Nov. 14 at 7:04 PM
$IMA ImageneBio significant upside optionality tied to its Phase 2b program, IMG‑007, in moderate-to-severe atopic dermatitis. The company has ~
$130M in net cash/near-cash, providing a strong runway. Using a probability-weighted, risk-adjusted NPV framework, the pipeline fair value is estimated around
$45 per share, well above the current trading price of ~
$8.
Notably, the current share price is materially below the implied valuation of ~
$30/share paid by PIPE investors last winter, despite the broader biotech sector (XBI) being up 50%+ over the same period. This divergence highlights that the market has not yet priced in the pipeline or upcoming Phase 2b readout, expected in 2027, creating potential for substantial upside.
Recent PIPE investors—including DeepTrack, Foresite Capital, RTW Investments, BVF Partners, Blue Owl Healthcare Opportunities, Omega Funds, and OrbiMed—participated at a premium to today’s price, signaling strong conviction from specialist biotech capital.
