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Immunovant Could Potentially Be An M&A Target, Writes Analyst

  • 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.

Latest Ratings for IMVT

Date

Firm

Action

From

To

Dec 2021

Wells Fargo

Initiates Coverage On

Equal-Weight

Nov 2021

HC Wainwright & Co.

Maintains

Buy

Aug 2021

Baird

Downgrades

Outperform

Neutral

View More Analyst Ratings for IMVT

View the Latest Analyst Ratings

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This article Immunovant Could Potentially Be An M&A Target, Writes Analyst originally appeared on Benzinga.com

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