Immunovant initiated with a Hold at Jefferies

Jefferies initiated coverage of Immunovant (IMVT) with a Hold rating and $20 price target The firm sees “significant value” for the second generation IMVT-1402 across many autoimmune mediated indications that could potentially drive $3B in peak sales. However, near term dynamics keep Jefferies on the sidelines, as it sees mixed setup into the first generation batoclimab data in Q1. Investors need to be patient until we get more meaningful data, the analyst tells investors in a research note.