Immunic initiated with a Buy at B. Riley

B. Riley initiated coverage of Immunic with a Buy rating and $6 price target. With Immunic trading at a $50M enterprise value, the firm views the company’s oral lead candidate, vidofludimus calcium for the treatment of relapsing multiple sclerosis and progressive multiple sclerosis as undervalued. While investors see it as too similar to teriflunomide, Riley views vido as “building on the tried-and-true DHODH approach with the addition of Nurr1 activation,” the analyst tells investors in a research note.