Immuneering (IMRX) is back on traders’ screens after releasing updated Phase 2a data for atebimetinib plus modified gemcitabine/nab-paclitaxel in first-line pancreatic cancer, showing higher overall survival and response metrics than standard benchmarks.

The updated atebimetinib data arrive after a tough recent stretch, with the share price at US$4.73 and a 1 day share price return of 43.22% decline. However, a 1 year total shareholder return of 136.5% hints that longer term momentum has still been strong despite weaker short term trading.

If this kind of clinical update has your attention, it could be a good moment to see what else is moving in healthcare, including healthcare stocks.

With Immuneering trading at US$4.73, a 1 year total shareholder return of 136.5% and a value score of 2, the big question now is whether the recent pullback leaves upside on the table or if markets are already pricing in future growth.

Price-to-Book of 1.3x: Is it justified?

At a last close of US$4.73, Immuneering trades on a P/B of 1.3x, which screens as cheap against both its closest peers and the broader US Biotechs group.

P/B compares the company’s market value to its net assets on the balance sheet. This can be a practical yardstick for early stage or loss making biotech names where earnings and revenue are not yet meaningful.

For Immuneering, the 1.3x P/B sits well below the 6.3x average of peers and under the 2.7x average for the US Biotechs industry. This wide gap suggests the market is assigning a lower value to each dollar of equity than it does for many comparable companies.

Investors weighing that discount may ask whether it reflects the company’s unprofitable status, forecast lack of near term profitability, recent shareholder dilution, or if it points to a potential valuation mismatch that could close if sentiment changes.

Result: Price-to-book of 1.3x (UNDERVALUED)

However, you are still taking on clear risk here, including reliance on early stage trials and a recent net loss of US$62.5m, which could pressure funding needs.

Build Your Own Immuneering Narrative

If you see the numbers differently, or prefer to analyze the data yourself, you can build your own view in just a few minutes with Do it your way.

A great starting point for your Immuneering research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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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.