JPMorgan raised the firm’s price target on Roivant Sciences (ROIV) to $20 from $16 and keeps an Overweight rating on the shares. The firm says the efficacy and safety from the VALOR study for brepocitinib in dermatomyositis “were as clear as it could be.” The efficacy was strong, as brepocitinib’s effect on the TIS score fell within JPMorgan’s win scenario, the analyst tells investors in a research note. The firm upped its probability of success to 90% for brepocitinib in the U.S. from 40%.
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