 2040.

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