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→Stable
- Worsening Earnings Execution→Stable
- Extreme Cash Burn Unsustainable→Stable
- +1 more pillar — see the Why tab for full reasoning
Immunome, Inc. (IMNM) Stock Analysis
Healthcare · Biotechnology
Sell if holding. Engine safety override at $23.45: Quality below floor (1.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 2.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; 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 $23.45: Quality below floor (1.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 2.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.1/10, moderate confidence.
Passes 8/8 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 34d clear, semi cycle peak clear, materials cycle peak clear). 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 2026-07-06Recent Developments — Immunome, Inc.
Latest news
- NEWS Wedbush Reiterates Outperform on Immunome, Maintains $31 Price Target — benzinga Jun 12, 2026 positive
- NEWS Immunome Does First Participant In Its Phase 1 IM-1617 Study To Treat Solid Tumors — benzinga Jun 11, 2026 positive
- NEWS Truist Securities Maintains Buy on Immunome, Raises Price Target to $37 — benzinga May 28, 2026 positive
- NEWS Barclays Initiates Coverage On Immunome with Overweight Rating, Announces Price Target of $36 — benzinga May 28, 2026 positive
- NEWS HC Wainwright & Co. Reiterates Buy on Immunome, Maintains $40 Price Target — benzinga May 13, 2026 positive
Generated 2026-07-06T04:40:27Z.
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.
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Rating Breakdown
3 floor-breakers·1 ceiling hit
Quality below the gate floor. Component breakdown shows what dragged the score down.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $23.45: Quality below floor (1.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 5.1/10 and A.R:R 2.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $21.96. Score 5.1/10, moderate confidence.
Take-profit target: $31.12 (+31.8% upside). Prior stop was $21.96. Stop-loss: $21.96.
Concentration risk — Pipeline: varegacestat; Quality below floor (1.7 < 4.0).
Immunome, Inc. trades at a P/E of N/A (forward -11.3). TrendMatrix value score: 9.0/10. Verdict: Sell.
21 analysts cover IMNM with a consensus score of 4.2/5. Average price target: $36.
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.