Echelon adds top pick status to Immunovaccine

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Echelon Wealth Partners ascribed 2017 top pick status to Immunovaccine (TSX:IMV; OTCQX:IMMVF) while maintaining a “speculative buy” rating and $2.75 price target. The stock closed at $1.24 on Oct. 11.

Analyst Doug Loe writes that Immunovaccine shares have generated strong returns despite modest share price recalibration since May 2017. “We believe returns have been generated through seminal pipeline advances on the firm’s lipid-based, water-free antigen formulation platform, DepoVax, for which multiple Phase I/II clinical initiatives – mostly in cancer and infectious disease – are either ongoing or about to be,” he added.

Mr. Loe said his shift to Immunovaccine as a 2017 top pick is “driven in part by our underlying positive regard for its DepoVax platform, regard that is well supported by existing Phase 1/2 data in our view, and our expectation that clinical updates and/or partnership advances can positively create market value by end-of-year.”