Immunovant a new buy at Citi on strong autoimmune pipeline

• Citi has initiated Immunovant (NASDAQ:IMVT) with a buy expressing excitement about the company's pipeline of assets to treat autoimmune diseases.
• The firm has a $28 price target (~76% upside based on Monday's close).
• Analyst Samantha Semenkow said that in addition to lead candidate batoclimab (IMVT-1401), she sees potential for IMV-1402.
• The lead indication for batoclimab is myasthenia gravis. Top-line phase 3 data is expected in 2024. The candidate is also under investigation for thyroid eye disease and warm autoimmune hemolytic anemia.
• Semenkow noted that the company is slated to release phase 1 data on IMVT-1402 in the second half of the year, calling it the company's most important near-term catalyst.
• Immunovant (IMVT) has previously claimed that the candidate could provide best-in-class Immunoglobulin G (IgG) antibody reduction. It sees potential applications for IMVT-1402 in hematology and rheumatology.

More on Immunovant

• Immunovant draws Buy from Stifel on potential beyond myasthenia gravis

• Uncertainty Looms Over Immunovant's Future As Batoclimab Faces Dim Prospects