Immunovant initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen initiated coverage of Immunovant (IMVT) with an Overweight rating and $30 price target. Immunovant’s batoclimab has demonstrated its potential to reduce immunoglobulin G antibodies that cause inflammation and disease in clinical studies, while IMVT-1402 has also demonstrated deep IgG antibody reduction in animal studies, the analyst tells investors in a research note. The firm thinks expected positive data readouts beginning in 2023+ from batoclimab and IMVT-1402 trials could drive shares higher, potentially narrowing the valuation gap between Immunovant and its competitors, such as Argenyx (ARGX).