Wells Fargo's Derek Archila raised their price target on Immunovant (NASDAQ: IMVT) by 45.5% from $33 to $48 on September 27, 2023. The analyst maintained their Strong Buy rating on the stock. This significant price target hike was driven by the positive Phase 1 safety data of IMVT-1402, which was announced on September 26, 2023. Archila stated that IMVT-1402 is distinguished within its class and deserves scarcity value based on its emerging profile.
In addition to Wells Fargo, Citigroup's Samantha Semenkow also issued an update on Immunovant on September 27, 2023. Semenkow raised their price target by 51.5%, from $33, and also maintained a Strong Buy rating on the stock. This further validates the positive sentiment surrounding Immunovant.
The analyst consensus on IMVT remains overwhelmingly positive. Currently, 100% of top-rated analysts rate the stock as a Strong Buy or Buy, with no analysts seeing it as a Hold. Furthermore, no analysts have recommended selling the stock.
Immunovant has been performing exceptionally well in the market. Since its last quarterly report on June 30, 2023, the stock price has surged by an impressive 108.3%. Looking at the year-over-year performance, the stock has skyrocketed by an astonishing 746.1%. These remarkable gains have outpaced the broader market, with IMVT surpassing the S&P 500, which has risen by 17.2% during the same period.
Derek Archila, the Wells Fargo analyst who raised the price target on Immunovant, has a stellar track record. WallStreetZen ranks Archila in the top 2% out of 4,339 Wall Street analysts, boasting an average return of 39.8% and an impressive 46.6% win rate. Archila specializes in analyzing the Energy and Healthcare sectors.
Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on developing monoclonal antibodies for the treatment of autoimmune diseases. One of its key products in development is batoclimab, a novel fully human monoclonal antibody that selectively binds to and inhibits the neonatal fragment crystallizable receptor. This antibody is currently undergoing Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease. Additionally, Immunovant has completed the initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia. The company, established in 2018, is headquartered in New York, New York, and is a subsidiary of Roivant Sciences Ltd.
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