TD Cowen Names Immatics Top Pharma Pick for 2026
TD Cowen released its Best SMIDCAP Ideas list for 2026 and assigned a Buy rating to Immatics N.V., a cell‑therapy developer focused on PRAME‑targeted treatments. The firm argues that the market undervalues Immatics’ pipeline, particularly the Phase III anzu‑cel candidate, and expects multiple catalysts in the second half of 2026.
The investment thesis highlights three points. First, the Phase III SUPRAME trial in second‑line cutaneous melanoma is considered significantly de‑risked after Phase Ib results demonstrated a 57% objective response rate, a 93% disease‑control rate, and a median progression‑free survival of 6.0 months, all well above the efficacy threshold required for success. Second, anzu‑cel is projected to differentiate from the competing therapy Amtagvi through higher efficacy, a streamlined manufacturing process of roughly 14 days, elimination of surgical tumor resection, use of a lower‑dose IL‑2 regimen, and a favorable safety profile, which could improve patient access and adoption. Third, TD Cowen estimates a large commercial opportunity, forecasting approximately $1.6 billion in annual anzu‑cel sales by 2035, with additional upside from broader adoption and international market expansion.
In a recent corporate development, Immatics announced that it will deliver four oral presentations at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, including updated Phase 1b clinical data on its lead PRAME cell‑therapy, anzu‑cel.