H.C. Wainwright Raises Price Target on Immunovant (IMVT) Following Positive Rheumatoid Arthritis Trial Data

Immunovant, Inc. (NASDAQ: IMVT ) ranks among the best short squeeze stocks to invest in . On May 21, H.C. Wainwright boosted Immunovant, Inc. (NASDAQ:IMVT)’s price objective to $40 from $35, keeping a Buy rating on the company’s shares. The firm noted high response rates from its Phase 2 rheumatoid arthritis trial.

The trial showed that past exposure to numerous advanced medicines did not significantly reduce treatment benefit.

According to H.C. Wainwright, this shows that FcRn acts differently from JAK/TNF-directed treatments. According to the firm, RA response rates often fall as patients go through various medications, especially after JAK inhibitors.

Given the favorable readout, H.C. Wainwright upgraded the chance of success for IMVT-1402 in rheumatoid arthritis from 30% to 55%, as well as its EV sales multiple from 9x to 10x.

The same day, BofA Securities boosted its price objective for Immunovant, Inc. (NASDAQ:IMVT) from $32 to $43, keeping a Buy rating on the stock. The firm raised its peak sales forecast for IMVT-1402 to $6.8 billion from $5.5 billion, citing higher contributions from Graves’ disease and severe rheumatoid arthritis.

Immunovant, Inc. (NASDAQ:IMVT) develops treatments for autoimmune diseases. Its product pipeline includes IMVT-1402, which is a novel fully human monoclonal antibody targeting the neonatal fragment crystallizable receptor (FcRn).

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