Myles Minter, an analyst from William Blair, has initiated a new Buy rating on Immunic (IMUX).
Myles Minter has given his Buy rating due to a combination of factors that highlight the potential of Immunic’s lead asset, vidofludimus calcium, in the multiple sclerosis (MS) market. The drug is positioned as a next-generation oral therapy targeting both progressive and relapse-remitting forms of MS, with the market expected to exceed $45 billion by 2033. The ongoing Phase IIb CALLIPER study has shown promising interim results, particularly in primary progressive MS (PPMS), where vidofludimus calcium demonstrated significant reductions in plasma NfL, a key biomarker of disease progression.
Minter also sees substantial opportunity in the relapse-remitting MS (RMS) segment, where the drug’s efficacy and safety profile could outperform existing treatments. The ongoing ENSURE-1/2 Phase III studies are anticipated to provide pivotal data by 2026, potentially confirming vidofludimus calcium’s superior safety and efficacy compared to first-generation DHODH inhibitors like Aubagio. Additionally, the recent challenges faced by competitors in the RMS market, such as Sanofi’s tolebrutinib, further position vidofludimus calcium as a disruptive force in the oral RMS therapy landscape.
In another report released on March 20, Piper Sandler also maintained a Buy rating on the stock with a $28.00 price target.