BofA analyst Jason Gerberry lowered the firm’s price target on Immunovant (IMVT) to $45 from $48 and keeps a Buy rating on the shares after the company agreed to sell 22.5M shares of common stock at a purchase price of $20.00 per share to three institutional accredited investors in a private investment in public equity, or PIPE, deal. The firm’s updated target reflects the $3 per share impact of the PIPE and its Buy rating reflects what it views as attractive risk/reward heading into 2025 neonatal Fc receptor updates.
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Read More on IMVT:
- Immunovant Progresses in Autoimmune Therapy Development
- Immunovant Raises $450 Million Through Share Purchase Agreement
- Immunovant to sell 22.5M shares at $25.00 in private placement
- Immunovant downgraded to Peer Perform from Outperform at Wolfe Research
- Immunovant price target lowered to $45 from $47 at Wells Fargo