02:13 PM EDT, 03/15/2024 (MT Newswires) -- Immuneering ( IMRX ) shares were down more than 29% in recent trading Friday after analysts downgraded and cut the price targets on the stock despite the company's report highlighting positive topline data from its phase 1 study in solid tumors.

Jefferies, Guggenheim and TD Cowen downgraded the ratings on Immuneering ( IMRX ), while Chardan and Needham reduced their price targets on the company's stock.

Immuneering ( IMRX ) announced Thursday that its experimental cancer therapy IMM-1-104 shrank MAPK-dependent lesions in late-line cancers, prevented acquired alterations in RAS, and was well-tolerated with potential for a differentiated safety profile.

Treatment-related adverse events occurred in more than 10% of patients but none was deemed as serious, according to Immuneering ( IMRX ).

Phase 2a of the study with three monotherapy and two combination arms is ongoing and Immuneering ( IMRX ) said it expects initial data in 2024.

Price: 2.06, Change: -0.85, Percent Change: -29.14