May. 21 at 10:33 AM
BofA⬆️
$IMVT's PT to
$43 and reiterated at Buy
$ROIV $ARGX JNJ LLY - INCY ABBV UCBJY AZN
BofA said: We raise our Immunovant (IMVT) PO to
$43/sh (from
$32) on a higher peak sales outlook for IMVT-1402, now
$6.8BN (vs.
$5.5BN prior), driven by greater contribution from GD & D2T RA-both large 'white-space' TAMs.
Our revision incorporates DT2A derisking from Period 1 data (reported yesterday) and potential upside from upcoming pivotal readouts.
We are most bullish on GD (50% of valuation) given strong prior data and unmet need.
While CLE/SJD are sizable markets, we assign lower value due to higher clinical/competitive risk.
We also reduce 1402 peak sales in FcRn-entrenched markets (MG, CIDP). See Exhibit 1 for updated risk-adjusted SOTP DCF.
We reiterate Buy as in our view 1402's opportunity remains underappreciated.
