Apr. 2 at 2:59 PM
Oppenheimer reitd
$IMVT OP;
$54, and said: 'Topline Misses in Batoclimab's (Bato's) Phase 3 TED Trials Have Little Impact Upon our Bullishness for IMVT.'
$VRDN $ARGX AMGN TRML SLRN ROIV
Oppenheimer said in its note to investors:
Topline misses in batoclimab's (bato's) Phase 3 TED trials have little impact upon our bullishness for IMVT, as our investment thesis remains centered on prospects for next-gen FcRn IMVT-1402 in Graves' disease and other development indications.
We regard the efficacy results as unsurprising following Vyvgart's data precedent and TED program discontinuation last December.
We continue to project
$1B+ US sales potential for '1402 in Graves' alone, for which initial Phase 3 data are slated for 2027.
Nearer-term, we look forward to 2H26 for topline potentially-registrational Phase 2 results in difficult-to-treat rheumatoid arthritis (RA) and POC trial results in cutaneous lupus erythematosus (CLE). We would use today's weakness on the bato news as a buying opportunity.
