On Friday, Baird raised its price target on Instil Bio Inc (NASDAQ:TIL) shares significantly to $180 from the previous target of $32, while maintaining an Outperform rating. This substantial increase comes as the industry shows growing enthusiasm for the PD-1/L1xVEGF area of development.
The positive momentum for Instil Bio's stock has been linked to recent favorable results from Akeso/Summit's ivonescimab, showcased at the World Conference on Lung Cancer (WCLC) 2024, and the anticipation surrounding the European Society for Medical Oncology (ESMO) abstracts for both ivonescimab and BNT327. These developments have shone a spotlight on the potential of PD-1/L1xVEGF therapies, contributing to the rising share price of Instil Bio.
The analyst from Baird noted that despite Instil Bio's shares experiencing a recent uptick, they believe the stock remains undervalued. The increased price target to $180 per share reflects this belief and the high expectations for the PD-1/L1xVEGF sector.
Instil Bio's stock movement has been observed to be in sympathy with the advancements and excitement within the PD-1/L1xVEGF space. The analyst's comments underscore the broader market's recognition of the significance of these developments and their impact on related stocks.
The new price target of $180 represents a significant vote of confidence in Instil Bio's prospects within the PD-1/L1xVEGF field. This adjustment in the price target is a clear indicator of the growing optimism in this specific area of drug development and Instil Bio's potential role in it.
In other recent news, Instil Bio has experienced substantial developments. H.C. Wainwright raised its 12-month price target for Instil Bio to $40.00 from $25.00, maintaining a Buy rating, following recent developments from a competitor in the cancer treatment space. Concurrently, Baird maintained its Outperform rating for Instil Bio, expressing optimism following recent data from an external clinical trial.
However, Jefferies downgraded its stock rating from Buy to Hold following the company's decision to halt the clinical development of its ITIL-306 program.
Instil Bio has announced a major restructuring plan to close its UK operations, expecting costs up to $5.5 million. The company has also entered into an exclusive license agreement with ImmuneOnco Biopharmaceuticals to develop and commercialize antibodies targeting PD-L1 and VEGF, a deal potentially worth up to $2.1 billion for ImmuneOnco based on future milestones. Additionally, Instil Bio secured a 15-year lease with AstraZeneca (NASDAQ:AZN) Pharmaceuticals for its facility in Tarzana, California.
In terms of governance, R. Kent McGaughy, Jr. and Dr. Gwendolyn Binder were reelected to the company's board of directors, and Deloitte & Touche LLP was ratified as its independent registered public accounting firm for the fiscal year ending December 31, 2024. These recent developments highlight the company's strategic shifts and potential growth opportunities in the cancer treatment space.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.