Immunovant price target raised to $58 from $52 at Stifel

Stifel raised the firm’s price target on Immunovant (IMVT) to $58 from $52 and keeps a Buy rating on the shares after the company’s Q2 update. The firm said it likes the broader strategy of targeting indications with early neonatal Fc receptor clinical validation but a limited timeline advantage from competitors, which is complementary to first-in-class indications. Meanwhile, upcoming Batoclimab data in Q1 remain relatively binary as they will represent the largest prospective studies testing the clinical differentiation between roughly 60% vs 80% immunoglobluin G reduction, and will set up the path forward for 1402 in these indications, the analyst tells investors in a research note.