Immunovant (IMVT) PT Lowered to $24 at Truist Securities

Truist Securities analyst Robyn Karnauskas lowered the price target on Immunovant (NASDAQ: IMVT) to $24.00 (from $48.00) while maintaining a Buy rating on the disappointing TED news.

The analyst commented, "TED data likely a disappointment, given prior due-diligence indicating a potential oppy in TED, even in context of LDL. While we acknowledge on-target effect on LDL across indications, we believe drug is active and LDL can likely be managed (based on our KOL checks). However, given these uncertainties, we believe valuing co. TODAY is a challenge, with a potential acquisition confounding valuation. Model updated to reflect these uncertainties ($622M in peak adj sales vs. $1.6B prev); CMP reflects ~$300M peak oppy. Given an active drug & potential for takeout, we maintain Buy. New PT $24/sh."

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