BofA analyst Chi Fong raised the firm’s price target on Roivant Sciences to $11 from $10.50 and keeps a Neutral rating on the shares after the company announced maintenance data from the Phase 2 study of RVT3101 in ulcerative colitis, or UC. The headline data in key patient subgroups were in-line to at the high-end of investor expectations on efficacy and the TL1A data should help alleviate investor skepticism around potential drawback on durability of drug efficacy, but there “remain some outstanding questions that still must be addressed in the full data presentation” at a medical meeting, says the firm, which cites a higher likelihood of success for its target bump.
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- Roivant Sciences surges 8% after UC treatment shows longer-term effect
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- Roivant Reports Chronic Period Data for RVT-3101 from the TUSCANY-2 Phase 2b Study in Ulcerative Colitis, Demonstrating Improved Efficacy from the Induction to Chronic Period
- Roivant to Host Investor Call at 8:00 AM ET on Thursday, June 22 to Review Results from the Chronic Period of TUSCANY-2, a Large Global Phase 2b Study of RVT-3101 (Anti-TL1A Antibody) in Ulcerative Colitis