Immunovant (IMVT – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on the stock and has a $50.00 price target.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Sam Slutsky has given his Buy rating due to a combination of factors including Immunovant’s promising clinical trial results and strategic focus on their next-generation drug, IMVT-1402. The company has reported positive outcomes from their Phase 3 and Phase 2b trials for batoclimab in treating myasthenia gravis and chronic inflammatory demyelinating polyneuropathy, respectively. These results provide a strong foundation for the ongoing trials of IMVT-1402, which is designed to avoid the side effects associated with batoclimab, such as impacts on albumin and LDL levels.
Furthermore, Immunovant is actively pursuing multiple indications with IMVT-1402, having cleared six investigational new drug applications. The ongoing and planned trials cover a range of conditions, including Graves’ Disease, rheumatoid arthritis, and Sjogren’s disease, among others. This broad pipeline, combined with encouraging early efficacy signals, supports the potential for significant value creation, justifying the Buy rating.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $35.00 price target.
Based on the recent corporate insider activity of 67 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.