Immunovant price target raised to $52 from $47 at Stifel

Stifel raised the firm’s price target on Immunovant to $52 from $47 and keeps a Buy rating on the shares. Immunovant management conveyed their confidence in moving forward with pivotal development following the topline Batoclimab Graves’ data, the analyst tells investors in a research note. Though there are clearly limitations in the design of the single arm study, the company believes that the responses and ATD tapering they have seen are supportive of an efficacy signal and enable study planning, the firm says, adding that Graves’ represents a large strategically-important indication where they have the opportunity to be first-in-class among FcRn competitors.