Immunovant price target raised to $50 from $33 at Citi

Citi raised the firm’s price target on Immunovant to $50 from $33 and keeps a Buy rating on the shares. The company’s initial IMVT-1402 clinical data from phase 1 trial confirmed no albumin impact and no meaningful LDL increases, the analyst tells investors in a research note. Citi adds that while Immunovant did not disclose specific indications for IMVT-1402 on today’s call, commentary suggested that Grave’s, CIDP, and RA are all likely candidates, and the firm is raising its target price to reflect the decreased development risk.