IMUGENE LIMITED (IMU)
Share Price Analysis and Chart

08/05/2026

1

Buy

$0.25

138.10%

Imugene has continued to make steady progress with its Phase 1b Azer-cel trial, Bell Potter reports, most notably in the indication for patients with Diffuse Large B Cell Lymphoma (DLBCL).

The recent type C meeting with the FDA has illuminated the pathway to an initial approval for Azer-cel in this indication with the added advantage of accelerated approval based on overall response rate and durability, with full approval based on progression free survival only.

Approval for this indication is likely to require the resources of a larger partner, Bell Potter suggests.

Bell Potter retains Speculative Buy, cutting its target to 25c from 82c due to dilution from a recent capital raise.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -8.70 cents.

12/05/2026

-1

No Rating

138.10%

Research as a Service (RaaS) has initiated coverage on clinical-stage immuno-oncology company Imugene.

The broker highlights a pivot from a broad, capital-intensive pipeline to a focused, late-stage Chimeric Antigen Receptor T-cell therapy (CAR-T) strategy centred on its azer-cel platform.

Azer-cel is an allogeneic, off-the-shelf CD19 CAR-T therapy targeting blood cancers, offering advantages over autologous therapies through lower cost and faster treatment delivery.

Phase 1b data shows strong efficacy, the analyst observes, including an 82% response rate in heavily pre-treated Diffuse Large B-Cell Lymphoma (DLBCL) patients and high response rates in niche lymphoma cohorts.

Management is prioritising completion of Phase 1b, with potential for a single-arm pivotal study supporting FDA Accelerated Approval.

RaaS notes Imugene's sub-$50m market cap appears low relative to allogeneic CAR-T peers given recent progress and upcoming catalysts.

A valuation of 24c is set.

Research as a Service doesn't assign a rating. Investors can draw conclusions from valuations and commentary.

FORECAST
Research as a Service (RaaS) forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -4.80 cents.
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.90 cents.