IMV (NYSE:IMV) Upgraded to Buy at Zacks Investment Research

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IMV (NYSE:IMV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $3.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 17.65% from the company’s current price.

According to Zacks, “IMV Inc. is a clinical-stage immuno-oncology company. Its proprietary drug development platform provides a patented delivery formulation which enables controlled and prolonged exposure of antigens to the immune system. The company’s pipeline consists of DPX-Survivac, DPX-E7 and DPX-RSV which are in clinical stage. IMV Inc. is based in Halifax, Canada. “

A number of other equities research analysts have also issued reports on IMV. HC Wainwright set a $11.50 price target on shares of IMV and gave the company a “buy” rating in a report on Monday, September 30th. Raymond James set a $10.00 price target on shares of IMV and gave the company an “outperform” rating in a report on Tuesday, October 1st. Five analysts have rated the stock with a buy rating, IMV has a consensus rating of “Buy” and an average price target of $8.88.

IMV stock opened at $2.55 on Wednesday. IMV has a 52-week low of $2.25 and a 52-week high of $7.07. The company’s 50 day simple moving average is $2.82 and its 200-day simple moving average is $3.26.

IMV (NYSE:IMV) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.03. The firm had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.07 million.

Several hedge funds have recently added to or reduced their stakes in IMV. Bank of Montreal Can raised its holdings in shares of IMV by 17.5% during the second quarter. Bank of Montreal Can now owns 88,889 shares of the company’s stock valued at $260,000 after acquiring an additional 13,228 shares during the period. Morgan Stanley raised its holdings in shares of IMV by 260.5% during the second quarter. Morgan Stanley now owns 90,368 shares of the company’s stock valued at $264,000 after acquiring an additional 65,300 shares during the period. Citadel Advisors LLC acquired a new stake in shares of IMV during the second quarter valued at approximately $37,000. Finally, Royal Bank of Canada raised its holdings in shares of IMV by 3.6% during the second quarter. Royal Bank of Canada now owns 98,676 shares of the company’s stock valued at $288,000 after acquiring an additional 3,453 shares during the period.

IMV Company Profile

IMV, Inc is a clinical-stage biopharmaceutical company, which engages in the development of cancer immunotherapies and infectious disease vaccines. The firm’s patented platform, DepoVax, provides controlled and prolonged exposure of antigens and adjuvant to the immune system. The company was founded by Warwick Kimmins and Brian Lowe on March 28, 2000 and is headquartered in Halifax, Canada.

Further Reading: Initial Coin Offerings entail a high degree of risk

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