Jefferies Cuts Price Target on Immune Design (IMDZ) Following 4Q

Jefferies maintained a Buy rating on Immune Design (NASDAQ: IMDZ), and cut the price target to $21.00 (from $23.00), following the company's 4Q earnings report. 4Q operating expenses were $13.3M consisting of $8.9M of R&D. This contributed to a net loss of $12.1M compared to Jefferies' $9.7M estimate. The company ended the quarter with $112.9M in cash.

Analyst Brian Abrahams commented, "IMDZ's platform continues to advance well, with the early encouraging signals of biological activity for LV305 and CMB305 continuing. We believe 2016 data will continue to build on these signals and further the likelihood their differentiated IO platform will have an important role in the future cancer landscape. We continue to believe IMDZ shares underappreciate this promise. Adjusting tgt to $21 from $23 on model/valuation adjustments."

For an analyst ratings summary and ratings history on Immune Design click here. For more ratings news on Immune Design click here.

Shares of Immune Design closed at $11.19 yesterday.

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