Immunovant (IMVT) PT Raised to $43 at BofA Securities

BofA Securities analyst Jason Gerberry raised the price target on Immunovant (NASDAQ: IMVT) to $43.00 (from $32.00) while maintaining a Buy rating.

The analyst comments "We raise our Immunovant (IMVT) PO to $43/sh (from $32) on a higher peak sales outlook for IMVT-1402, now $6.8bn (vs. $5.5bn prior), driven by greater contribution from GD & D2T RA—both large ‘white-space’ TAMs. Our revision incorporates DT2A derisking from Period 1 data (reported yesterday) and potential upside from upcoming pivotal readouts. We are most bullish on GD (50% of valuation) given strong prior data and unmet need. While CLE/SjD are sizable markets, we assign lower value due to higher clinical/competitive risk. We also reduce 1402 peak sales in FcRn-entrenched markets (MG, CIDP). See Exhibit 1 for updated risk-adjusted SOTP DCF. We reiterate Buy as in our view 1402’s opportunity remains underappreciated."

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