2025-05-15-Jefferies-Immatics（IMTX）_2025年第一季度关键黑色素瘤研究进展；2025年多个数据事件_12页_711kb

USA Biotechnology: Equity Research on Immatics (IMTX)

• Rating: BUY
• Price: $4.56 (^)
• Target Price: $20.00 (+339% upside)
• Analysts: Kelly Shi, Ph.D., Hangfei Fu, Ph.D., Clara Dong, Ph.D., Jose Lora, Ph.D., Yifan Xu, Ph.D.

Key Investment Thesis & Highlights:

• IMTX is a clinical-stage biotech developing T cell directing immunotherapies (TCR-T and bispecifics).
• Lead asset is IMAX203 (PRAME TCR-T) in Phase 3 for 2L+ cutaneous melanoma, expected to complete enrollment in 2026, submit BLA by 1Q27, seek launch in 2027. Data shows superior ORR/mDOR/mPFS vs. competitors.
• Multiple key clinical data events in 2025: ASCO25 presentation of uveal melanoma Ph1b data (longer FU), updates on IMA401 (HNSCC), IMA402 (dose expansion), and IMA203 Gen2 (solid tumors, ovarian cancer).
• Pipeline includes TCR Gen2 (IMAX203) and TCR bispecifics (IMAX401, 402) targeting multiple solid tumors.
• Valuation based on sales of IMA203 in multiple solid tumors (melanoma, ovarian, uterine cancer, uveal melanoma) entering markets in 2028 (US) / 2029 (EU). DCF model (WACC 14%, Terminal Growth 0%, 109M Shares) arrives at €20 price per share (conversion ¥$21.27), deriving from peak sales estimates of €643M (US) & €395M (EU).
• Catalysts: ASCO'25 data, potential interim Phase 3 SUPRAME data, BLA submission in 1Q27.

Company Description:
Immatics N.V. develops T cell directing immunotherapies. Uses proprietary platforms for target identification and TCR discovery. Headquartered in Tübingen, Germany.

Analyst Certification: Views reflect personal views of the analysts. Compensation not related to specific recommendations/views in this report.

Disclaimer: The equity research report contains detailed disclosures, risk factors, and the authors' investment recommendations (Buy, Hold, Underperform) subject to change. This summary highlights key points and investment thesis from this specific report dated May 14, 2025.