- HC Wainwright has increased the price target on Immunovant Inc IMVT and reiterates a Buy rating.
- The analyst says it has updated the model as the company is now pursuing warm autoimmune hemolytic anemia with IMVT-1402 instead of batoclimab.
- Immunovant plans to initiate a Phase 1 clinical trial of IMVT-1402 in early calendar year 2023, contingent on clearance of its IND application, with initial data readout from this trial expected in the mid-calendar year 2023.
- Based on IMVT-1402's profile and the potential lack of effect on albumin and LDL, HC wainwright analyst says Graves' disease (GD) will be a better indication for the company to pursue this molecule since treatment duration for GD is longer compared with other indications.
- Also Read: Immunovant Could Potentially Be An M&A Target, Writes Analyst.
- Graves' disease is an autoimmune disease in which the immune system attacks healthy tissue in your thyroid gland for unknown reasons.
- Moreover, the analyst says that developing multiple anti-FcRns will allow Immunovant to adopt different pricing strategies to capture market share.
- "We see best-in-class potential in Immunovant's anti-FcRns as batoclimab has shown a deeper IgG reduction than Argenx SE ARGX efgartigimod."
- A Phase 3 clinical trial of batoclimab in thyroid eye disease (TED) was initiated, with topline results from the TED program (consisting of two Phase 3 clinical trials) expected in 1H of 2025.
- Price Action: IMVT shares are up 5.29% at $16.32 on the last check Monday.
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