Zinger Key Points
- Amicus Therapeutics price target dropped to $12; next pipeline updates expected in 2025.
- Immunocore’s price target slashed to $35; limited upside for brenetafusp data.
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Morgan Stanley downgraded Amicus Therapeutics Inc FOLD. Over the last year, the company has executed well commercially, met its goals financially by achieving nonGAAP profitability for 2024, and settled its Galafold patent litigation with Teva Pharmaceutical Industries Ltd.
The analyst notes that Amicus is well-positioned, but expectations have increased with the company’s progress, which are now largely priced into shares.
The analyst downgraded the stock to Equal-weight from Overweight and lowered the price target from $17 to $12.
Investors have shifted focus to what will provide the company’s next leg of growth. The analyst would look to see potential updates to the company’s pipeline in 2025 and beyond, as those programs have the greatest potential to unlock further value for Amicus stock.
Morgan Stanley has also lowered the price target for Immunocore Holdings plc IMCR from $74 to $35 on launch timing and pricing for brenetafusp given disappointing data earlier this year in cutaneous melanoma and ovarian cancer.
The analyst continues to give full credit for Kimmtrak (tebentafusp), which was approved for unresectable or metastatic uveal melanoma.
Morgan Stanley sees limited upside potential from additional brenetafusp updates as the company continues to detect signals in metastatic NSCLC and combination in earlier-line NSCLC.
The analyst downgraded the stock from Overweight to Equal-Weight rating.
Morgan Stanley downgraded Immuneering Corp IMRX shares to Underweight from Equal-weight and set a base case range of $1 to $5 versus its previous target of $4. While supporting Immuneering’s strategy of targeting the MAPK pathway with deep cyclic inhibition, the analyst notes other stronger investment opportunities in the coverage on a relative basis.
Early clinical results have been promising, but analysts emphasize the need for more robust data with a larger patient pool to confirm that these outcomes aren’t coincidental or limited to specific cases. Additionally, the analyst expressed greater caution regarding the potential of IMM-1-104 in indications outside of pancreatic cancer.
Price Action: IMRX stock is down 18% at $1.615, IMCR stock is down 5.89% at $28.53, and FOLD stock is down 6.70% at $9.47 at last check Friday.
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