Immunovant (IMVT) Stock: Why It Fell Over 2% Today

By Amit Chowdhry ● Sep 26, 2022
  • The stock price of Immunovant (IMVT) fell by over 2% pre-market today. This is why.

The stock price of Immunovant (IMVT) fell by over 2% pre-market today. 

Why: Bearish research report

Price target: Reduced from $7 to $5

Rating: Downgraded from “Buy” to “Neutral”

Analyst: UBS analyst Colin Bristow

Bristow adjusted the rating while noting citing:

1.) No major clinical catalysts until the second half of 2023 while 2 new indications were disclosed on 9/7; no significant clinical updates are expected until the second half of 2023 (initial Ph.2 GD data), 

2.) Increasing FcRn competition – competitors ARGX and JNJ continue to move into new indications (including IMVT’s recently-announced CIDP), while other novel mechanisms are entering IMVT’s target markets – VRDN’s anti-IGF-1R recently showed positive data in TED and 

3.) The lipid elevation issues which halted batoclimab’s development remain a meaningful competitive/commercial risk.