Immunovant upgraded to Outperform at Wolfe on improving Graves’ perception

As previously reported, Wolfe Research upgraded Immunovant (IMVT) to Outperform from Peer Perform with a $50 price target. While Graves’ may be an attractive market, the firm had believed re-rating would take years. However, with Argenx (ARGX) now participating in Graves’ and thus investors developing higher appreciation, there likely is now a higher valuation floor to Immunovant, the analyst contends. The firm sees the declining short float as supporting evidence for this and notes that the company is moving closer to two positively-skewed catalysts in 2026.