Immunome (IMNM) has been removed as a constituent from several Russell indexes, including the Russell Microcap, Russell 3000E and their related growth benchmarks. This change can influence trading flows and short term demand.

Despite Immunome’s removal from several Russell indexes, the stock has seen a 5.41% 1 day share price return and an 8.85% 7 day share price return. Its 1 year total shareholder return of 148.55% and 3 year total shareholder return of 162.67% indicate momentum that has been strong over a longer horizon, even as the 30 day and 90 day share price returns are down 3.62% and 6.28% respectively.

If you are looking for other healthcare stocks with potential, it may be worth scanning 41 healthcare AI stocks

So, with Immunome trading at a steep discount to its analyst price target and showing strong multi year total returns, is the stock still undervalued at this point, or is the market already pricing in much of its future growth potential?

Immunome valuation: what the current price implies

On Simply Wall St’s DCF model, Immunome’s estimated future cash flow value is $150.94 per share, compared with a last close of $21.04. That points to a very large gap between price and modelled value. That is a wide difference for any stock, especially one that is still loss making and early in its commercial journey.

The SWS DCF model works by projecting a company’s future cash flows over a period of years, then discounting those cash flows back to today using a required rate of return. The sum of those discounted cash flows is the estimated fair value per share, which investors can then compare with the current market price.

For Immunome, a biotechnology company with limited reported revenue of $4.02m and a net loss of $224.59m, a DCF based view is particularly sensitive to assumptions about future growth and cash generation. The model’s high fair value estimate reflects expectations captured in the inputs. The current share price at $21.04 shows where the market is currently willing to transact.

Result: DCF Fair value of $150.94 (UNDERVALUED)

However, investors still face key risks, including Immunome’s current net loss of $224.59m and the uncertainty that comes with early stage clinical assets.

Another view on Immunome’s valuation

While the SWS DCF model suggests Immunome could be worth much more than its current $21.04 share price, a simpler check using its P/B ratio tells a more restrained story. At around 4x book value, the stock sits below a peer average of 11.6x, yet above the broader US biotechs industry at 2.6x.

That split picture hints at both risk and potential opportunity. The key question is whether Immunome’s clinical pipeline and forecast revenue growth justify paying a premium to the sector while still sitting at a discount to peers, or if expectations are already running ahead of fundamentals.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Immunome for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 42 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

With Immunome showing both appealing metrics and clear uncertainties, it makes sense to weigh the upside and downside carefully, then decide how quickly you want to act. To see both sides laid out in one place, review the 3 key rewards and 3 important warning signs

Looking for more investment ideas beyond Immunome?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.