Immunovant initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Immunovant (IMVT) with an Outperform rating and $50 price target. The firm sees Immunovant “shifting the balance of power” from Argenx (ARGX) as its anti-FcRn antibody candidates advance toward the market and looks forward to a series of late-stage trial readouts on lead asset batoclimab over the coming year, the analyst tells investors. The firm believes batoclimab’s dosing flexibility and administration simplicity offer favorable differentiation from Vyvgart, the analyst added.