As previously reported, Bernstein initiated coverage of Roivant Sciences (ROIV) with an Outperform rating and $35 price target The firm sees upside into upcoming readouts in Pulmonary Hypertension associated with Interstitial Lung Disease and Non-Infectious Uveitis. With that said, Bernstein notes that key risks include negative readthrough if Vyvgart Phase 3 in Dermatomyositis looks better than brepocitinib, and brepo launch is soft. The firm believes both risks are already appropriately discounted.
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