Thomas Smith, an analyst from Leerink Partners, maintained the Buy rating on Immunovant (IMVT – Research Report). The associated price target remains the same with $52.00.
Thomas Smith has given his Buy rating due to a combination of factors surrounding Immunovant’s upcoming data release for their Phase 3 trial of batoclimab in generalized myasthenia gravis. The anticipated topline data, expected by March 31, 2025, is seen as a significant catalyst for the company, with investors keenly focused on whether batoclimab can differentiate itself from existing treatments by showing that greater IgG reduction leads to improved clinical outcomes.
Smith’s analysis highlights that the results of this trial are crucial not only for batoclimab but also for informing the future development of Immunovant’s next-generation FcRn antibody, IMVT-1402. The potential outcomes of the trial are varied, with a best-case scenario predicting a significant increase in share price. Smith’s base case scenario, which he assigns a 55% probability, anticipates that the trial will show efficacy comparable to other approved therapies, with a correlation between IgG reductions and clinical improvements. This outlook underpins his Buy rating, reflecting optimism about Immunovant’s strategic direction and potential market impact.
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.