Immunovant price target raised to $34 at Stifel after Argenx data

Stifel analyst Alex Thompson raised the firm’s price target on Immunovant (IMVT) to $34 from $28 and keeps a Buy rating on the shares after updating the firm’s model to reflect the positive topline results of Argenx’s (ARGX) ADHERE study of efgartigimod in CIDP. Success in ADHERE not only de-risks FcRn-blockade in CIDP, but also gives the firm additional confidence in the broader potential of the FcRn opportunity, says the analyst, who notes that Immunovant is running a similar study. Additional details from the full ADHERE dataset could shed light on whether there’s potential for efficacy upside for Immunovant with greater IgG reduction, the analyst added.