Citi opens ‘positive catalyst watch’ on Immunovant into data

Citi opened a “90-day positive catalyst watch” on shares of Immunovant ahead of the Phase 1 healthy volunteer readout for IMVT-140. The analyst sees a high probability of IMVT-1402 data translating to humans and believes it could demonstrate a best-in-class FcRN inhibitor profile. Citi expects Immunovant shares to react positively if the data confirm the absence of an albumin safety signal. It has a Buy rating on the name with a $28 price target.