INmune  slides again as Scotiabank, RJ cut ratings after Alzheimer’s drug miss

July 02, 2025 03:07 AM AEST | By EODHD

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INmune  slides again as Scotiabank, RJ cut ratings after Alzheimer’s drug miss — Image source: Kalkine Media

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Investing.com -- INmune Bio (NASDAQ:INMB) shares fell another 6% to about $2.17 on Tuesday after brokerages downgraded the stock, saying failure of the company’s experimental Alzheimer’s drug XPro in a mid‑stage trial sharply weakens its investment case. Scotiabank (TSX:BNS) cut its rating to Sector Underperform and slashed its price target to 60 cents saying the 203‑patient study’s inability to show cognitive benefit and calling a partner search for further development “quite challenging.” Raymond James moved to Market perform from Outperform, saying XPro showed only a small, non‑statistically significant effect in a subgroup of patients with higher levels of brain inflammation, leaving “greater risk to this key programme” as it moves toward larger, longer trials. The downgrades come on the heels of a 57% plunge on June 30, when INmune disclosed the data alongside a $19 million share sale that bolstered cash to roughly $29 million but diluted existing investors. XPro targets soluble tumour‑necrosis factor, an inflammatory protein researchers believe may contribute to Alzheimer’s disease. The study missed its primary endpoint after six months, and analysts said it may need to run longer to detect a meaningful effect.

Both analysts questioned whether the small biotechnology firm has the resources to fund a pivotal Phase 3 trial without a larger partner. Beyond XPro, Scotiabank expressed doubt about INmune’s chances of winning U.S. approval for CORDStrom in a rare skin disorder and said early cancer therapy INKmune lacks compelling data. Raymond James said limited resources could slow those projects as well. The latest drop leaves INmune down about 80% since Friday’s close, valuing the company at roughly $55 million, a fraction of the $250 million market capitalisation it commanded before the trial read‑out.

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