Maxim Reiterates Buy On ImmunoCellular As ICT107 Phase 2 Data Continues To Show Benefit

In a research report sent to investors today, Maxim Group analyst Jason Kolbert reiterated a Buy rating on ImmunoCellular Therapeutics (NYSE:IMUC) with a $4 price target, as the company presented additional data from its phase II trial of ICT-107 in newly diagnosed glioblastoma multiforme (GBM), showing benefits in progression free survival (PFS) and overall survival (OS) in the pre-defined patient populations.

Kolbert noted, “The group with the most common form of GBM (HLA-A2) with a methylated MGMT gene showed a median PFS for the ICT-107 group of 24.1 months vs. 8.5 months for the control group, for a benefit of 15.6 months (p=0.004). OS was 23.9 months for the control group, and the median has not yet been reached for the ICT-107 group (p=0.404). We find these efficacy results to be very encouraging.”

The analyst explained his price target, “We believe that ICT-107 is a viable therapy for GBM and that a pivotal trial in the U.S. 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, 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 5.6% and a 38.9% success rate. Kolbert has a -24.0% average return when recommending IMUC, and is ranked #665 out of 3376 analysts.

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