H.C. Wainwright raised the firm’s price target on Immunovant to $51 from $47 and keeps a Buy rating on the shares after the company announced that the initial cohort of patients in an ongoing 24-week Phase 2 clinical trial of batoclimab in patients with Graves’ disease “meaningfully” exceeded 50% response rates. With the Phase 2 success, the firm increased its view of the odds of success for Grave’s disease to 55% from 40% and calls that “a number that still feels conservative.”
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