Immunovant initiated with a Buy at Citi

Citi initiated coverage of Immunovant with a Buy rating and $28 price target. The analyst sees a favorable risk/reward for the shares into several potential stock moving catalysts over the next 12-18 months. The Phase 1 IMVT-1402 data in the second half of 2023 is the most important near-term catalyst, as the data will shape Immunovant’s clinical development strategy and if positive could potentially place IMVT-1402 on a path to best-in-class status, the analyst tells investors in a research note.