JP Morgan Lowers Immunome PT to $22, Maintains Overweight Rating

JP Morgan Lowers Immunome PT to $22, Maintains Overweight Rating

Immunome Inc. (NASDAQ: IMNM), a clinical-stage biotechnology company focused on developing targeted cancer therapies, reported its second quarter 2025 earnings on August 6, 2025. The company's GAAP revenue surged to $4.0 million, surpassing analyst expectations by 381.9% [1]. Despite a GAAP net loss per share of $(0.50), which was slightly better than the estimated $(0.52), the quarter saw significant advancements in the company's pipeline and research and development spending.

The key highlights from the quarter include:

- Revenue Growth: Immunome's GAAP revenue increased by 69.2% year over year, reaching $4.0 million, which was well above consensus estimates of $0.83 million [1].
- Research and Development: R&D expenses expanded by 39% to $40.5 million, reflecting the company's continued investment in its pipeline [1].
- Clinical Progress: The main clinical program, varegacestat, a small molecule for desmoid tumors, is progressing well, with the company expecting to announce topline data from the RINGSIDE Phase 3 trial before the end of 2025 [1]. Additionally, Immunome dosed the third cohort of patients in the Phase 1 study of IM-1021, an antibody-drug conjugate for solid tumors and blood cancers [2].
- Pipeline Expansion: The company has received IND clearance for IM-3050, a FAP-targeted radioligand, and expects to initiate a Phase 1 clinical trial before the end of 2025 [2].

JP Morgan recently lowered its price target for Immunome to $22, while maintaining an overweight rating. The investment bank noted the company's strong clinical progress and robust pipeline, but also expressed caution regarding the competitive landscape and the company's cash position [3].

Immunome's financials and clinical progress indicate a promising outlook, but investors should closely monitor the company's ability to secure regulatory approvals and commercialize its therapies. The next several quarters will be crucial for Immunome to demonstrate significant clinical milestones and further validate its early ADC and radioligand therapies.

References:

[1] https://www.aol.com/finance/immunome-imnm-q2-revenue-surges-213248608.html
[2] https://www.biospace.com/press-releases/immunome-reports-second-quarter-2025-financial-results-and-provides-business-update
[3] JP Morgan's Analyst Report on Immunome Inc. (NASDAQ: IMNM)