Roivant Sciences (ROIV) PT Raised at TD Cowen as 'IMVT-1402 Shines In D2T RA'
TD Cowen analyst Yaron Werber raised the price target on Roivant Sciences (NASDAQ: ROIV) to $41.00 (from $38.00) while maintaining a Buy rating.
The analyst commented: "IMVT-1402 Shines In D2T RA, Many More Catalysts On Deck; IMVT-1402 toplined impressive Ph2b D2T RA data w/ACR20 of 73%, ACR50 of 55%, and ACR70 of 36%. Brepo in CS received FDA BTD, on track to initiate Ph3 in H2:26. Brepo DM launch in late Sept, with our KOL anticipating bolus at launch. Next catalysts: brepo Ph3 data in NIU & mosli Ph2b data in PH-ILD in H2:26. Commercial launch of IMVT-1402 in Graves' & D2T RA expected in '27/28. New PT $41 (+$3).
Our new PT of $41 (+$3) is based on 40x (unchanged) multiple discounted 10% (unchanged) on our new FY30 non-GAAP EPS of $1.33 (+$0.05). This is primarily driven by a decrease in COGS (we now model 12% vs. 15% previously) and SG&A. The magnitude of the PT change also stems from a shorter discounting period since our last PT was put in place several months ago."