Immuneering downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Jeffrey Hung downgraded Immuneering (IMRX) to Underweight from Equal Weight and instituted a base case range of $1-$5 from $4. While the firm remains constructive on Immuneering’s approach of targeting mitogen-activated protein kinase pathway through deep cyclic inhibition, on a relative basis the firm sees better opportunities elsewhere in its coverage. Initial clinical results have been encouraging, but Morgan Stanley thinks additional compelling data confirming efficacy trends in greater numbers of patients will be needed to convince the Street that the initial results were not by chance or particularly unique to the first few patients.