Immunome, Inc. (NASDAQ:IMNM) has seen its shares surge, gaining 48% over the past three months. The company is listed among 14 booming stocks to buy currently.
This rise follows positive topline results from the Phase 3 RINGSIDE trial, announced on December 15. The trial demonstrated an improved survival rate without progression compared to a placebo. Results indicated the drug decreased the likelihood of death or disease progression by 84%.
According to the company's press release, 156 patients participated in the trial. Approximately 56% of patients saw their tumors disappear or shrink in size, compared to 9% in the placebo group. Based on these outcomes, Immunome stated it plans to seek FDA approval for Varegacestat in the second quarter of 2026.
Following the announcement, Guggenheim revised its price target for the stock to $35 from $25 on December 22, maintaining a Buy rating. The firm anticipates FDA approval for Varegacestat and expects the drug to capture a significant portion of the U.S. desmoid tumors market.
Evercore ISI Group and Lake Street also increased their price targets. Evercore ISI raised its target to $40 from $18, reiterating an Outperform rating. Lake Street lifted its target to $32 from $22, reaffirming a Buy rating.
As of January 12, Wall Street analysts have a consensus Strong Buy rating on the stock. The average one-year share price target is $33.20, representing an upside potential of 61.40%.
Immunome, Inc. is an oncology company focused on developing treatments for cancer patients. The returns have been driven primarily by bullish outlooks on the stock's potential to treat desmoid tumors.