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Immutep Ltd (IMM) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Immutep Ltd A$0.05, price A$0.03, upside +38.5%, quality 23 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Healthcare · AU · ISIN AU000000IMM6

IL Immutep Ltd logo Thin data Sep 27, 2026

Immutep Ltd

IMM · AU

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value A$0.0471 · Undervalued (+38.5%)
!Quality 23/100
!Weak Growth (revenue 5y −7.6 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (4/9)
!Narrow moat 10/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

A$0.6828 A$0.0340 Fair Value A$0.0471 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range A$0.0340 – A$0.6828 · fair‑value band A$0.0379 – A$0.0563 · the A$0.0340 price screens below the A$0.0471 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Immutep Limited, a biotechnology company, engages in developing novel Lymphocyte Activation Gene-3 related immunotherapies for cancer and autoimmune diseases in Australia. Its lead product candidate is the eftilagimod alfa (efti or IMP321), a soluble LAG-3lg fusion based on LAG-3 immune control mechanism for the treatment of different types of cancers.

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Immutep Limited, a biotechnology company, engages in developing novel Lymphocyte Activation Gene-3 related immunotherapies for cancer and autoimmune diseases in Australia. Its lead product candidate is the eftilagimod alfa (efti or IMP321), a soluble LAG-3lg fusion based on LAG-3 immune control mechanism for the treatment of different types of cancers. The company's product pipeline also includes TACTI-004, which is in phase III clinical trial for the treatment of first line non-small cell lung cancer (1L NSCLC); TACTI-003, which is in phase IIb clinical trial to treat first line head and neck squamous cell carcinoma (HNSCC); INSIGHT-005 which is in phase I for metastatic urothelial carcinoma; TACTI-002, which in phase II trial for the treatment NSCLC and HNSCC; AIPAC-003, which is in phase II/III clinical trial to treat metatastic breast cancer; and EFTISARC-NEO, which is in phase II clinical trial for the treatment of soft tissue sarcoma. It also develops INSIGHT-003, which is in phase I trial 1L non squamous NSCL; INSIGHT-005 that is in phase I to treat metastatic urothelial cancer; IMP761, which is in phase I Trial to treat autoimmune disease; IMP731 for oncology and autoimmune diseases; and LAG525. Immutep has collaboration with Merck & Co., Inc., EOC Pharma, Novartis, and Laboratory Corporation of America Holdings. The company was formerly known as Prima BioMed Ltd and changed its name to Immutep Limited in November 2017. The company was incorporated in 1987 and is based in Sydney, Australia.

Stock analysis

Immutep Ltd (IMM) currently trades at A$0.0340, while our model-based Fair Value estimate is A$0.0471, implying the stock looks roughly 27.8% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: A$0.0379 (bear) to A$0.0563 (bull), the price of A$0.0340 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 23/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Immutep Ltd reported revenue of A$5.0M in FY2025 versus A$3.9M in FY2021, a compound +6.9%/yr. Reported net income was −A$61.4M in FY2025.

Key figures

Market cap A$79.6M (≈ $55.9M) · P/S ratio 10.0 · EPS (TTM) A$−0.0500 · Return on equity −61.9% · Return on assets (EBIT) −44.2% · Operating margin −764% · Revenue (TTM) A$7.9M · Revenue growth (YoY) +91.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 93% below its 52-week high and at its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 39%, IMM screens cheaper than that median.

Fair Value models

Bear A$0.0379 Fair Value A$0.0471 Bull A$0.0563
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) A$0.0500 A$0.0700 A$0.1000 54
All 1 models by family
Asset-Based
NCAV (Graham) A$0.0500 A$0.0700 A$0.1000 54

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Quality Score breakdown

Overall quality 23/100

Of which business quality 27 · Market factors (momentum, volatility) 3

Profitability 0
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 11
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 6
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+31.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−7.6%
Start year 2020 (pandemic). Over 10 years: +10.4% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.1%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−214.0% (2020) → −2,506.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 655 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside +38.5% · Top 25%
Profitability
Return on assets −32.1% · Bottom 25%
Growth and dividend
Revenue growth 91.5% · Top 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.39× · Cheapest 25%
P/S (TTM) 7.05× · Pricier than median
PEG 1.39× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)85 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 23

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

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Vertex Pharmaceuticals Incorporated VRTX $526.19 $578.81 +10%
Regeneron Pharmaceuticals, Inc REGN $788.04 $1,275 +62%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$176.95 A$194.65 +10%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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A$0.0471 +28%Fair Value
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Cite: Fair Value Calculator (2026). "Immutep Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IMM

Frequently asked questions

Is Immutep Ltd (IMM) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of A$0.0471 versus a price of A$0.0340, about +39% upside (undervalued).
What is the fair value of IMM?
Our model-based fair value for Immutep Ltd is A$0.0471 (as of Sep 27, 2026), built from audited fundamentals. The current price: A$0.0340.
What is the quality score of IMM?
Immutep Ltd has a Quality Score of 23/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Immutep Ltd (IMM)?
Our model-based price target is the fair value of A$0.0471 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario A$0.0379, optimistic scenario A$0.0563. It is a calculation from audited fundamentals, not an analyst target.
What is the Immutep Ltd stock forecast for 2026?
Our models put fair value at A$0.0471, about +39% upside versus a price of A$0.0340 (undervalued). Cautious scenario A$0.0379, optimistic scenario A$0.0563. The calculation is refreshed regularly with new filings.
What is the revenue of Immutep Ltd (IMM)?
Immutep Ltd reported trailing-twelve-month revenue of about A$7.9M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Immutep Ltd (IMM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immutep Ltd it is A$0.0471 per share (as of Sep 27, 2026), against a price of A$0.0340. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Immutep Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, IMM trades below its calculated fair value: price A$0.0340, fair value A$0.0471, a gap of about +39% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMM?
No. The price is what the market pays today (A$0.0340); the fair value is what the company's own numbers justify (A$0.0471). For Immutep Ltd the two are A$0.0131 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immutep Ltd worth?
The market values Immutep Ltd at about A$79.6M (market capitalisation, as of Sep 27, 2026). Per share that is A$0.0340; our models calculate a fair value of A$0.0471 per share.
What do the bullish and bearish scenarios say about IMM?
Our models span a range for Immutep Ltd: cautious scenario A$0.0379, base A$0.0471, optimistic A$0.0563 per share (as of Sep 27, 2026, price A$0.0340). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of IMM?
The PEG ratio of Immutep Ltd is 1.39 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Immutep Ltd (IMM)?
Balance-sheet figures for Immutep Ltd (as of Sep 27, 2026): return on equity −61.9%. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is IMM from its 52-week high?
Immutep Ltd trades at A$0.0340, about 93% below its 52-week high of A$0.4600 and at the low of A$0.0340 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0471 is for.
Which stocks are comparable to Immutep Ltd?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Immutep Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price A$0.0340, calculated fair value A$0.0471 (+39%), Quality Score 23/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IMM calculated?
We run Immutep Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$0.0471, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. Immutep Ltd currently trades 39 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Immutep Ltd (IMM)?
The closing price on Sep 28, 2026 was A$0.0340. Our model-based fair value is A$0.0471, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immutep Ltd right now?
The large discount to fair value meets weak quality (23/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (A$0.0379). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Immutep Ltd

How large is the market capitalisation of Immutep Ltd (IMM)?
The market capitalisation of Immutep Ltd is A$79.6M (≈ $55.9M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Immutep Ltd (IMM)?
The price-to-sales ratio of Immutep Ltd is 10.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Immutep Ltd (IMM)?
Earnings per share at Immutep Ltd are A$−0.0500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Immutep Ltd (IMM)?
The return on equity (ROE) of Immutep Ltd is −61.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Immutep Ltd (IMM)?
On an EBIT basis the return on assets of Immutep Ltd is −44.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Immutep Ltd (IMM)?
The operating margin of Immutep Ltd is −764% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immutep Ltd (IMM)?
Revenue at Immutep Ltd is growing +91.5% versus a year earlier (3y avg +209%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Immutep Ltd (IMM) generate?
The free cash flow of Immutep Ltd is −A$62.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Immutep Ltd (IMM) hold?
Immutep Ltd holds more cash than debt, A$65.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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