Wells Fargo notes that Immunovant’s (IMVT) shares are down since JPMorgan conference. The firm thinks that is due to a few reasons, namely M&A premium coming out of the stock; Argenx’s (ARGX) two recent failures push back on the FcRn “pipeline in a product thesis;” and competition. That said, Wells believes the stock remains attractive given IMVT-1402’s scarcity value in the I&I space and ahead of de-risking data from batoclimab that should read through to IMVT-1402 in multiple indications in 2024/early 2025. The firm has an Overweight rating on Immunovant with a price target of $48.
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