IMV Inc. price target raised to $11 from $8.50 at Wells Fargo

Wells Fargo analyst Jim Birchenough raised the firm's price target on IMV Inc. to $11 from $8.50 and reiterates an Overweight rating on the shares. The stock in morning trading is up 79%, or $2.37, to $5.37. IMV announced an agreement with Health Canada for a Phase 1 trial of SARS-CoV-2 vaccine candidate, DPX-COVID-19, in 84 healthy volunteers, Birchenough tells investors in a research note. Following the news, the analyst increased the probability of success for DPX-COVID-19 to 65%. He views IMV as attractively valued relative to vaccine peers and sees further upside potential on broader development and/or a partnership beyond Canada.