Wedbush reiterates Outperform rating on Immunome, $35 price target

What happened

Wedbush reiterated an Outperform rating on Immunome with a $35.00 price target. That target implies 95.6% upside from the October 26 close of $17.89. The note cited strong Phase 3 RINGSIDE trial results for varegacestat and a diverse pipeline of therapies.

Confirmed

Global impact / market context

An Outperform rating means the analyst expects the stock to beat the broader market. A $35 target nearly double the recent close signals confidence in varegacestat's trial data and future approvals. Such calls can draw investor attention to Immunome and support demand for its shares.

Analyst inference

The note points to oncology as a competitive area where strong trial results can influence views on approval chances. If investors accept the analyst's case, capital could rotate toward Immunome and similar drug developers, while disappointing pipeline news could reverse that positioning.

Analyst inference

What to watch

1. Watch for regulatory updates on varegacestat after the Phase 3 RINGSIDE trial, which showed an 84% reduction in the risk of progression or death compared with placebo. Confirmed
2. Track whether Wedbush's $35.00 price target and Outperform rating are maintained or revised as new data arrive, since changes could shift how investors position in Immunome shares. Proposed
3. Monitor clinical progress for pipeline candidates IM-1021 and IM-3050, as trial results could affect views on Immunome's future revenue potential and justify or undermine the analyst's bullish case. Analyst inference

Evidence

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