Goldman Sachs Resumes Coverage of Immunovant (IMVT) with a Hold Rating

Immunovant, Inc. (NASDAQ:IMVT) is one of the best oversold NASDAQ stocks to buy now. On July 10, Goldman Sachs analyst Corinne Johnson resumed coverage of Immunovant, Inc. (NASDAQ:IMVT) with a Hold rating and set a price target of $18.00.

The analyst supported the Neutral rating by stating that it sees limited downside to Immunovant, Inc. (NASDAQ:IMVT), and that a challenging regulatory backdrop also exists for the company, necessitating a cautious outlook.

Immunovant, Inc. (NASDAQ:IMVT) has approximately $714 million in cash and cash equivalents as of March 31, which management declared provides runway for announced indications through GD readout anticipated in 2027.

Immunovant, Inc. (NASDAQ:IMVT) develops treatments for autoimmune diseases. Its product pipeline includes batoclimab and IMVT-1402. Both are novel antibodies targeting the neonatal fragment crystallizable receptor (FcRn).

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Disclosure: None. This article is originally published at Insider Monkey.