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BofA raised the firm's price target on Immunovant to $28 from $26 and keeps a Buy rating on the shares. The company's Q4 results were relatively in-line on cash burn, and it reiterated its pipeline catalyst milestones, the analyst tells investors. The firm sees a favorable risk/reward scenario with the stock, with further de-risking catalysts in 2023.

Guggenheim analyst Yatin Suneja raised the firm's price target on Immunovant to $32 from $30 and keeps a Buy rating on the shares following the company's Q4 earnings release. The company reported that both the FDA and MEDSAFE, New Zealand's regulatory agency, cleared the IND and Clinical Trial Application for IMVT-1402, respectively, and since some investors were worried about the delay in IND clearance the news "should be welcomed by the Street," the analyst noted.

H.C. Wainwright analyst Douglas Tsao raised the firm's price target on Immunovant to $27 from $26 and keeps a Buy rating on the shares. The analyst says development of IMVT-1402 is "picking up steam" with the company be positioned to initiate Phase 2 studies next year.

Chardan analyst Matthew Barcus raised the firm's price target on Immunovant to $32 from $21 and keeps a Buy rating on the shares after the company reported fiscal year results and update on "significant progress" made with IMVT-1402, the company's next-gen anti-FcRN therapy. The firm views the drug class as "largely de-risked" and thinks IMVT-1402 is "capable of providing an ideal safety profile while delivering a comparable efficacy profile to that seen with batoclimab," the analyst tells investors.