Immatics price target lowered to $18 from $19 at Leerink

Leerink lowered the firm’s price target on Immatics (IMTX) to $18 from $19 and keeps an Outperform rating on the shares. Concurrent with Q4 earnings, the company announced initial IMA402 data, which demonstrated early signs of activity in melanoma, along with a favorable pharmacokinetic and safety profile, the analyst tells investors. The firm continues to view Immatics as “a leader in TCR therapeutics and attractively valued with a broad platform encompassing both TCR T-cell therapy and TCR bispecifics,” the analyst tells investors.