Optimistic Outlook for IN8bio: A Buy Rating Ahead of Key Data Release

JonesTrading analyst Soumit Roy maintained a Buy rating on IN8bio (INAB – Research Report) today and set a price target of $5.00.

Soumit Roy has given his Buy rating due to a combination of factors surrounding IN8bio’s promising position in the leukemia treatment landscape. Roy highlights the company’s forthcoming data in June 2024, which is expected to solidify IN8bio’s path towards a registration trial. Compared to its peer TScan, IN8bio has more mature data and is approximately a year ahead in its development timeline, which suggests a faster route to potential FDA discussions for trial design. Additionally, IN8bio’s treatment, unlike TScan’s, is not genetically modified and can therefore target a broader patient population, which enhances its competitive edge.

Furthermore, Roy perceives IN8bio as substantially undervalued, especially when considering its market valuation relative to TScan. The anticipated June data release could serve as a pivotal moment for IN8bio, potentially replicating a previous surge in stock value observed after a positive update in December 2023. Roy also anticipates a subsequent tranche of investment contingent on positive data outcomes. The ‘bar to beat’ for IN8bio, in terms of relapse-free survival rates, is considered high yet achievable given the current data. This, coupled with the potential removal of capital overhang and a favorable risk/reward profile, underpins Roy’s Buy rating for IN8bio’s stock.

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IN8bio (INAB) Company Description:

IN8bio Inc is a clinical-stage biotechnology company. It is focused on developing innovative therapies for the treatment of cancers, including solid tumors, by employing allogeneic, autologous and genetically modified gamma-delta T cells.