H.C. Wainwright raises IMVT price target after Phase 2 trial shows high response rates in rheumatoid arthritis patients.
H.C. Wainwright increased Immunovant’s (IMVT) price target to $40 from $35, maintaining a Buy rating. The adjustment follows positive Phase 2 rheumatoid arthritis trial data, which demonstrated high response rates regardless of prior advanced treatments.
The firm noted that response rates typically decline as patients cycle through multiple therapies, particularly after JAK inhibitors. However, IMVT-1402’s mechanism, targeting FcRn, appears distinct from JAK/TNF-directed treatments. H.C. Wainwright also raised the probability of success for IMVT-1402 in rheumatoid arthritis to 55% from 30%.
BofA Securities also revised its IMVT price target to $43 from $32, citing a higher peak sales forecast of $6.8 billion for IMVT-1402, up from $5.5 billion. The increase reflects expected contributions from Graves’ disease and severe rheumatoid arthritis.