H.C. Wainwright has opened coverage on Immunome Inc. (NASDAQ: IMNM) with a Buy recommendation and a price target set at $40.00, according to a research note released on Thursday. That target equates to a 71% upside from the cited share price of $23.41, though InvestingPro data referenced in the note indicates the stock may be trading slightly above its Fair Value.
The research team framed Immunome as assembling a differentiated oncology portfolio spanning both solid tumor and hematologic indications. In particular, H.C. Wainwright highlighted varegacestat, the company’s lead asset, as a gamma-secretase inhibitor that could be superior to the currently approved therapy Ogsiveo for desmoid tumors.
In its analysis, the firm pointed to clinical performance where varegacestat showed stronger median tumor volume regression, Progression Free Survival, and Overall Response Rate compared with the only approved therapy in the space. H.C. Wainwright projects potential peak sales for varegacestat to exceed $1 billion by 2034, and the firm anticipates an NDA submission in the second quarter of 2026.
H.C. Wainwright also noted recent market performance and the company’s financial position. InvestingPro data highlighted a 136% return for Immunome over the last six months, while the company remains unprofitable with a negative EBITDA of $204.56 million. On the balance sheet, the firm cited a current ratio of 8.9, suggesting Immunome holds substantially more cash than debt. The company’s market capitalization was listed at $2.58 billion with a beta of 2.11, indicating notable stock volatility.
Pipeline and development milestones
Beyond varegacestat, Immunome is advancing a next-generation antibody-drug conjugate, led by the ROR1-targeted candidate IM-1021. That program is in Phase 1/2 testing targeting relapsed or refractory B-cell lymphomas and advanced solid tumors, with topline data expected in 2026. The research note also referenced plans for multiple additional ADC investigational new drug filings through 2026.
Looking further out, H.C. Wainwright identified IM-3050, a FAP-targeted radioligand therapy, as a longer-term expansion opportunity for FAP-expressing solid tumors.
Financing and near-term cash runway
Immunome recently completed an equity financing intended to bolster its cash runway. The company sold 18.625 million shares at $21.50 per share in an underwritten public offering, aiming to raise approximately $400 million in gross proceeds before underwriting discounts and other expenses. Management indicated the proceeds are expected to extend the company’s runway into 2028 and to support potential commercial launch activity for varegacestat, further pipeline development, and possible in-licensing or acquisitions.
Other analyst activity
Market interest in Immunome has been echoed by other firms. Guggenheim reiterated a Buy rating and raised its price target to $35, citing positive Phase 3 results for the company’s desmoid tumor treatment. The RINGSIDE study reported a progression-free survival hazard ratio of 0.16, which Guggenheim noted as outperforming a competitor’s trial results. Evercore ISI also increased its price target to $40 while maintaining an Outperform rating, pointing to favorable trial data as a driver of that view.
What this means for investors
The coverage initiation by H.C. Wainwright, combined with the recent equity raise and analyst follow-up from Guggenheim and Evercore ISI, reinforces market attention on Immunome’s clinical and financial developments. Key near-term milestones cited in the research include an expected NDA submission for varegacestat in Q2 2026 and multiple ADC and radioligand development catalysts through 2026 and beyond.
Investors should weigh these potential upside drivers against the company’s unprofitable operations and historical volatility. The firm’s large current ratio suggests available liquidity, and the completed financing is positioned to support operating plans through 2028.