IMV, Inc (IMV) Stock Could Fly After Wells Fargo Upgrade

IMV Inc IMV Stock News

IMV, Inc (TSE: IMV) is likely to make a run for the top in the market today after the company was recently upgraded by a key analyst. Here’s what’s going on:

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IMV Stock To Climb On Wells Fargo Upgrade

In a recent update, Wells Fargo upgraded their view of IMV stock. Interestingly, this was the same analyst firm that had a negative view of a recent data release, sending the stock downward. Nonetheless, it looks like Wells Fargo has made a complete 180 here.

The report was authored by four analysts, Jim Birchenough, MD, Yanan Zhu, Ph.D. Chuck Whitesell, and Nick Abbott. In the note, the analysts upgraded IMV stock from Equal-Weight to Overweight.

The price target on the stock was greatly increased as well. In fact, Wells Fargo now sees IMV has having the ability to grow to $8.50 per share over the next year. Previously, Wells Fargo had a price target of $2.50 on the stock.

In the note, the analysts pointed to the company’s vaccine platform in oncology and infectious disease as a key reason for the upgrade. While the analysts believe that there is still an uphill battle in the oncology space, they see the company’s work in COVID-19 incredibly valuable.

In the note, the analysts said that “progres with [the company’s] COVID19 vaccine candidate DPX-COVID19 as under-appreciated.” Moreover, the analysts expect to “see significant upside potential into near-term preclinical data and phase 1/2 initiation.”

In the report, the analysts compared DPX-COVID19 by IMV to vaccines by Moderna, Inovio and Novavax, stating that DPX-COVID19 is as impressive if not moreso due to clinical validatation and the rational behind the vaccine.

Importantly, Wells Fargo also believes that IMV is well-positioned to secure government funding for vaccine development in Canada. Not to mention the company’s broader relationships that would allow it to move forward with global distribution.

This Is Big News

All in all, this is exciting for investors. The only analyst that had something negative to say after the company’s most recent data release has now changed direction and sees incredible growth potential ahead.

Furthermore, if the analyst is right, IMV ranks among the top in the competitors when it comes to the development of a COVID-19 vaccine. Should this relatively small company be successful in doing so, the sky is the limit with regard to IMV stock.

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