Maxim starts INmune Bio at buy; PT $13


Maxim Group launched coverage of INmune Bio (NASDAQ:INMB) with a “buy” rating and $13 price target. The stock closed at $7.73 on March 18.

INmune Bio is a clinical-stage immunotherapy company with three drug programs focused on harnessing the innate immune system to treat cancers and neurodegenerative diseases: INB03, XPro1595, and INKmune.

Analyst Jason McCarthy writes that INB03, a selective TNF inhibitor downregulates the immunosuppressive factors found in the tumor microenvironment, turning cold tumors hot. An open-label Phase 1 study is ongoing, with data expected in the second quarter of 2019.

He said XPro1595 selectively targets the soluble form of TNF and may inhibit activated microglia, a type of innate immune cell, representing a differentiated approach, compared with targeting beta amyloid or tau.

XPro1595’s preclinical data has been positive, he said, and a Phase 1 study is scheduled to start in the second quarter of 2019. Also initiating in the second quarter of 2019 is a Phase 1/2 study of INKmune, a modified tumor cell line that primes existing natural killer cells.

“Innate immunity is a space that continues to evolve and rise behind CAR-T and checkpoints (both target adaptive immunity), with multiple players in the space, including big pharma/biotech,” Mr. McCarthy said. “INmune's programs should report data in 2019 providing catalysts for the stock to support a higher valuation,” he added.

Stephen Kilmer