IMUGENE LIMITED (IMU)
Share Price Analysis and Chart

29/05/2026

1

Speculative Buy

$0.25

575.68%

Bell Potter highlights first patient enrolment in Imugene's Phase 1b cohort investigating azer-cel alongside BTK inhibitor therapies for rare forms of non-Hodgkin's lymphoma.

The broker sees a significant unmet need in relapsed or refractory lymphoma patients, particularly those unsuitable for traditional Chimeric Antigen Receptor T-cell therapy (CAR-T) manufacturing timelines.

Azer-cel's off-the-shelf availability and favourable safety profile could expand patient eligibility and support rapid trial enrolment, commentary suggests.

The broker also points to encouraging earlier trial data, which showed an 81% overall response rate across first-time NHL patients to CAR-T therapies.

Bell Potter retains a Speculative Buy rating with an unchanged $0.25 target.

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.

08/10/2026

-1

No Rating

575.68%

Research as a Service (RaaS) views Imugene's latest azer-cel trial results as encouraging, with five of seven evaluable patients responding in the cohort combining the off-the-shelf CAR-T therapy with BTKi treatment.

The 71% overall response rate includes three complete responses, despite all patients having previously progressed on BTKi therapy. Patient numbers remain small.

The researcher considers this cohort a potentially important commercial pathway that could broaden azer-cel's addressable market. Further trial updates, Phase 1b completion in FY27 and potential licensing or partnering agreements are catalysts.

RaaS lowers its risk-adjusted valuation to 16c from 24c, a -33.3% reduction, primarily reflecting dilution from the July capital raising, outstanding options and an assumed mid-2027 equity raising.

The valuation retains a 25% probability of success. Clinical efficacy, funding availability and regulatory approval remain key risks. 

Research as a Service (RaaS) research does not carry any targets, ratings or recommendations. 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 -4.76 cents.
Research as a Service (RaaS) forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -5.94 cents.