Immunovant price target raised to $57 from $28 at Piper Sandler

Piper Sandler analyst Yasmeen Rahimi raised the firm’s price target on Immunovant (IMVT) to $57 from $28 and keeps an Overweight rating on the shares. With shares up 230%-plus over the past 12 months and after the stellar Phase 1 initial topline results, investors are wondering how much upside is left for Immunovant shares, the firm says. Piper believes significant value still lies ahead for Immunovant given the potential 22 value driving indications for a differentiated and potential best in class FcRn. Separately, the firm’s translation from Monday’s announcement from ROIV, a 50% owner of Immunovant, that Roche (RHHBY) would be acquiring Telavant including rights to the novel TL1A directed antibody for the treatment of IBD for $7.1B upfront is that ROIV is mindful of the market opportunities among its portfolio of companies and asset classes.