Maxim Maintains Buy On ImmunoCellular Following Positive Regulatory Feedback From EMA
In a research report published Monday, Maxim Group analyst Jason Kolbert maintained a Buy rating on ImmunoCellular Therapeutics (NYSE:IMUC) with a $4.00 price target, as the company announced that the European Medicines Agency (EMA) has provided scientific advice supportive of advancing the IMUC’s ICT-107 to a registrational phase III program in patients with newly diagnosed glioblastoma (GBM).
Kolbert noted, “We believe that ICT-107 is a viable therapy for GBM and that a pivotal trial in the U.S. is the next step. We use a 30% discount rate in our FCFF, discounted- EPS, and sum-of-the-parts models. Based on projected earnings in 2022, we derive a price target (equally weighting the three model metrics) of $4.00.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 4.9% and a 41.4% success rate. Kolbert has a -23.4% average return when recommending IMUC, and is ranked #752 out of 3388 analysts.