Immatics: Buying The Anzu-Cel Floor, Playing The Moderna Moonshot

Immatics (IMTX) remains a speculative Buy, driven by progress with anzu-cel in 2L melanoma and a robust cell therapy pipeline. IMTX's valuation reflects high expectations, with the PRAME franchise and next-generation assets like IMA402 representing key upside optionality. SUPRAME's mid-2026 interim update is a pivotal go/no-go catalyst, but unlikely to deliver a near-term stock-moving data readout.