IMVT - Immunovant gains as Wells Fargo names as a top SMID cap biotech pick
- Immunovant, Inc. ( NASDAQ: IMVT ) continued a five-day winning streak on Tuesday as Wells Fargo upgraded it to Overweight from Equal Weight, naming the autoimmune drug developer as a top pick in its 2023 SMID cap biotech preview.
- Derek Archila and analysts see positive readthrough for Immunovant ( IMVT ) from topline data Argenx ( ARGX ) plans to share from its ADHERE trial in Q1 2023 for a candidate targeting autoimmune disorder chronic inflammatory demyelinating polyneuropathy (CIDP).
- The analysts also expect data from Johnson & Johnson's ( JNJ ) rheumatoid arthritis trial could also benefit Immunovant ( IMVT ) shares and raise the price target to $27 from $10, forecasting a 2-3x upside subject to a potential Phase 1 "safety catalyst" from FcRn inhibitor IMVT-1402.
- In November, Immunovant ( IMVT ) said it would submit an Investigational New Drug ("IND") application for IMVT-1402 in 2023, expecting a topline readout in mid-2023.
- The company also expected to start a pivotal Phase 2b trial for its CIDP candidate batoclimab by 2022 year-end with plans to share initial data in H1 2023.
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Immunovant gains as Wells Fargo names as a top SMID cap biotech pick