Q1 EPS: Several Upcoming Value Generating Catalysts With GEN2 At ASCO Up First

研报英文原文证据摘录

Q1 EPS: Several Upcoming Value Generating Catalysts With GEN2 At ASCO Up First

Biotechnology

Immatics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $11.54 (05/11/2026) Q1 EPS: Several Upcoming Value Generating

Price Target: NA Catalysts With GEN2 At ASCO Up First

BUY (1)

ESG SCORE: 55/100

Nicholas Lorusso THE TD COWEN INSIGHT

646 562 1390

There are multiple value generating catalysts this year for Immatics and up first at ASCO is

nick.lorusso@tdsecurities.com

IMA203CD8 data in ovarian cancer at ~4-5x greater doses than previously reported where we

Tyler Van Buren expect a 50%+ ORR is achievable. Anzu-cel Phase III SUPRAME final analysis in H2 is derisked

646 562 1343 and could support a best-in-class profile and strong 2027 launch. IMA402 Phase I RP2D data in

tyler.vanburen@tdsecurities.com

H2 could unlock 1L upside.

Tara Bancroft, Ph.D.

646 562 1410 View our recent Immatics initiation here.

tara.bancroft@tdsecurities.com

Anzu-Cel's Upcoming Phase III mCM Data By Year-End Are Highly Derisked...

Key Data

Symbol NASDAQ: IMTX Immatics is enrolling 2L mCM patients in the Phase III SUPRAME trial of anzu-cel, PRAME-

Beta: 1.31 targeted TCR T-cell therapy, vs. ICI with a final analysis anticipated by year-end. The company

52-Week Range: $11.87-$4.34 previously noted that a 0.6 PFS HR would be sufficient to hit statistical significance and given

the expected ~3 month mPFS for the control arm, a ~5 month mPFS for anzu-cel would beMarket Cap: $1.5B

sufficient. We believe there is a high probability of success based on the impressive Phase Ib

Net Debt (MM): $(532.9)

data where anzu-cel demonstrated a cORR of 50%, ORR of 57%, and DCR of 93% in cutaneous

Cash/Share: $(1.69)

melanoma patients with an mPFS of 6.0 months and an mOS of 13.9 months. The patients

Dil.