Immunovant upgraded to Outperform at Raymond James after IMVT-1402 data

Raymond James upgraded Immunovant to Outperform from Market Perform with a $40 price target after the company “unexpectedly released” both SAD and preliminary MAD data for its next generation anti-FcRn therapeutic, IMVT-1402. The firm was originally expecting only single ascending dose, or SAD, data this month, with multiple ascending dose, or MAD, data anticipated by October or November, the analyst explains. The SAD data alone would’ve provided little insight to the relative efficacy/safety of the asset, but with the preliminary MAD data presented for the low 300mg dose, it looks like IMVT-1402 is “in-fact differentiated from batoclimab” and it is “hard to poke holes in the data,” the analyst said. There is room for more than one anti-FcRn in the market, and the firm believes “multiple agents can achieve blockbuster status,” added the analyst, who calls today’s MAD data “an important de-risking event.”