Immunovant downgraded to Neutral from Buy at UBS

UBS analyst Colin Bristow downgraded Immunovant (IMVT) to Neutral from Buy with a price target of $5, down from $7. The analyst sees no major clinical catalysts or updaters until the second half of 2023. In addition, Immunovant is facing increasing neonatal Fc receptor competition as competitors Argenx (ARGX) and Johnson & Johnson (JNJ) continue to move into new indications, Bristow tells investors in a research note. The analyst acknowledges Immunovant is trading $1-$2 per share above cash but says ultimately “this cash reserve is committed to fund batoclimab development.”