Citi Reiterates Buy Rating on Immunovant (IMVT)

Citi analyst Samantha Semenkow reiterated a Buy rating and $58.00 price target on Immunovant (NASDAQ: IMVT).

The analyst comments "Following yesterday’s release of topline gMG data (see our take here), the most frequent piece of pushback we’ve received from investors is that high MG-ADL placebo rate cannot be ignored. Specifically, if expectation bias (as management has suggested) boosted the placebo arm, it should have also similarly boosted the batoclimab arms. While we don’t necessarily argue this point, we believe there is nuance to the data and importantly continue to view the deep responses on stringent metrics such as MSE and clear dose response between low- and high-dose batoclimab as reading favorably for Immunovant. Investors also expressed concern that competition in gMG would limit uptake of IMVT-1402 given three FcRN inhibitors are likely to be well established before potential IMVT-1402 approval, and that capital may be better spent in other less crowded indications. We generally agree with this feedback and believe that long-term, Immunovant’s value drivers lay outside of gMG/CIDP."

For an analyst ratings summary and ratings history on Immunovant click here. For more ratings news on Immunovant click here.

Shares of Immunovant closed at $18.88 yesterday.

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