Goldman Sachs Supports Immunovant's Growth With Buy Rating
Goldman Sachs Maintains Buy Rating for Immunovant
Recently, Goldman Sachs has reiterated its Buy rating on Immunovant (NASDAQ: IMVT), affirming a price target of $50. This endorsement follows impressive outcomes from a Phase 3 study led by Amgen focusing on Uplizna, an innovative antibody designed to target CD19 for treating generalized myasthenia gravis (gMG). The study revealed substantial efficacy, notably improvements in the MG Activities of Daily Living (MG-ADL) score after 26 weeks.
The findings showed a clear distinction in results between patients administered Uplizna and those who received a placebo. Additionally, the safety profile of Uplizna appears consistent with earlier studies, instilling confidence despite Goldman Sachs’ caution regarding the variations in trial designs between MINT and other studies, which could hinder meaningful comparisons.
Upcoming Phase 3 Study of Batoclimab
At present, Immunovant is conducting its Phase 3 study on batoclimab, which is expected to evaluate its efficacy at the 12-week mark. The anticipation surrounding these upcoming results is significant, especially in relation to other FcRn targeting agents. However, challenges arise due to Uplizna's longer treatment duration, complicating direct comparisons to other trials.
Goldman Sachs acknowledges the convenience associated with Uplizna's biannual dosing schedule but raises concerns regarding potential safety issues stemming from long-term B-cell suppression. Despite this, they view the product profile of batoclimab, or IMVT-1402, as attractive given its weekly, subcutaneous administration option that offers ease for patients to manage treatments at home.
Future Insights from Immunovant
Looking ahead, Goldman Sachs is keenly awaiting Immunovant's Phase 3 results anticipated in the fourth fiscal quarter of 2024, which will likely offer further insights into the clinical and commercial viability of IMVT-1402 in addressing gMG.
Recent Developments in the Biotech Industry
In related news, Amgen (NASDAQ: AMGN) has been at the center of several noteworthy developments. The company recently reported mixed outcomes from clinical trials for Uplizna and Roca, its treatments for chronic conditions. Firms like TD Cowen and BMO Capital have retained favorable outlooks on Amgen’s shares, emphasizing the potential these drugs hold despite trial challenges. Conversely, Baird has reaffirmed its underperform rating, citing lackluster results from Roca's trial.
Additionally, Amgen has achieved a significant milestone with the approval of TEPEZZA for thyroid eye disease treatment in Japan, marking its inaugural approval in the Asian market. Furthermore, the FDA granted approval to Amgen's Otezla, which has become the first oral medication targeting moderate to severe plaque psoriasis in younger populations. These achievements have prompted Truist Securities to maintain their Buy rating on Amgen.
Financial Implications for Amgen
However, Amgen could experience financial ramifications following Medicare's decision to negotiate prices for ten high-cost drugs, including Enbrel, under the Biden administration's Inflation Reduction Act. Analysts from TD Cowen and Oppenheimer have acknowledged this shift, while still maintaining a positive perspective on the company. This scenario illustrates the complex landscape Amgen faces as it strives to advance and market innovative treatments for chronic ailments.
Frequently Asked Questions
What was Goldman Sachs' rating for Immunovant?
Goldman Sachs reaffirmed a Buy rating for Immunovant with a price target of $50.
What is batoclimab, and why is it significant?
Batoclimab is currently in a Phase 3 study for treating gMG, and its results are anticipated to provide insights into its efficacy compared to other treatments.
How does Uplizna's dosing schedule impact its attractiveness?
Uplizna's dosing schedule of once every six months enhances its convenience; however, there are potential safety risks that could arise from long-term use.
What recent approval did Amgen receive?
Amgen received approval for TEPEZZA for treating thyroid eye disease in Japan and for Otezla for plaque psoriasis in younger patients.
What challenges is Amgen facing in the current market?
Amgen faces challenges due to Medicare's negotiation of drug prices, which may impact its financial performance while striving to launch new treatments.
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