Immunovant (IMVT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Alex Thompson CFA from Stifel Nicolaus maintained a Buy rating on the stock and has a $61.00 price target.
Alex Thompson CFA has given his Buy rating due to a combination of factors, primarily driven by the promising results from the Batoclimab MG and CIDP studies. These studies reinforce the belief that IMVT-1402 is a significantly derisked asset within the strategically important FcRn space, which is expected to grow substantially. The potential for IMVT-1402 to achieve greater IgG reductions compared to first-generation agents, along with its autoinjector presentation, suggests a differentiated profile with faster and deeper responses in key markets such as MG and CIDP.
Furthermore, the decision to focus development on MG and CIDP has led to a model update that includes explicit credit for difficult-to-treat RA, with peak sales projected at $1.2 billion, risk-adjusted at 50%. The anticipated launches for IMVT-1402 in the 2028/2029 timeframe have extended the DCF model to 2037, reflecting the long-term potential of the asset. The report also retains some credit for Batoclimab in TED, pending upcoming data, indicating a cautious yet optimistic outlook for future launches. Overall, the combination of strategic focus, promising study results, and potential market positioning underpins the Buy rating.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $51.00 price target.
Based on the recent corporate insider activity of 73 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.