Immunovant initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Corinne Johnson initiated coverage of Immunovant with a Buy rating and $50 price target, which represents 60% upside potential. The firm sees potential for IMVT-1402 to emerge as a best-in-class anti-FcRn antibody given its ability to elicit deep IgG reductions, subcutaneous formulation, and safety profile. Across indications, the analyst ascribes peak sales to IMVT-1402 of $4.4B, assuming efficacy in-line with the most advanced candidates, but sees upside potential for $6.2B in peak sales pending best-in-class efficacy.