Analyst Boosts Immunovant Price Target After Updated Pipeline Realignment

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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