B+
Bull case
20%
Probability
Target price
$9.00
Analysis reference price unavailable
Analysis 2026-10-02 · RankAlpha Sentiment Codex
IMA
ImageneBioCNasdaq / Pharmaceuticals, Biotechnology & Life Sciences
Last Price
Quote time unavailable
Current thesis
The August company update reported ADAPTIVE progressing under its amended protocol, a planned second Phase 2 program, and a runway expected to extend into early 2028. Favorable clinical data could materially revalue a roughly $52 million equity, but the pivotal evidence remains future-dated [#SEC-8K-2026-08-05].
Posture
Mixed
Lead driver
Value
What changed
Value remains the lead driver in the composite, 7D delta -0.2.
What can break
ADAPTIVE efficacy and safety remain unproven; the principal topline readout is not expected until fourth-quarter 2027 [#SEC-8K-2026-08-05].
Momentum
58
Value
56
Sentiment
57
Setup hits (3d)
0 · Net Neutral
AI TargetsBase $3.80 · Bull $9.00 · Bear $1.50Analysis 2026-10-02; returns require an exact persisted reference.
Data freshness
Prices
Unavailable: Price unavailable
Fundamentals
As of 2026-10-27 • Vendor: Data Vendor v1
Scores
As of 2026-10-28 • Model: HYBRID_IC_RP
AI Memo
As of 2026-10-02 • Model: RankAlpha Sentiment Codex
Investment thesisAs of 2026-10-28
Investment thesis
As of 2026-10-28
Grade is the composite factor band; factor scores use a 0–100 scale. Confidence describes evidence quality, not a probability of return. Score date: 2026-10-28. Definitions
Supporting evidence
What
Grade C · Mixed
Confidence Medium · Net Neutral
Target $18.00
Why
Momentum58 · Δ7d -
Value56 · Δ7d -0.2
Sentiment57 · Δ7d -
So what
Balanced signals (Net Neutral). Wait for confirmation before sizing up.
Confirming evidence
- • Value remains the lead driver in the composite, 7D delta -0.2.
Contradictions & invalidation
- • ADAPTIVE efficacy and safety remain unproven; the principal topline readout is not expected until fourth-quarter 2027 [#SEC-8K-2026-08-05].
- • Quarterly R&D expense rose to $6.7 million from $5.7 million a year earlier, while G&A rose to $5.1 million from $1.7 million; spending or schedule changes could shorten the stated runway [#PR-EARNINGS-2026-08-05].
- • IMA remains concentrated in olevaprubart.
Catalyst clock
2026-12-31
Planned Phase 2 alopecia areata trial initiation
Lead driver: Value · See fundamentals
Momentum
58
8% active weight
Current posture
7d trendTrend unavailable
Trend unavailable
Δ7d
-
Δ21d
-
Value
56
47% active weight
Current posture
7d trendFlat
Δ7d
-0.2
Δ21d
-0.6
Sentiment
57
45% active weight
Current posture
7d trendTrend unavailable
Trend unavailable
Δ7d
-
Δ21d
-
Why this grade
Composite grade C. Momentum 58.4 / Value 56.2 / Sentiment 56.7
Scenario snapshot
Scenario probability is memo-authored likelihood, not forecast certainty. Targets belong to the analysis dated 2026-10-02. Scenario method
Most likely
B
Base case
45%
Probability
Target price
$3.80
Analysis reference price unavailable
Analysis 2026-10-02 · RankAlpha Sentiment Codex
B-
Bear case
35%
Probability
Target price
$1.50
Analysis reference price unavailable
Analysis 2026-10-02 · RankAlpha Sentiment Codex
Fundamentals (TTM)As of 2026-10-27
Fundamentals (TTM)
As of 2026-10-27
Market Cap
$45.63M
Beta
0.44
Shares Out
11.35M
P/E (TTM) · Derived
-0.4
P/S (TTM)
-
P/FCF (TTM) · Derived
-0.71
Rev YoY
-100.0%
EPS YoY
-85.9%
Gross Margin
+9.6%
Op Margin
-10373.9%
Net Debt
-$125.35M
Current Ratio
21.47
As of 2026-10-28 • Updated nightlySource: Internal modelMethods & Data