JMP Securities has initiated coverage on Werewolf Therapeutics Inc. stock with a Market Outperform rating and a price target of $12.00. The firm believes that Werewolf's proprietary PREDATOR platform could mark a new chapter in the field of immunotherapy. Werewolf Therapeutics is a biotechnology company known for its innovative approach to cytokine-based therapies. The company's lead product candidate, WTX-124, has shown promising differentiation in preclinical trials. Werewolf Therapeutics is expected to release monotherapy dose-escalation results for WTX-124 and WTX-330 in the first half of 2024. The company has a strategic partnership with AbbVie and a cash position of $134.3 million. JMP Securities believes that Werewolf Therapeutics' shares are currently undervalued, presenting an investment opportunity with a potential upside of approximately 296% and a downside risk of around 83%. However, InvestingPro data reveals a challenging financial landscape for Werewolf Therapeutics, with a negative P/E ratio and a gross profit margin of -95.09% for the last twelve months. Despite this, the stock has experienced a strong return over the last three months and an impressive price uptick over the last six months. [e407180e]
In other news, Immunovant, a biopharmaceutical company, received an Outperform rating from Oppenheimer with a price target of $50.00. Immunovant is positioned to compete with argenx in the market for autoimmune disease treatments. The company's lead asset, batoclimab, is expected to release late-stage trial results within the next year for conditions such as CIDP, MG, and TED. Batoclimab's dosing flexibility and ease of administration make it a strong competitor to argenx's Vyvgart. Immunovant's second-generation anti-FcRn, IMVT-1402, is set to enter registration-enabling trials for autoimmune diseases by early 2025. Oppenheimer believes that Immunovant's comprehensive development program, backed by substantial cash reserves, will significantly increase the company's value [0700968f].
Fennec Pharmaceuticals Inc. (NASDAQ:FENC) received a price target increase from Craig-Hallum analyst following the out-licensing of the EU commercial rights for Pedmarqsi in a deal with Norgine. The analyst raised the price target from $17.00 to $18.00, expressing confidence that the deal will exceed investor expectations and add significant value to the EU rights of Pedmarqsi. The majority of Fennec's business value still comes from the US market. The deal is expected to contribute over $200 million to Fennec's financials through upfront payments, milestones, and royalties. The analyst believes that the out-licensing arrangement provides external validation for the value of Pedmark and has raised the price target due to the positive impact on Fennec's balance sheet and the favorable terms of the deal [22dc3cbd].
Genprex, Inc. has declared a registered direct offering to raise approximately $6.5 million. The offering involves 1,542,112 shares of common stock or prefunded warrants, along with warrants to purchase up to the same number of shares. Each share or warrant is priced at $4.215, with the warrants exercisable immediately upon issuance at $4.09 per share and valid for five years from the date of issuance. The transaction is expected to close on or about March 21, 2024, subject to standard closing conditions. H.C. Wainwright & Co. serves as the exclusive placement agent for the offering. The proceeds are slated for working capital and general corporate purposes. Genprex is a gene therapy company targeting cancer and diabetes treatments. The company's operations focus on gene therapies for large patient populations with limited treatment options. Its OncoprexĀ® Delivery System is under evaluation in three clinical trials for non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC), with Fast Track Designation from the FDA for each lung cancer program and an Orphan Drug Designation for the SCLC program. The company is also developing diabetes gene therapies, including GPX-002 for Type 1 diabetes and GPX-003 for Type 2 diabetes [33e315f0].
Madrigal Pharmaceuticals' price target was increased by Evercore ISI to $405.00, up from $325.00, while maintaining an Outperform rating. The revision comes as Madrigal prepares to launch its new drug, Rezdiffra, backed by $600 million in funding. Evercore ISI's model reflects a projected pricing of $47.4K for Rezdiffra, a reduced discount rate for approvals in the EU and the rest of the world, and expectations for the drug's market share. The firm anticipates that initially, the gross-to-net revenue will be high but will stabilize to the low teens within a year. Physician feedback on Rezdiffra has been positive, and Evercore ISI has factored in potential future competition. The firm expects Madrigal to secure a patent term extension to 2033 and reach a settlement on generic entry in the first half of 2037. Madrigal's stock could be valued at $260 per share if generic competition enters the market in 2033 [d1f86a7b].
Invivyd, Inc. has received emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its monoclonal antibody (mAb) called PEMGARDAā¢ (pemivibart). The EUA allows for the use of PEMGARDA as a pre-exposure prophylaxis (PrEP) for COVID-19 in certain adults and adolescents with moderate-to-severe immune compromise who are not expected to mount an adequate immune response to COVID-19 vaccination. PEMGARDA is the first PrEP mAb to receive EUA from the FDA based on a novel immunobridging trial design. The authorization is supported by positive immunobridging data from the CANOPY clinical trial and ongoing in vitro neutralizing activity against major SARS-CoV-2 variants. Invivyd anticipates that the product will be available in the U.S. soon. The company's CEO, Dave Hering, expressed the company's commitment to ongoing process improvement and regulatory collaboration. Invivyd's financial report shows an estimated $200.6 million in cash and cash equivalents as of December 31, 2023. The company recently sold shares totaling $40.5 million in gross proceeds under its At-the-Market facility to prepare for the launch of PEMGARDA. PEMGARDA is administered intravenously and was developed using Invivyd's INVYMABā¢ platform, which combines viral surveillance and predictive modeling with advanced antibody engineering [4deb0427].
Wedbush analyst D. Nierengarten anticipates that Immunome, Inc. will post earnings of ($0.78) per share for Q1 2025. The consensus estimate for Immunome's current full-year earnings is ($1.46) per share. Wedbush also issued estimates for Immunome's Q2 2025 earnings at ($0.75) EPS, Q3 2025 earnings at ($0.78) EPS and Q4 2025 earnings at ($0.80) EPS. Immunome has a 12 month low of $4.44 and a 12 month high of $30.96. The company's fifty day moving average price is $22.80 and its two-hundred day moving average price is $13.88. Immunome operates as a biotechnology company that develops targeted cancer therapies. [08bef0be]
ME Therapeutics Holdings Inc., a preclinical stage biotechnology company, will ring the opening bell for the Canadian Securities Exchange on April 17, 2024. The company is focused on developing novel cancer fighting drugs in the field of immuno-oncology. The CEO, Salim Dhanji, stated that ringing the bell marks the next stage of growth for the company as they advance in the discovery and development of potential new drug candidates to fight cancer. ME Therapeutics aims to overcome the suppressive effects of myeloid cells, a class of immune cells, in order to enhance anti-cancer immunity.