Analyst Samantha Semenkow of Citi maintained a Buy rating on Immunovant (IMVT – Research Report), with a price target of $51.00.
Samantha Semenkow has given her Buy rating due to a combination of factors involving Immunovant’s recent achievements and future prospects. Semenkow acknowledges the successful Phase 2 proof-of-concept data for Immunovant’s batoclimab in treating Graves’ disease, noting that over half of the study participants met the primary endpoint of normalizing T3 and T4 levels at week 24. This outcome meets the management’s threshold for success in the single-arm trial and supports the drug’s potential. Despite a significant drop in Immunovant’s share price following the announcement, Semenkow anticipates a near-term recovery based on these positive results. Additionally, she highlights Immunovant as a Top Pick, projecting continued share appreciation as the company further clarifies its development plans for IMVT-1402 and approaches multiple data releases, particularly the initial batoclimab data in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) expected in the first half of 2024.
Semenkow’s optimism also stems from the strategic progression of Immunovant’s clinical trials, with plans to advance IMVT-1402 into further studies for Graves’ disease. She estimates a 50% probability of success for the drug in this indication, with a potential for approximately $1.2 billion in peak global revenues by 2035. The analyst’s confidence is bolstered by the observed dose-response relationship in the Phase 2 study, where higher doses led to significant reductions in IgG and other relevant biomarkers. Although there is some uncertainty surrounding the design of future trials due to a lack of comparative studies, the positive trend in the data and the clear dose-response provide a solid foundation for continued development. This combination of current results and future potential underpins Semenkow’s Buy recommendation for Immunovant.
In another report released today, H.C. Wainwright also assigned a Buy rating to the stock with a $51.00 price target.
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Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IMVT in relation to earlier this year.
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Immunovant (IMVT) Company Description:
Immunovant, Inc. is a clinical-stage biopharmaceutical company. It focuses on enabling normal lives for patients with autoimmune diseases. The company was founded in 2018 and is headquartered in New York, NY.
Read More on IMVT:
- Immunovant Reports Positive Initial Phase 2 Results for Batoclimab in Graves’ Disease
- Immunovant initiated with bullish view at Deutsche Bank, here’s why
- TD Cowen starts ‘only pure-play TL1A company’ Spyre Therapeutics at Outperform
- Roivant notes Immunovant data from Phase 1 IMVT-1402 trial
- Immunovant announces results from 600 mg MAD cohort of Phase 1 IMVT-1402 trial
