Immunovant price target raised to $33 from $27 at Wells Fargo

Wells Fargo raised the firm’s price target on Immunovant to $33 from $27 and keeps an Overweight rating on the shares. The firm remains confident IMVT-1402 will demonstrate solid safety in its SAD/MAD trials, with no LDL issues which troubled its first gen molecule, batoclimab. Further, Wells thinks shares can outperform in bull case once confirmed, given IMVT-1402’s potential product profile.