Immunovant initiated with a Buy at Stifel

Stifel analyst Alex Thompson initiated coverage of Immunovant (IMVT) with a Buy rating and $28 price target. The analyst thinks the FcRn blocking class of drugs has the potential for broad utility beyond myasthenia gravis. Immunovant is among the "fast-followers" to Argenx’s (ARGX) efgartigimod, developing antibodies against FcRn in late-stage studies across multiple indications, the analyst tells investors in a research note. The firm says Immunovant is "uniquely positioned as a pure FcRn play at a meaningful discount to first-mover" Argenx.