Immunovant's New Candidate Provides Some Strategic Flexibility & Clarity, Analysts Say

On Wednesday, Immunovant Inc IMVT announced a new anti-FcRn, IMVT-1402, at Roivant Sciences Ltd's ROIV Investor Day.
IMVT-1402 is a new anti-FcRn monoclonal antibody that matches batoclimab's IgG lowering without affecting albumin and LDL.
HC Wainwright says the addition of IMVT-1402 broadens the anti-FcRn franchise.
The analyst maintains a Buy rating with a price target of $16.
Roivant is leveraging data and learnings from batoclimab studies to accelerate IMVT-1402's development and, contingent on IND approval plans to start a Phase 1 study in early 2023.
The analyst thinks the new product should allow Immunovant to compete more effectively with Argenx SE ARGX, considering efgartigimod's clean profile.
Additionally, IMVT-1402's profile advantageously positions Immunovant relative to Johnson & Johnson's JNJ development of nipocalimab.
Overall, SVB Leerink expects investors to approach ‘1402 value conservatively, pending the generation of human data and clinical de-risking.
The analyst is encouraged by IMVT's initiatives to diversify its pipeline beyond batoclimab and see the potential for long-term flexibility and strategic value.
The analyst reiterates the Outperform rating.
Price Action: IMVT shares are up 19% at $5.70 on the last check Thursday.

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