Immunovant (NASDAQ: NASDAQ:IMVT) has retained its Overweight rating and $57.00 price target from Piper Sandler.
Following a Graves' Disease day presentation and a subsequent virtual investor group discussion with management, the firm's positive outlook was reaffirmed.
Analysts highlighted the strong correlation between IgG reductions and disease response as a key factor for continued success and a lower risk profile for other indications.
Immunovant's Phase 2 data showed a 76% response rate in T3/T4 levels at 12 weeks, which exceeded the anticipated 50% benchmark.
The data has bolstered confidence in the drug's efficacy and has been instrumental in supporting the company's development strategy.
The analyst's note pointed out that these results should instill confidence in the drug's continued success and help de-risk its application in other indications.
The company's IMVT-1401 treatment for Graves' Disease has received Investigational New Drug (IND) clearance, with the first study set to commence by the end of 2024.
This study will span 52 weeks and involve 240 patients, with the primary endpoint being the proportion of patients achieving euthyroid status and discontinuing antithyroid drugs at 26 weeks.
The management team at Immunovant is applying insights from the Phase 2 trials to design two pivotal parallel trials for Graves' Disease. One of these may potentially include a subpopulation with Thyroid Eye Disease (TED).
The company has identified an immediate market opportunity with approximately 330,000 U.S. patients suffering from Graves' Disease.
In other recent news, Immunovant has made significant progress with its drug, IMVT-1402, for treating Graves' disease. The pharmaceutical company's Phase 2 study data has led multiple firms, including H.C. Wainwright, Citi, BofA Securities, and Goldman Sachs (NYSE:GS), to maintain their Buy ratings on Immunovant. Particularly, Citi has increased its price target to $60, the highest on the street, following the promising results.
The Phase 2 data showed that high-dose batoclimab was effective in treating Graves' disease, with 76% of patients reaching normal thyroid hormone levels. This outcome has guided the design of the upcoming pivotal study that will further evaluate the efficacy and safety of IMVT-1402. Immunovant is preparing to commence Phase 3 trials later this year, with the primary endpoint expected to be of similar duration to the Phase 2 study.
In addition to these developments, Immunovant's Board saw the election of three new directors during the recent Annual Meeting of Stockholders.
Other firms such as Guggenheim, Oppenheimer, and Stifel have also maintained their positive ratings on Immunovant shares. These ratings come in light of the company's recent presentation of positive trial results for batoclimab and the anticipation of the upcoming registrational study for IMVT-1402 in Graves' disease.
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