H.C. Wainwright raised its price target on Immunovant (IMVT) to $40 from $35, maintaining a Buy rating. The stock trades at $35.56 with a $7.27B market cap.
The firm cited strong Phase 2 RA data: in 165 patients, ACR20/50/70 response rates were 72.7%, 54.5%, and 35.8% at week 16. Efficacy persisted in the JAK/TNF refractory subgroup.
Analysts noted FcRn's distinct mechanism vs JAK/TNF. Probability of success for IMVT-1402 in RA increased from 30% to 55%, and EV/sales multiple from 9x to 10x. The stock surged 22.8% in the past week.
