The All Ordinaries Index (ASX: XAO) is up a healthy 4% in 2023, while ASX All Ords share Immutep Ltd (ASX: IMM) has surged 17% over this same time.
And the ASX biotech company could have more potential outperformance to come.
Here's why Fidelity International is bullish on the outlook for Immutep.
Why this ASX All Ords share could continue to outshine
Zara Lyons is an analyst and portfolio manager at Fidelity International.
Asked which stock she likes that many ASX All Ords investors might not be familiar with, she named Immutep (courtesy of The Australian Financial Review).
"It is a clinical stage Australian biopharma company," she explained.
According to Lyons:
Their portfolio of Lymphocyte Activation Gene-3 (LAG-3) directed biologics are currently being developed for a range of oncology and autoimmune applications.
Essentially, these are immunotherapies that are distinctly designed to harness and strengthen the power of patients' immune systems to fight cancer and autoimmune disease.
The market size for effective treatments is huge, enabling the ASX All Ords share to potentially tap into global revenue streams. Not to mention helping millions of cancer and autoimmune disease sufferers live better, longer lives.
Indeed, non-small cell lung cancer alone impacts about 1.9 million people every year.
"Immutep has a number of shots at goal, with four assets currently under development," Lyons said. "Two of those assets have been licensed to Novartis and GSK."
Lyons also noted that Immutep's recently completed capital raising leaves it "well-placed for future growth".
On 2 June the ASX All Ords share reported it had raised approximately $67.9 million at an offer price of 26 cents per new share.
Management noted at the time that "Immutep will be fully funded for its current and expanded clinical program through to Q1 2026 with a pro-forma cash balance of $135.2 million."
