Immunovant's New Candidate Provides Some Strategic Flexibility & Clarity, Analysts Say

• On Wednesday, Immunovant Inc (NASDAQ: IMVT) announced a new anti-FcRn, IMVT-1402, at Roivant Sciences Ltd's (NASDAQ: ROIV) Investor Day.

• IMVT-1402 is a new anti-FcRn monoclonal antibody that matches batoclimab's IgG lowering without affecting albumin and LDL.

• HC Wainwright says the addition of IMVT-1402 broadens the anti-FcRn franchise.

• The analyst maintains a Buy rating with a price target of $16.

• Roivant is leveraging data and learnings from batoclimab studies to accelerate IMVT-1402's development and, contingent on IND approval plans to start a Phase 1 study in early 2023.

• The analyst thinks the new product should allow Immunovant to compete more effectively with Argenx SE (NASDAQ: ARGX), considering efgartigimod's clean profile.

• Additionally, IMVT-1402's profile advantageously positions Immunovant relative to Johnson & Johnson's (NYSE: JNJ) development of nipocalimab.

• Overall, SVB Leerink expects investors to approach ‘1402 value conservatively, pending the generation of human data and clinical de-risking.

• The analyst is encouraged by IMVT's initiatives to diversify its pipeline beyond batoclimab and see the potential for long-term flexibility and strategic value.

• The analyst reiterates the Outperform rating.

• Price Action: IMVT shares are up 19% at $5.70 on the last check Thursday.

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

See more from Benzinga

• SIGA Technologies Bags New DoD Contract For Monkeypox Treatment

• Novo Nordisk Joins NLRP3 Bandwagon, Bets $70M On Ventus' Lead Drug Candidate

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.