Immunovant could emerge as a key player in the autoimmune space, according to JPMorgan.
The bank initiated coverage of the biotech stock at an overweight rating, also setting a price target of $51.
That implies that shares of Immunovant could rally more than 37% from their Friday closing price of $37.13.
Immunovant stock has slid 9% so far this quarter.
IMVT YTD mountain IMVT YTD chart As a key catalyst, the analyst underscored Immunovant's stats as one of the key players using anti-neonatal Fc receptor technology, or anti-FcRn technology, to treat autoimmune diseases.
Persons:
Brian Cheng, Graves, Cheng, — CNBC's Michael Bloom
Organizations:
JPMorgan, IMVT, Telavant, Merck, Prometheus
Locations:
Immunovant, IMVT, Roche