Bernstein initiates Immunovant with a Market Perform, $28 price target

As previously reported, Bernstein analyst William Pickering initiated coverage of Immunovant (IMVT) with a Market Perform rating and $28 price target The firm says it is a true believer in Graves’ disease, and it thinks Sjogren’s syndrome is lower risk than history would suggest. But neither has news flow this year and therefore, Bernstein is staying on the sidelines. For upcoming Phase 2 readouts in Subcutaneous IMVT-1402 in Rheumatoid Arthritis and Cutaneous Lupus Erythematosus, the firm estimates trial probability of success at 50% and 60%, respectively, but it does not see these as meaningful stock movers.