Analyst Downgrades Immunic After Lack of Details Drive Uncertainty

SVB Leerink has downgraded Immunic Inc IMUX to Market Perform from Outperform following disappointing initial data from the highly anticipated Phase 1b proof-of-concept study for IMU-935 in patients with moderate-to-severe psoriasis. The analyst lowered the price target to $5 from $9.
"While we appreciate that this is an interim readout in which many study aspects are still blinded, we believe the limited data disclosure creates significant uncertainty around the potential path forward for IMU-935," SVB writes.
IMUX expects to report detailed data from this study in 1Q23, which they believe may clarify why the treatment failed to separate from the placebo.
The analyst continues to see fundamental value for lead program vidofludimus calcium (IMU-838) in RRMS.
SVB notes the costs and extended timelines to pivotal data for this program (topline data from the first Phase 3 trial expected by YE25) and believes investors are likely to approach IMUX's early pipeline as a "show-me story" given the recent clinical setbacks in UC and PsO.
Price Action: IMUX shares are down 76.96% at $2.12 on the last check Friday.

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