Immatics price target lowered to $15 from $16 at BofA

BofA lowered the firm’s price target on Immatics (IMTX) to $15 from $16 and keeps a Buy rating on the shares following Q3 earnings, which included first clinical data for IMA402, the company’s TCR bispecific targeting PRAME, and updated timelines across the company’s therapies. The early data for ‘402, in addition to recent progress for IMA203, bolsters confidence in Immatics’ TCR approach ahead of additional updates next year, the analyst tells investors.