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Innate Pharma SA

IPHA · NYSE

$1.50+$0.00 (+0.00%)TodayMarket closed ·
Prev close $1.50

IPHA analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.
  • Strong buy0
  • Buy3
  • Hold0
  • Underperform0
  • Sell0

12-month price target · 5 analysts

Average $7.88 (+425.3% upside)

Low
$6.59
Now
$1.50
High
$9.78

Upgrades and downgrades

The latest rating actions, newest first

IPHA analyst upgrades, downgrades and rating actions
FirmDateActionRating
BTIGSep 17, 2026MaintainsBuy
BTIGAug 12, 2026MaintainsBuy
HC Wainwright & Co.Aug 10, 2026MaintainsBuy
HC Wainwright & Co.Apr 7, 2026MaintainsBuy
BTIGMar 12, 2026InitiatesBuy
HC Wainwright & Co.Oct 29, 2025UpgradeNeutral → Buy
BTIGOct 29, 2025MaintainsBuy

The case for and against

Updated Oct 21, 2026

Bull case

Innate Pharma is attractive because the Sobi deal removed a major financing overhang, adding a $75M upfront payment and, with the €30M private placement completed in August, extending cash runway through 1Q28 while supporting TELLOMAK-3 execution. Its outlook is strengthened by multiple near-term catalysts, especially PACIFIC-9 topline data in 2H26 and IPH4502 phase 1 data on Nov 18, alongside lacutamab’s differentiated phase 2 profile in Sézary syndrome with a 42.9% ORR and 25.6-month median duration of response. The company also has meaningful partnership-driven and recurring revenue potential from collaboration and licensing agreements, with management and the analyst model pointing to substantial upside from up to $825M in remaining PACIFIC-9 milestones and lacutamab’s expanded CTCL opportunity.

Bear case

Innate Pharma is a clinical-stage biotech with value tied to a small set of long-dated, high-risk assets, making the investment case highly dependent on successful clinical execution and eventual commercialization rather than current operating strength. Its valuation is built on risk-adjusted net present value of projected revenues through 2032 at an 11% discount rate and 0% terminal growth, with €798M attributed to lacutamab and monalizumab and only €83.5M in net pro forma cash, underscoring a narrow margin of safety. The outlook is negative because the business faces meaningful clinical, commercial, partnership, financial, and legal/intellectual property risks while revenue remains mainly reliant on collaboration and licensing agreements plus government research support.

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