ADC vs IMNM: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ADC and IMNM share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ADC and IMNM exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Agree Realty Corporation (NYSE: ADC) is a real estate investment trust that acquires and develops freestanding, single-tenant retail properties net-leased to national and regional chains. Under net leases, tenants cover most property costs (taxes, insurance, and maintenance), which gives the REIT predictable rent streams and thin operating overhead. As of the end of 2025 the portfolio held roughly 2,674 properties across all 50 states, totaling about 55.5 million square feet, and was effectively fully leased at 99.7% occupancy. Investment-grade retailers generated close to 67% of annualized base rent, with top tenants including Walmart, Tractor Supply, Dollar General, Best Buy, and TJX, tilting the rent roll toward defensive, needs-based retail.

Full ADC guide

Immunome, Inc. is a Nasdaq-listed, clinical-stage targeted-oncology company developing cancer therapies. Its lead asset is varegacestat, a once-daily oral gamma secretase inhibitor for adults with progressing desmoid tumors; the company submitted a New Drug Application to the U.S. FDA in April 2026, backed by the Phase 3 RINGSIDE trial that showed an ~84% reduction in the risk of disease progression or death and a ~56% confirmed objective response rate versus ~9% for placebo. Behind that lead program sits an antibody-drug-conjugate (ADC) and radiotherapy pipeline, including IM-1021 (a ROR1 ADC), IM-3050 (a FAP-targeted radiotherapy), IM-1617, and additional preclinical candidates.

Full IMNM guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ADC drivers: External growth engine; Investment-grade, defensive tenant base.
• IMNM drivers: Varegacestat FDA decision and launch; ADC and radiotherapy pipeline.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Interest-rate sensitivity is the dominant risk, since higher rates lift Agree's borrowing costs and make its dividend yield less competitive versus bonds, which can pressure the share price. For IMNM, as a clinical-stage biotech, Immunome is exposed to substantial binary risk: the FDA could delay, restrict, or reject varegacestat, and any label or safety concern would materially reset the stock.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ADC if you believe its drivers more; IMNM if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ADC and IMNM guides.

ADC. Agree trades at a premium multiple of AFFO relative to net-lease peers, roughly the high-teens on a price-to-AFFO basis, a level the market has long assigned to its balance-sheet quality and consistency. With 2026 AFFO guided around $4.56 and shares near $80, the valuation prices in reliable but unspectacular growth. Investors are largely paying for durability of income rather than a discount.

IMNM. Immunome trades on pipeline expectations, not profits, so conventional earnings multiples do not apply to a pre-commercial developer with minimal revenue and ongoing losses. Its roughly $2.6 billion market value largely reflects the market's probability-weighted view of varegacestat approval plus the ADC pipeline. The sizable cash balance funds operations into 2028 but does not by itself justify the valuation.

Headline figures (approximate, FEBRUARY 2026): ADC shows revenue (ttm) ~$715M, affo per share (2025) ~$4.32, affo per share (2026 guidance) ~$4.54 to $4.58, dividend (annualized) ~$3.20 (~4.4% yield); IMNM shows market cap ~$2.6B, share price ~$23, revenue (fy2025) ~$7M, cash & equivalents (mar 2026) ~$582.7M.

ADC and IMNM are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ADC and IMNM exposure against your real portfolio. It is not an investment adviser.