LifeSci Capital analyst Sam Slutsky maintained a Buy rating on Immunovant (IMVT – Research Report) yesterday and set a price target of $50.00.
Sam Slutsky has given his Buy rating due to a combination of factors surrounding Immunovant’s upcoming data release and its potential implications. The company is expected to report results from its Phase 3 study of batoclimab for generalized myasthenia gravis (gMG) by the end of March. This study is crucial as it will not only validate the use of batoclimab but also provide insights for the subsequent Phase 3 trial with the next-generation IMVT-1402, which is designed to circumvent some of batoclimab’s effects on albumin and LDL levels.
Slutsky’s optimism is bolstered by the company’s strategic focus on differentiating the high dose of batoclimab from other similar treatments through a clinically significant response delta. Immunovant aims for the high dose to surpass the efficacy of other FcRn inhibitors, with a target improvement across various endpoints such as MG-ADL and QMG scores. Furthermore, historical data from similar studies in immunology supports the feasibility of achieving a 10% improvement delta, which is a critical factor in dose selection for future trials. These elements combined indicate a promising outlook for Immunovant, justifying the Buy rating.
In another report released on February 21, Stifel Nicolaus also maintained a Buy rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 72 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.