Maxim Maintains Buy On ImmunoCellular Following 3Q14 Update

In a research report issued today, Maxim Group analyst Jason Kolbert maintained a Buy rating on ImmunoCellular Therapeutics (NYSE :IMUC) with a price target of $4.00, which represents a potential upside of 560% from where the stock is currently trading. The report follows the company’s third quarter results, posting¬†a loss of $2 million, or ($0.03) per share.¬†

Kolbert observed, “We believe that ImmunoCeullar is smart to continue to invest in nextgeneration technologies, while at the same time pursuing the development of the company’s existing dendritic-based cell therapies. In that regard, we look forward to ICT-107 moving into a pivotal trial in 2015.” The analyst added, “We believe that ICT-107 is a viable therapy for GBM and that a pivotal trial in the US is the next step. For modeling purposes, we use a 30% discount rate in our FCFF, discounted-EPS, and sum-of-the-parts models. Based on projected earnings in 2022 (approximately eight years out), we derive a price target (equally weighting the three model metrics) of $4.00.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 5.7% and a 39.0% success rate. Kolbert has a -43.7% average return when recommending IMUC, and is ranked #648 out of 3372 analysts.

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