Immunovant initiated with a Buy at BofA

BofA analyst Jason Gerberry initiated coverage of Immunovant with a Buy rating and $26 price target. Immunovant is a clinical stage biotech focusing on developing drugs to treat autoimmune disorders, the analyst tells investors in a research note. The firm is most bullish on the company’s lead asset for the treatment of thyroid eye disease. It views the stock’s risk/reward as favorable into the 2023 data updates.