Keep an eye on Immunovant (IMVT).

While the stock exploded about $20 higher, analysts believe it could push even higher.  All after the company’s early-stage data from its experimental antibody treatment – IMVT-402 — exceeded analysts’ expectations. If successful, the under-the-skin injection could potentially treat autoimmune diseases.

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As announced by the company, “subcutaneously administered doses of IMVT-1402 produced dose-dependent reductions in IgG in initial data from a Phase 1 clinical trial in healthy adults, with no dose-related changes in serum albumin or LDL-C, bolstering IMVT-1402 as a potential best-in-class neonatal fragment crystallizable receptor (FcRn) inhibitor.”

Analysts say it could push even higher. For example, Bank of America analysts raised their price target to $49 from $29.  Citi analysts also raised their price target to $50 from $33 a share.

Sincerely,

Ian Cooper