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    Immunome (IMNM) Is Up 15.3% After Desmoid Tumor Phase 3 Win and NDA Timeline Update – Has The Bull Case Changed?

    Simply Wall St·12/16/2025 03:20:04
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    • Immunome has reported positive topline results from its global pivotal Phase 3 RINGSIDE trial of varegacestat in progressing desmoid tumors, showing a large reduction in the risk of disease progression or death versus placebo and meeting all key secondary endpoints with a generally manageable safety profile.
    • Because desmoid tumors are a rare, painful condition with limited treatment options, Immunome’s plan to file a New Drug Application in the second quarter of 2026 could be an important catalyst for both patients and the company’s development pipeline.
    • With recent share price gains, we’ll explore how the Phase 3 success and upcoming New Drug Application plan shape Immunome’s investment narrative.

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    What Is Immunome's Investment Narrative?

    For Immunome, the big-picture belief is that varegacestat can anchor a real commercial franchise in a rare disease while funding a broader oncology platform that is still unproven. The Phase 3 RINGSIDE success and sharp share price move have likely pulled forward one of the key near term catalysts, shifting attention from “will the data work?” to “can the company execute an NDA and eventual launch?” In the short term, the planned Q2 2026 NDA filing and upcoming full data presentation now look more central, while the freshly filed US$400,000,000 follow on offering highlights the ongoing need for capital in a business with rising annual losses and no profitability in sight. The core risk has not disappeared: Immunome remains an early commercial story with heavy spend, pipeline uncertainty and potential dilution.

    However, one issue in particular may catch investors off guard if they only focus on the data. Our expertly prepared valuation report on Immunome implies its share price may be too high.

    Exploring Other Perspectives

    IMNM 1-Year Stock Price Chart
    IMNM 1-Year Stock Price Chart
    The Simply Wall St Community’s single fair value estimate of US$31 sits against a rapidly shifting story after the Phase 3 success and sizeable equity raise. With execution, funding needs and pipeline risk still in focus, it is worth comparing this view with several alternative assessments of Immunome’s prospects.

    Explore another fair value estimate on Immunome - why the stock might be worth as much as 37% more than the current price!

    Build Your Own Immunome Narrative

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    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.