This report is an updated version of the report published on 8 October 2025 at 12:06 PM AEDT.

Immutep Limited (ASX: IMM)

Immutep Limited (ASX: IMM) is an Australia-based biotechnology company. The company's primary focus is developing immunotherapies for cancer and autoimmune diseases that target the Lymphocyte Activation Gene (LAG)-3.

Recommendation Rationale – SELL at AUD 0.300

• Technical Standpoint: IMM’s share price has surpassed its R2 level, recommended on 22 August 2025. Also, the momentum oscillatory (14-day RSI is around 67.7 level), is approaching overbought territory. This shows increasing likelihood of near-term consolidation or technical pullback.
• Overvalued Multiples: On a forward 12-month basis - key valuation multiples (EV/Sales and Price/Book Value) are higher than median of the Healthcare Sector.

• Increase in Losses: The company’s loss for FY25 rose by approximately 43.8% year-on-year. Continued financial losses may strain resources, limit growth prospects, and potentially require additional funding or capital raising to sustain operations.

• Emerging Risks: The immunotherapy sector faces intense competition, with numerous global pharmaceutical and biotech firms pursuing comparable or alternative treatments for cancer and autoimmune disorders. Such competitive developments could diminish the value of IMM’s pipeline. Furthermore, regulatory approval from major agencies (including the FDA, EMA, and TGA) is uncertain, and any delays, rejections, or requests for additional studies could impede commercialization progress.

IMM Daily Chart

Valuation Methodology: EV/Sales Relative Valuation Approach (FY June'26E) (Illustrative)

Stock might trade at a slight premium to its peers, considering the YoY increase in total revenue and other income in FY25, advancement to phase III, positive FDA feedback for future trails, high response rate in combination therapy, positive clinical results, etc. For the valuation purpose, peers include PYC Therapeutics Ltd (ASX: PYC), Neuren Pharmaceuticals Ltd (ASX: NEU), and Cochlear Ltd (ASX: COH).

Considering that the stock has surpassed its R2 level, macroeconomic uncertainty, share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current market price of AUD 0.300, at 11:25 AM AEDT, as of 8 October 2025.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate. 

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 8 October 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.    

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: - 

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.