Analysts Reports (Imugene), page-175

Today, Bell Potter downgraded Imugene from 52c to 43c. Still a buy rating though...
https://www.belldirect.com.au/file.type?src=2NxhR8XMZx5ptqeFUuCIDf9HHk7wut9s

Some excerpts of interest.

HEr-VAxx- targeted as...In 2nd line therapy.

"In our view NextHERizon represents a text book approach to approval for a new chemical entity, particularly where this is dominant market participant in place - in this case Herceptin (trastuzumab). The company’s strategy with NextHERizon is to gain initial approval in the US in 2nd line therapy before considering further investigation. The collaboration with MSD is significant for Imugene. MSD is a top tier pharma company and although it is likely to have many such arrangements, it is a validation that the earlier HER-Vaxx data is promising and worthy of further investigation. MSD has extensive data from numerous studies investigating pembro in the treatment of advanced gastric cancer and is in the midst of a major phase III trial in combination with chemotherapy in the first line setting"

Why they changed the pricing target...
Valuation is lowered to $0.45 from $0.52. The future deal value for HER-Vaxx is reduced modestly because the company is pursuing an initial 2nd line approval. An approval in 2nd line is likely to driver a lower deal value for HER-Vaxx. We note the market value of the company has declined by more than 50% following its recent all time high at $0.625 and market capitalisation approaching $3bn. This re-rating has affected the vast majority of growth stocks and biotechnology in particular and is driven by macro factors outside of the company’s control. Other than the matter mentioned above regarding initial approval in a 2nd line setting for one of the assets in the portfolio, there are no changes to the fundamental drivers of value for IMU.

DYOR and all that.