Overnight Market report, page-1748

Roche TIGIT overhang could impact excitement. We remember back to the readout from Roche’s Phase II CITYSCAPE trial combining anti-PD-1 (atezolizumab) with their anti-TIGIT asset (tiragolumab) where they previewed data that was similar/as compelling as Immutep’s (median OS: 23.2 months; ORR 39%; DoR 17.6 months). This created excitement in the IO market, heralding this new anti-TIGIT as the next IO revolution. Since, with the advent of several failed Phase III trials with the tiragolumab combo (noting that Roche continue to progress the asset), the markets positivity toward new IO-IO combos may have dampened. Of course, the readthrough between Roche’s experience and Immutep’s are not at all related (different target). We simply assess the market has had recent expectations for a new IO combo dulled, and hence IMM is not experiencing the full extent of investor excitement this new OS data should warrant, in our view.