Immutep Ltd (ASX: IMM) shares underperformed in FY22 as markets took a turn for the worse. Most of the previous year's gains were erased.
However, the biotech company has caught a bid in July, as healthcare shares continue to strengthen in the new financial year.
The Immutep share price is flat today at 32.5 cents but it has gained 10% since the start of the month. Similarly, the S&P/ASX 200 Health Care Index (ASX: XHJ) is up 9% over the same period.
That is in stark contrast to June, when Immutep shares slumped by around 30%. They are now down 35% since this time last year.
What's next for Immutep shares?
Immutep describes itself as a "biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases".
After bouncing from lows of 29 cents on 30 June, Immutep shares have traded sideways and now rest at 32.5 cents apiece.
Earlier this month, the company announced it was granted a new patent (7074341) titled "AntiLAG-3 Antibodies" by the Japanese Patent Office.
The patent concerns the company's drug candidate, IMP761. It covers all pharmaceutical formulas using IMP761 and "the use of the compositions in the treatment of T-cell mediated inflammatory and autoimmune diseases".
"Immutep is well placed to make important contributions to this rapidly emerging field of immunotherapy — in both cancer and autoimmune diseases," CEO Mark Voigt said.
The company also advised that its phase II TACTI-002 trial showed favourable results at readouts last month.
The study looked at combining Immutep's lead drug candidate, efti, in combination with MSD's pembrolizumab.
The trial met its primary objective, showing favourable anti-tumour activity. This data is now set to be presented at the 2022 IASLC 2022 World Conference on Lung Cancer, held on 6–9 August in Austria.
Meanwhile, Immutep shares are rated as a buy from 100% of the analysts covering the company, according to Refinitiv Eikon data.
From this list, the consensus price target is $1.18 per share, suggesting a mammoth 269% upside potential if these brokers are correct.
