Immunic Inc. (NASDAQ:IMUX) stock rallied 7.7% on Tuesday following the publication of new coverage from Guggenheim in which analyst Yatin Suneja assigned a Buy rating and set a $7.00 price target.
Suneja’s initiation centers on vidofludimus calcium, an oral therapy being developed to treat multiple sclerosis (MS). The program is intended to address both relapse-associated worsening and progression independent of relapse activity, spanning relapsing and progressive forms of MS.
The analyst referenced two Phase II trials that underpin the program: one in relapsing MS enrolling 268 patients and another in progressive MS with 467 patients. According to the initiation note, those studies demonstrated reduced relapse risk and control of disability. Suneja also emphasized the candidate’s safety profile, reporting that vidofludimus calcium showed a placebo-like safety signal without observed liver toxicity, increased infections, or the need for monitoring burdens that can accompany some MS therapies.
On development timing, Guggenheim expects positive topline Phase III data from the ENSURE program in relapsing MS by the end of 2026. The ENSURE studies are projected to include roughly 1,100 patients per study. A separate Phase III readout for primary progressive MS is anticipated around 2030, according to the analyst’s timeline.
In his financial modeling, Suneja estimated peak worldwide sales of about $1 billion for vidofludimus calcium in relapsing MS, assigning a 75% probability of success to that indication. For primary progressive MS, peak global sales were estimated at roughly $2 billion with a 60% probability of success. Immunic’s fully diluted market capitalization is reported to be about $800 million.
The analyst’s initiation combines clinical readouts, a stated safety profile, and commercial assumptions to support the Buy rating and the $7.00 target. Investors should note the timelines cited for Phase III data and the probability-weighted sales assumptions used in the valuation framework.
Market reaction: Shares rose 7.7% on the news.