TD Cowen has singled out Immatics N.V. as its preferred small- and mid-cap pharmaceutical pick for 2026, placing the cell therapy developer on its Best SMIDCAP Ideas list. The investment bank's recommendation hinges on what it describes as an under-recognized commercial opportunity for Immatics' PRAME-targeted cell therapy portfolio and several clinical milestones expected in the second half of 2026.
Three pillars of TD Cowen's thesis
The firm articulates its investment case for Immatics around three central arguments. First, TD Cowen views the lead candidate anzu-cel as materially de-risked as it advances into a pivotal study. The upcoming Phase III SUPRAME trial - which is evaluating anzu-cel in second-line cutaneous melanoma - is expected to report readouts in the back half of 2026. TD Cowen assigns a high probability of success for that trial grounded in the Phase Ib efficacy data: a 57% objective response rate, a 93% disease control rate and a median progression-free survival of 6.0 months. Those metrics, the firm notes, sit well above the efficacy threshold it considers necessary for a successful Phase III outcome.
Second, TD Cowen anticipates that anzu-cel could separate itself from the competing therapy Amtagvi on several practical and clinical fronts. The firm highlights expectations of higher efficacy, a manufacturing process of roughly 14 days that it characterizes as simpler, elimination of the need for surgical tumor resection, the use of lower-dose interleukin-2 and a favorable safety profile. Collectively, TD Cowen argues, these attributes could lower barriers to patient access and support faster adoption should the therapy reach the market.
Third, the research outfit projects a substantial commercial opportunity for anzu-cel. TD Cowen models approximately $1.6 billion in annual sales for the therapy by 2035 and notes potential upside from wider clinical uptake and expansion into international markets.
Near-term clinical visibility
Adding to the near-term data calendar, Immatics announced it will present four oral sessions at the 2026 American Society of Clinical Oncology Annual Meeting. Those presentations will include updated Phase 1b results for anzu-cel, which aligns with TD Cowen's emphasis on second-half 2026 catalysts.
Market positioning and implications
TD Cowen's placement of Immatics on its Best SMIDCAP Ideas list reflects a view that the market may be underestimating both the clinical probability of success for anzu-cel and its commercial upside. The firm retains a Buy rating on the equity consistent with that outlook.
Key points
- TD Cowen names Immatics as a top small/mid-cap pharma pick for 2026 and maintains a Buy rating on the shares.
- Primary clinical milestone - the Phase III SUPRAME trial readout in second-line cutaneous melanoma - is expected in the second half of 2026 and is viewed by TD Cowen as having a high probability of success based on Phase Ib data (57% ORR, 93% DCR, 6.0-month median PFS).
- The firm projects roughly $1.6 billion in annual sales for anzu-cel by 2035 and sees differentiation potential versus Amtagvi through efficacy, manufacturing simplicity (~14 days), no surgical tumor resection, lower-dose IL-2 and a favorable safety profile.
Risks and uncertainties
- Clinical readout risk - the Phase III SUPRAME trial outcome is uncertain until the readout occurs in the second half of 2026; clinical trial results will directly affect regulatory and commercial prospects, impacting the biotech and healthcare sectors.
- Competitive and adoption risk - differentiation versus Amtagvi is an expectation stated by TD Cowen, but actual patient access and adoption will depend on demonstrated comparative performance and real-world factors, influencing commercial uptake in oncology and specialty therapeutics markets.
- Commercial projection uncertainty - the estimated roughly $1.6 billion annual sales figure by 2035 is a forecast and subject to variability based on clinical, regulatory and market developments that affect biopharma revenues and investor valuations.
Conclusion
TD Cowen's recommendation places Immatics at the center of its SMIDCAP pharmaceutical convictions for 2026, driven by the company's PRAME-targeted cell therapy anzu-cel and a string of expected catalysts later in the year. Immatics' schedule of presentations at the 2026 ASCO meeting and the anticipated Phase III SUPRAME readout are focal points for investors and industry observers monitoring the therapy's clinical trajectory and commercial potential.