I feel the market may have wrong as retail sold it off based on...

I feel the market may have wrong as retail sold it off based on reading the reduced survival data, however the PD-L1 data is more relevant to TACTI-003 trial which will be released next week. Petra and Wilsons both came out today with reaffirming positive ratings on the stock.

Also from Wilsons today:

Immutep have released two abstracts submitted to the ASCO conference (June 2-6th) in Chicago, which include trial design for their recently initiated AIPAC-003 study in metastatic breast cancer, as well as final data from Part C of the Phase II TACTI-002 trial in 2L head and neck squamous cell carcinoma (HNSCC). The HNSCC final data confirms that the addition of Efti to Keytruda (pembrolizumab) is able to boost response rates, when comparing to standard of care. The key metric (and primary endpoint for TACTI-003)- objective response rate (ORR)- was double that of prior trials of pembrolizumab monotherapy (15-17% on PD-L1 unselected basis, versus Efti’s 30% ORR) and importantly was consistent with the last interim readout at ASCO 2021. This ORR impact was even further pronounced in high PD-L1 expressing cohorts (CPS ≥20). Comparisons to prior interim survival (mOS) from mid-21 shows a decline in the overall survival benefit delta (now in line with SOC), albeit is on an all comers basis, with PD-L1 selected data yet to be unveiled (which is the most relevant to IMM’s TACTI-003 program). Consistent ORR superiority over SOC cannot be underplayed. We expect further data once posters are released at the conference. In our view today’s data continues to support the ability of Efti to expand and increase the addressable market for pembrolizumab in a very difficult to treat patient population. We of course look to TACTI-003 for next clinical data, evaluating this same combination only in 1L patients, with expected topline in 2H CY23.