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

  • On Wednesday, Immunovant Inc (NASDAQ: IMVTannounced a new anti-FcRn, IMVT-1402, at Roivant Sciences Ltd's (NASDAQ: 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 (NASDAQ: ARGX), considering efgartigimod's clean profile.

  • Additionally, IMVT-1402's profile advantageously positions Immunovant relative to Johnson & Johnson's (NYSE: 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.

Latest Ratings for IMVT

Date

Firm

Action

From

To

Dec 2021

Wells Fargo

Initiates Coverage On

Equal-Weight

Nov 2021

HC Wainwright & Co.

Maintains

Buy

Aug 2021

Baird

Downgrades

Outperform

Neutral

View More Analyst Ratings for IMVT

View the Latest Analyst Ratings

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