December 3, 2023

Investment Banking

Let Your Investment Banking Do The Walking

Biopharma Co. Now at Bargain Price Analyst Says


Recent share price weakness and a catalyst-rich next six months are good news for investors, noted a Research Capital Corp. report.

IMV Inc., (IMV:NASDAQ; IMV:TSX) a clinical-stage immuno-oncology biopharma, has several potential stock-moving events expected through mid-2023, reported Research Capital Corp. analyst Dr. Andrew Uddin in a November 11, 2022 research note.

“We continue viewing IMV as a catalyst play,” Uddin wrote.

Despite the company advancing its pipeline, its stock has “come under significant pressure,” noted Uddin, due to various factors, including tax loss selling and the biotech market’s conditions. IMV’s price now is about US$0.27 per share.

“This share price weakness presents a buying opportunity for high risk-tolerant investors,” Uddin added.

The biopharma’s current share price, being less than one-quarter of the target, implies a significant potential return for investors.

As such, Research Capital has a Speculative Buy rating on IMV and a US$2.25 per share target price. The biopharma’s current share price, being less than one-quarter of the target, implies a significant potential return for investors.

Also, for shareholders, Uddin pointed out, IMV reduced its workforce by about one-third in a strategic restructuring to maximize current value and concentrate on adding value in the near term.

What to Watch For

According to Uddin, here are some of IMV’s upcoming catalysts, listed from earliest to latest:

December 2022: Initial results of the investigator-sponsored Phase 1b trial evaluating IMV’s lead immunotherapy candidate maveropepimut-S (MVP-S) with an undisclosed aromatase inhibitor in 18 patients with resectable, nonmetastatic HR positive and HER2 negative breast cancer. These data will be presented at the San Antonio Breast Cancer Symposium, Dec. 6 to 10.

Early 2023: Preliminary translational data from the cohort getting IMV’s MPV-S in the Phase 1 trial in non-muscle-invasive bladder cancer.

February 2023: Initial data from the Phase 2b VITALIZE trial investigating a combination of MVP-S and Merck’s Keytruda in up to 102 patients with relapsed and refractory diffuse large B-cell lymphoma. Data will be presented at the Immuno-Oncology 360° conference on Feb. 10.

Q3/2023: Completion of enrollment of about 40 patients for the first stage of the AVALON Phase 2b study of MVP-S and low-dose cyclophosphamide in patients with platinum-resistant ovarian cancer.

Q3/22 Performance a Beat

Uddin noted that during the third quarter, IMV’s revenue totaled US$0.1 million (US$0.1M), in line with Research Capital’s estimate. Last year, the biopharma did not generate any revenue.

As expected, IMV posted a net loss in Q3/22 of -US$8.9M, or -US$0.11 per share. This was better than Research Capital’s forecast of -US$14.1M or -US$0.17 per share and last year’s result of -US$10.4M or -US$0.13 per share.

As for the balance sheet, at the quarter’s end, IMV had US$21.7M in cash, enough to take it through Q2/23, according to management. Long-term debt was US$27.4M.

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Disclosures For Research Capital Corp., IMV Inc., November 11, 2022

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