Immunovant's New Candidate Provides Some Strategic Flexibility & Clarity, Analysts Say

  • On Wednesday, Immunovant Inc IMVT announced a new anti-FcRn, IMVT-1402, at Roivant Sciences Ltd's ROIV Investor Day.
  • IMVT-1402 is a new anti-FcRn monoclonal antibody that matches batoclimab's IgG lowering without affecting albumin and LDL. 
  • HC Wainwright says the addition of IMVT-1402 broadens the anti-FcRn franchise.
  • The analyst maintains a Buy rating with a price target of $16.
  • Roivant is leveraging data and learnings from batoclimab studies to accelerate IMVT-1402's development and, contingent on IND approval plans to start a Phase 1 study in early 2023. 
  • The analyst thinks the new product should allow Immunovant to compete more effectively with Argenx SE ARGX, considering efgartigimod's clean profile. 
  • Additionally, IMVT-1402's profile advantageously positions Immunovant relative to Johnson & Johnson's JNJ development of nipocalimab.
  • Overall, SVB Leerink expects investors to approach ‘1402 value conservatively, pending the generation of human data and clinical de-risking.
  • The analyst is encouraged by IMVT's initiatives to diversify its pipeline beyond batoclimab and see the potential for long-term flexibility and strategic value.
  • The analyst reiterates the Outperform rating.
  • Price Action: IMVT shares are up 19% at $5.70 on the last check Thursday.
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