Why IMU is a multi multi bagger, page-178

Might be time for those intelligent analysts at Bell Potter to sharpen their pencils. And get real.

Recall in early May when the shareprice was around 3 c they initiated coverage with a 5c price target.

Here we are now, 5.3, wasn’t that hard really.

The sad part was they openly stated in relation to HerVax “In our view there is a very wide range of potential value for the asset, however at this time we believe the value is not more than the cost of development.” And , “In our view it is pointless to try to compare the value of this asset with other transactions in the space at this time, so shortly before headline results from a major study and also given the unique nature of this asset.” D’OH. Sorry but that’s just plain lame !
The best research reports are those that can see the potential and at least put some meaningful upside value on a great outcome, an average outcome and a poor outcome. Here $30 million R&D....joke. Especially considering they were able to mention the Ph1b median progression free survival for the 3 patients on the highest dose was 355 days., with zero safety , toxicity or adverse side affects . A really sharp analyst report might even go as far as indicating what kind of price Big Pharma could be willing to pay for licensing deals for a trial already showing such encouraging early figures.

Al least in typical broker fashion they attempted a little fence sitting and left the door open for revisiting the valuation once data has been published.

“The headline results from the HER-Vaxx study will be a material value inflexion point for the company”
“We will have a much better idea on the valuation following the phase II results.”
And re a potential valuation “ This is highly likely to change depending on upcoming clinical results.”

And then with regard to CF33, they do mention the Takeda /Turnstone deal, But rather than explain the facts of the total deal size, US$1.2 Billion for 50% , they skim the surface and mention the US$120 million upfront payment, forgetting the milestones and somehow conclude that’s a fair value for cF33. Another joke.

ZEro value given to PD1 Vax. Zero Value for Mimitopes Platform. Another lame omission !

5c was just a complete tease in reality .

Just too plain scared to put some balls and reputation on the line . Sign of the times I suppose.

Looking forward to a much more professional , well considered SUM of ALL the PARTS fair dinkum valuation as HerVax data gets released, PD1 enters the clinic, CF33 gets IND FDA approval and also enters the clinic.

Base Case
10+3+ 10+2 = 25 a more meaningful price target.

Here it is for those that missed it :

https://static1.squarespace.com/static/5b63d41b3e2d09b1f56bf483/t/5ebb8d9801cb8664576d95ba/1589349794422/IMU20200513.pdf