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Investing.com - Goldman Sachs resumed coverage of Immunovant (NASDAQ:IMVT) with a Neutral rating and set an $18.00 price target, close to InvestingPro’s Fair Value calculation. The company, currently valued at nearly $3 billion, trades with a beta of 0.62, suggesting lower volatility than the broader market.
The investment bank views IMVT-1402 as a differentiated asset in key indications, with potential first-in-class applications in areas such as Graves disease and potentially cutaneous lupus erythematosus (CLE).
Goldman Sachs noted the limited number of meaningful de-risking events expected over the next year that could provide upside to Immunovant shares.
The firm expressed concern about advancing competitive programs in the absence of Immunovant’s ability to respond while it focuses on clinical development, creating a challenging backdrop for share outperformance.
Despite these challenges, Goldman Sachs highlighted that Immunovant remains well-funded and supported by majority holder Roivant Sciences (NASDAQ:ROIV), suggesting limited downside risk over the intermediate term.
In other recent news, Immunovant has been the subject of a price target adjustment by H.C. Wainwright, which lowered its target to $35 from the previous $54 while maintaining a Buy rating. This change follows Immunovant’s announcement of six potential indications for its drug candidate IMVT-1402, including treatments for conditions such as Graves’ Disease and rheumatoid arthritis. The company plans to initiate potential registrational studies for Graves’ Disease and Sjögren’s disease by the summer of 2025. Immunovant also reported a strong cash position of $714 million as of March, which is anticipated to support operations through the expected study readout in 2027. The drug IMVT-1402 is noted as the only FcRn inhibitor in development for treating Graves’ Disease, with potential for significant clinical improvements. Key opinion leaders have highlighted the drug’s ability to reduce IgG levels, which could benefit patients with Graves’ Disease. The price target adjustment was influenced by Biohaven’s recent initiation of a pivotal study for its own IgG degrader, expected to start in the second half of 2025. H.C. Wainwright’s recalibration of its model took into account projected data readouts and a potential commercial launch in 2028.
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