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    Assessing Immunome (IMNM) Valuation After Phase 3 RINGSIDE Success and 2026 FDA Filing Plans

    Simply Wall St·12/17/2025 10:34:37
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    Immunome (IMNM) grabbed investor attention after revealing that its pivotal Phase 3 RINGSIDE trial for desmoid tumors hit both its primary and key secondary endpoints, setting up a potential US approval filing in 2026.

    See our latest analysis for Immunome.

    The upbeat RINGSIDE data has been the clear catalyst behind Immunome’s recent rally, with a 30 day share price return of 36.99 percent and a 90 day share price return of 161.18 percent helping drive a 3 year total shareholder return of 526.13 percent. This signals that momentum is firmly building around the story at a share price of 23.48 dollars, even after December’s 400 million dollars follow on offering.

    If Immunome’s run has you rethinking your biotech exposure, this could be a good moment to explore other innovative healthcare stocks that might benefit from similar clinical or funding catalysts.

    Yet with IMNM still trading at roughly a 45 percent discount to consensus targets after its post trial surge, are investors looking at an early entry into a potential future oncology leader, or has Wall Street already priced in years of growth?

    Price to Book of 8.2x: Is it justified?

    On a price to book basis, Immunome’s 23.48 dollars share price reflects a significantly richer valuation than both its biotech peers and the wider industry.

    The price to book ratio compares a company’s market value to its net assets, a common shortcut for assessing how aggressively investors are valuing early stage, loss making biotech names where earnings and cash flows are not yet meaningful. For Immunome, an 8.2 times multiple indicates that the market is already assigning substantial value to its pipeline, clinical data and potential future cash flows long before profitability.

    That premium looks striking when set against benchmarks. IMNM’s 8.2 times price to book is higher than the 5.8 times peer average and well above the 2.7 times broader US biotech industry. The spread suggests investors are paying up aggressively for Immunome’s story and clinical momentum rather than treating it as just another mid cap biotech, and it leaves less room for error if future trial or commercialization outcomes fall short.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price to Book of 8.2x (OVERVALUED)

    However, setbacks in Varegacestat’s Phase 3 execution or disappointing early data from its ADC pipeline could quickly challenge today’s premium growth narrative.

    Find out about the key risks to this Immunome narrative.

    Build Your Own Immunome Narrative

    If you see the story differently or want to dig into the numbers on your own terms, you can build a custom view in just a few minutes, Do it your way.

    A great starting point for your Immunome research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

    Looking for more investment ideas?

    With momentum building around Immunome, now is the moment to widen your watchlist using the Simply Wall Street Screener before the next wave of opportunities accelerates away.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.