Stifel initiates Immunovant coverage with 'buy' on promising outlook

Immunovant

30/03/2023 12:59

** Stifel initiates coverage on drug developer Immunovant
Inc  IMVT.O  with "buy" and $28 PT
    ** Says neonatal crystallizable fragment receptor (FcRn)
blocking class of drugs has the potential for broad utility
beyond the treatment of Myasthenia Gravis (MG)
    ** MG is a chronic autoimmune, neuromuscular disease that
occurs due to a breakdown in the normal communication between
nerves and muscles, causing weakness and rapid fatigue in the
skeletal muscles
    ** Adds that IMVT is among the fast-followers to argenx SE's
 ARGX.o  FcRn blocker, efgartigimod, developing antibodies
against FcRn in late-stage studies for multiple diseases
    ** "Among the antibody players, we think IMVT is uniquely
positioned as a pure FcRn play at a meaningful discount to
first-mover ARGX" - Stifel
    ** Of the 12 brokerages covering the stock, nine rate it
"buy" or higher, 2 "hold" and 1 "sell" or lower; their median PT
is $27 - Refinitiv
    ** IMVT down 11.5% YTD

 (Reporting by Aniruddha Ghosh in Bengaluru)
 ((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))