Immunovant remains top pick at Citi after year-to-date selloff

Citi says Immunovant shares are down 13% year-to-date due to uncertainty surrounding the development plans for IMVT-1402. Citi acknowledges the frustration given the dearth of detailed information, but continues to believe that limited disclosures ahead of clinical readiness are a prudent and necessary strategy for Immunovant to maintain a competitive edge. The disclosure of 10 planned trial initiations over the next two years “sets a rapid development pace that should be viewed favorably,” the analyst tells investors in a research note. Immunovant remains the analyst’s top pick with a Buy rating and $51 price target. The firm anticipates “meaningful share value growth” as IMVT-1402 indications are disclosed over the near-to-medium term.