UBS analyst Colin Bristow upgraded Immunovant (IMVT) to Buy from Neutral with a price target of $55, up from $18. The company delivered a positive surprise with the disclosure of positive initial multiple-ascending dose data for IMVT-1402, which demonstrated a clean LDL/albumin profile and highly competitive IgG lowering, the analyst tells investors in a research note. The firm believes Immunovant “can now be viewed as a legitimate, albeit earlier-in-development, competitor” to Argenx (ARGX). It says IMVT-1402 is highly competitive with a large market opportunity.
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