Aug. 11 at 6:05 PM
Stifel⬇️PT
$IMVT $50
$ARGX $ROIV $UCBJY
We are reiterating our Buy rating on
$IMVT following their F1Q26 update.
We continue to think that the FcRn class represents a multi-blockbuster opportunity with room for several players -- analogous to other larger market autoimmune MOAs.
IMVT-1402 is well-positioned to achieve first-in-class and/or competitive profile across novel and competitive indications. To that end, we continue to view
$IMVT as undervalued as the only remaining late-stage FcRn biotech other than
$ARGX. That said, with the pivot towards IMVT-1402 from Batoclimab, timelines remain somewhat distant (2026/2027) on the back of a discerning biotech tape which has held shares back along with
$ROIV's increased control over external disclosure/messaging though ongoing clinical development remains on track. We have updated our model for the quarter increasing our out-year expense trajectory to better reflect the breadth of pipeline development. Our target price goes to
$50 from
$61.
