Immunovant Stock Plunges After Credit Suisse Downgrade Citing Unclear Catalysts

Credit Suisse downgraded Immunovant Inc IMVT to Underperform from Neutral and lowered the price target to $7 from $12.
Analyst Tiago Fauth says that the downgrade reflects ongoing clinical and regulatory uncertainties for IMVT-1401 owing to safety concerns, likely extended clinical timelines with no clear value-driving catalysts in the next 12-months.
According to the analyst, the $200M equity investment from Roivant Sciences has significantly reduced near-term M&A expectations as well.
In March, Roivant revealed in an SEC filing to acquire all the shares in Immunovant.
Price Action: IMVT shares are down 23.5% at $8 during the market session on the last check Monday.

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