Immunome is a cash-burning pre-revenue biotech with quality far below minimum standards and a recent string of earnings misses, but the price target implies approximately 72% upside and the risk/reward ratio is approximately 19.5-to-1, creating a highly speculative asymmetric setup contingent on single-program clinical execution.
Thesis pillars
- Single Program Pipeline Risk↓Deteriorating
- Worsening Earnings Execution↓Deteriorating
- Extreme Cash Burn Unsustainable→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Mar 3, 2026· older than 90 days
Immunome, Inc. (IMNM) Stock Analysis
Recovery setup
Healthcare · Biotechnology
Sell if holding. Engine safety override at $19.52: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 4.2:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 17%; Elevated put/call ratio: 11.39; Below-average business quality.
Immunome is a clinical-stage oncology biotech advancing antibody-drug conjugates and targeted therapies, led by varegacestat, which met all Phase 3 RINGSIDE endpoints in desmoid tumors (December 2025 topline) with NDA submission planned for Q2 2026. The company has no product... Read more
Sell if holding. Engine safety override at $19.52: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 4.2:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 17%; Elevated put/call ratio: 11.39; Below-average business quality. Chart setup: Death cross but MACD improving, RSI 64. Score 5.1/10, moderate confidence.
Passes 7/10 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on earnings proximity 0d<=7d. Suitability: speculative.
About Immunome, Inc.
About Immunome, Inc.
Varegacestat, Immunome's lead Phase 3 asset in desmoid tumors, delivered an 84% reduction in disease progression risk versus placebo (HR=0.16, p<0.0001) in the RINGSIDE trial, with positive topline results announced in December 2025 and an NDA submission planned for Q2 2026. Immunome had generated no product revenue through year-end 2025 and carried an accumulated deficit of $728.2 million. IM-1021 (ROR1-targeted ADC, Phase 1) and IM-3050 (FAP radioligand therapy, Phase 1 planned for 2026) are the company's other clinical assets.
Immunome generates no product revenue; operations have been funded entirely through equity sales. If varegacestat receives FDA approval, the company plans to build a commercial organization targeting approximately 1,000–1,650 patients diagnosed annually with desmoid tumors in the United States—the only approved systemic competitor is OGSIVEO (nirogacestat), which the FDA cleared in November 2023 and whose market uptake validates the gamma secretase inhibitor class. Manufacturing relies on third-party contractors for both preclinical and clinical materials. The IM-1021 Phase 1 trial targets ROR1, a receptor tyrosine kinase-like orphan receptor, with observed objective responses in B-cell lymphoma patients at multiple dose levels as of November 2025; Merck's zilovertamab vedotin (MK-2140), in an ongoing Phase 3 pivotal DLBCL study initiated February 2025, is the main comparator program. IM-3050, a lutetium-177 FAP-targeted radioligand therapy, received IND clearance in April 2025 and Phase 1 initiation was planned for early 2026.
Show full overview
The varegacestat NDA would be Immunome's first-ever regulatory submission; the 10-K acknowledges the company has not previously submitted an NDA, a BLA, or other comparable foreign regulatory submission for any product candidate. Varegacestat was acquired from Ayala Pharmaceuticals in March 2024, and its prior development was largely conducted by Ayala—a factor the FDA may scrutinize when assessing data continuity. A Complete Response Letter, post-marketing study requirement, or label restriction could delay or limit a commercial launch, and if the initial NDA is not approved, the company's existing cash runway would need to extend through any re-submission cycle.
See also: Healthcare · Biotechnology
From Immunome, Inc.'s most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated Nov 4, 2026Recent Developments — Immunome, Inc.
Latest news
- NEWS Immunome to Present Initial First-in-Human Clinical Data for IM-1021 at ASH 2026 — fiscal.ai Nov 4, 2026 positive
- NEWS Immunome Announces EMA Validation of Marketing Authorization Application for Varegacestat — fiscal.ai Oct 30, 2026 positive
- NEWS Immunome Says EMA Validates MAA For Varegacestat, Investigational, Oral, Once-Daily Gamma Secretase Inhibitor, For Treat — benzinga Oct 30, 2026 positive
- NEWS Wedbush Reiterates Outperform on Immunome, Maintains $35 Price Target — benzinga Oct 27, 2026 positive
- NEWS Immunome Presents Additional Clinical Data for Varegacestat in Desmoid Tumors at ESMO 2026 — fiscal.ai Oct 26, 2026 positive
Latest item Nov 4, 2026 · Generated 2026-11-05T11:59:10Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHpipelinevaregacestat10-K Item 1A: 'other than varegacestat, which recently completed the Phase 3 RINGSIDE trial, and IM-1021 and IM-3050, which are Phase 1 clinical assets'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. People who build TrendMatrix, or entities they control, may hold positions, long or short, in securities it covers, and may trade them at any time. Positions are not disclosed individually. Verdicts are generated by an automated model applied by the same rules to every covered stock, and are not adjusted for any position held by the people who build TrendMatrix. We do not accept payment from issuers for coverage.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Rating Breakdown
4 floor-breakers·1 ceiling hit
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Volatile — 6.2% daily ATR makes tight stops impractical. Position-size conservatively.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $19.52: Quality below floor (1.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 4.2:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 17%; Elevated put/call ratio: 11.39; Below-average business quality. Chart setup: Death cross but MACD improving, RSI 64. Prior stop was $18.15. Score 5.1/10, moderate confidence.
Analyst target: $31.80 (+62.9% upside). Prior stop was $18.15. Stop-loss: $18.15.
Concentration risk — Pipeline: varegacestat; Quality below floor (1.6 < 4.0).
Immunome, Inc. trades at a P/E of N/A (forward -7.9). TrendMatrix value score: 9.0/10. Verdict: Sell.
23 analysts rate IMNM, with a consensus score of 4.2/5. 15 analysts publish price targets averaging $35.
What does Immunome, Inc. do?Immunome is a clinical-stage oncology biotech advancing antibody-drug conjugates and targeted therapies, led by...
Immunome is a clinical-stage oncology biotech advancing antibody-drug conjugates and targeted therapies, led by varegacestat, which met all Phase 3 RINGSIDE endpoints in desmoid tumors (December 2025 topline) with NDA submission planned for Q2 2026. The company has no product revenue and reported a net loss of $212.4 million in FY2025.