Immunovant price target lowered to $57 from $58 at Citi

Citi analyst Samantha Semenkow lowered the firm’s price target on Immunovant (IMVT) to $57 from $58 and keeps a Buy rating on the shares. The firm, which continues to believe IMVT-1402 has “blockbuster potential” across multiple indications, updated its model to account for fiscal Q1 actuals. The firm’s lower target is driven by higher expected operating expenses related to IMVT-1402 clinical development, the analyst noted.