Immunovant (IMVT) PT Lowered to $35 at H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao lowered the price target on Immunovant (NASDAQ: IMVT) to $35.00 (from $54.00) while maintaining a Buy rating.

The analyst commented: "The company has announced six indications for IMVT-1402: Graves' Disease (GD), difficult-to-treat rheumatoid arthritis (RA), myasthenia gravis (MG), Sjögren's disease (SjD), chronic inflammatory demyelinating polyneuropathy (CIDP), and cutaneous lupus erythematosus (CLE), and is actively advancing the programs. The potential registrational studies in GD and SjD are expected to start in the summer of 2025. The company reported its cash position by the end of March at $714M, providing a runway through the GD readout expected in 2027. Currently, IMVT-1402 is the only FcRn under development for GD indication. We spoke to a KOL who is the leading physician-scientist in the GD space, and noted that the level of GD pathogenic antibody, TSHR-Abs (IgG), is highly correlated to GD severity and therefore IMVT-1402's ability to offer deep IgG reduction should provide substantial clinical improvement for GD patients. Recently, Biohaven (BHVN; Buy) announced the initiation of a pivotal study of its IgG degrader in 2H25. The Biohaven may offer incrementally deeper IgG reduction, though it's not clear if those differences are clinically meaningful. Given that the data reads out in 2027, we expected a potential launch in CY 2028 and adjust the timeline in our model accordingly, which leads to our PT being changed to $35."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Jane Street Took $15 Billion Hit In July Tied To Situational Awareness - Reuters
• Stripe, Advent In Talks To Buy Paypal - WSJ