Immunome (IMNM) has just entered into a research collaboration with Infinimmune, giving it exclusive rights to targets discovered using specialized antibody platforms. This partnership could expand Immunome’s pipeline and help address longer-term growth questions for the company.

While Immunome’s newly announced partnership with Infinimmune is generating fresh attention, the stock’s longer-term momentum has been mixed. Over the past year, Immunome delivered a total shareholder return of -0.15%, even as its pipeline advances caught headlines. Three-year total returns remain positive, which hints at longer-run growth potential if new collaborations start to pay off.

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With the latest partnership in focus and shares sitting far below analyst targets, is Immunome an overlooked stock trading at a discount, or are investors already taking into account every ounce of future growth potential?

Price-to-Book Ratio of 3.7x: Is it justified?

With Immunome’s price-to-book ratio at 3.7x following the latest close at $11.47, the market values the company below its peer average but above the broader biotech sector. This presents a mixed picture for would-be investors trying to judge if the shares are attractively priced or uncertainly valued.

The price-to-book ratio compares Immunome’s market capitalization to its book value, a measure commonly used in the biotech space when earnings are negative or unpredictable. Immunome’s 3.7x figure suggests the market is putting a premium on its assets, perhaps reflecting optimism about future pipeline advancements despite recent losses.

Relative to its peers, Immunome is a better value, with a price-to-book ratio lower than the peer average of 6.2x. However, within the broader US biotechnology industry, it is more expensive than the sector average of 2.4x. This divergence suggests that while optimism exists, investors could be assigning a higher risk premium or greater expectations for Immunome’s unique position and new collaborations. If a fair ratio were available, it could signal where the market benchmark might trend in time, but right now the comparison sits between sector discount and peer optimism.

Result: Price-to-Book Ratio of 3.7x (ABOUT RIGHT)

However, setbacks in clinical progress or revenue disappointments could quickly unravel the optimism currently reflected in Immunome’s valuation.

Build Your Own Immunome Narrative

If you want to dig into the numbers yourself or feel there is a different angle, you can easily build your own analysis in just a few minutes using Do it your way.

A great starting point for your Immunome research is our analysis highlighting 1 key reward and 3 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.