Broker Mackie repeated a 'speculative buy' stance on Immunovaccine Inc (TSE:IMV) following news that it was advancing its cancer vaccine into a Phase I trial.
The biotech announced an expansion of its ongoing collaboration with UConn Health - part of Immunovaccine’s DPX-NEO program.
This is assessing the anti-cancer activity of patient specific epitopes (the part of molecule which is the target of an immune response) developed at UConn Health and formulated in Immunovaccine's proprietary delivery system.
“The potential of neoepitope-based therapies to trigger anti-cancer immune responses tailored to the unique biology of each patient’s disease could be an oncology treatment game-changer,” said Frederic Ors, Immunovaccine’s chief executive today.
Mackie agrees the firm is 'breaking ground' and targets C$2.80 for the shares, against a current price of C$2.13 - up over 11% on the day.
DPX-NEO should diversify the group's pipeline once it enters a Phase I study, says analyst Andre Uddin, who adds there are multiple catalysts ahead for the group.
"IMV has been up 181% YTD and our call has generated a 208% return since we launched coverage," he notes.