Benzinga -
- Cantor Fitzgerald initiated coverage on Immunovant Inc (NASDAQ: IMVT) with an Overweight rating and a price target of $30.
- The company's pipeline includes batoclimab (IMVT-1401) and IMVT-1402, fully human, monoclonal antibodies targeting the neonatal fragment crystallizable receptor (FcRn).
- Batoclimab has demonstrated its potential to reduce immunoglobulin G (IgG) antibodies that cause inflammation, while IMVT-1402 has also demonstrated profound IgG antibody reduction in animal studies.
- Related: Immunovant's New Candidate Provides Some Strategic Flexibility & Clarity, Analysts Say.
- Expected positive data readouts beginning in 2023+ from batoclimab and IMVT-1402 trials could drive shares higher, potentially narrowing the valuation gap between IMVT's market cap and its competitors, such as Argenyx SE (NASDAQ: ARGX).
- Additionally, IMVT could attract potential strategic interest, as evidenced by Johnson & Johnson's (NYSE: JNJ) 2020 acquisition of anti-FcRn company Momenta Pharma for $6.5 billion.
- IMVT's parent company Roivant Sciences Ltd (NASDAQ: ROIV), indicated in its 3Q22 earnings call that it would take a commercial view of any potential M&A inquiry relating to the company.
- Price Action: IMVT shares are down 3.79% at $17.89 on the last check Wednesday.
Dec 2021 | Wells Fargo | Initiates Coverage On | Equal-Weight | |
Nov 2021 | HC Wainwright & Co. | Maintains | Buy | |
Aug 2021 | Baird | Downgrades | Outperform | Neutral |
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