H.C. Wainwright analyst Douglas Tsao reiterated a Buy rating on Immunovant today and set a price target of $35.00.
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Douglas Tsao has given his Buy rating due to a combination of factors that highlight the potential of Immunovant’s therapeutic approach. The promising results from the Phase 2 study of batoclimab in treating Graves’ Disease (GD) have set a high standard for novel therapies. The study demonstrated strong and durable efficacy in patients who had relapsed or were difficult to treat, with an impressive 81% responder rate during a 6-month off-treatment period. This outcome is particularly noteworthy given the patient population’s lack of response to anti-thyroid drug (ATD) therapy.
The reduction in thyroid-stimulating hormone receptor autoantibodies (TRAb) throughout the off-treatment period indicates the potential of FcRn blockers to modify the disease course. Additionally, the data suggests that batoclimab could offer a valuable alternative for patients who do not achieve complete control with or are intolerant to ATD therapy. The upcoming registrational studies for IMVT-1402, Immunovant’s next-generation FcRn blocker, are expected to build on these findings and could further validate the company’s approach, potentially leading to higher efficacy without the albumin/LDL effect seen with batoclimab.
In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $50.00 price target.
Based on the recent corporate insider activity of 55 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.