Immunome walks into its August 13 earnings report with two analyst target raises landing on the same morning — a signal that at least part of the Street is growing more constructive even as insiders continue to sell into strength.
The analyst picture has shifted meaningfully around this earnings print. Truist Securities lifted its target to $38 from $37 this morning, maintaining Buy. Wedbush moved more aggressively, raising to $35 from $31 while keeping its Outperform rating — a notably larger step that brings the firm closer to the consensus mean of $36.31. Against a current price of $26.25, that consensus implies roughly 38% upside, which is consistent with a stock the Street largely endorses but hasn't yet rewarded. The bull case rests on varegacestat, IM-1021, and IM-3050 progressing through trials; the bear case centres on clinical failure risk and competition from larger players including Merck. Barclays initiated coverage in late May at Overweight with a $36 target, adding a third major voice to what is now a firmly constructive analyst lineup. Leerink trimmed its target to $33 in May after the prior print, but maintained Outperform — the direction of travel across the group remains positive even where individual targets have been revised.
The positioning picture looks more relaxed than the 18.8% short interest headline suggests. That figure is still elevated — nearly one in five freely traded shares is short — but it has fallen about 6.4% over the past month, meaning bears have been quietly trimming rather than pressing into the rally. Borrowing is exceptionally cheap at 0.52%, with very little week-on-week movement. Borrow availability is running at roughly 347% of current short interest, meaning the lending pool holds more than three times as many shares as are actually borrowed — there is no mechanical squeeze pressure anywhere in the lending market. The ORTEX short score of 71.4 is notable but has been drifting lower from a peak near 73 at the end of July, consistent with that gradual short-covering trend. Options tell a mildly more cautious story: the put/call ratio is at 0.43, about one standard deviation above its 20-day average of 0.34, suggesting some demand for downside protection ahead of the print — but nothing close to the defensive extreme.
Institutional ownership adds context to the divergence between covering shorts and selling insiders. T. Rowe Price holds roughly 17% of shares and added 2.4 million shares through June. Wellington built a position of over 4.7 million shares, adding nearly 3.8 million in the quarter. FMR added a further 420,000 shares. These are meaningful, deliberate accumulation moves by long-only institutions — a counterweight to the insider selling pattern flagged in the prior note, where a C-suite executive sold $2.3 million in early August and the CMO trimmed in July. The insider selling is consistent and worth tracking, but the institutional inflows suggest the long side of the register remains engaged.
The two prior earnings prints after the May and June reporting dates both produced negative first-day moves — down 3.5% and 2.4% respectively — with the five-day drift also negative on both occasions. The stock is up 4.7% on the week and 12.4% over the past month, meaning it enters the August 13 print having already repriced higher. Tomorrow's result is therefore as much about whether the clinical pipeline timeline holds as whether the quarterly numbers land in line.
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