Immunovant (IMVT) is a $4.75B Biotech with shares -22.79% YTD but starting to show relative strength nearing a break above the 200-MA and a range-break measuring to an upside target of $39. IMVT this week has seen sneaky buys of 1500 April $35 calls at $5.50 and still has 2000 April $32 calls bought in open interest spread against the January $40 calls while January $35 calls bought 2000X to open on 7/1. IMVT short interest is at 7.65% of the float, rising from 5% of the float to start the year. IMVT trades 8.5X Cash and 8X FY28 revenue estimates.

IMVT is a clinical-stage biopharmaceutical company dedicated to enabling normal lives for people with autoimmune diseases. Its innovative product pipeline includes batoclimab, formerly referred to as IMVT-1401, and IMVT-1402, both of which are novel, fully human monoclonal antibodies that target the neonatal fragment crystallizable receptor. IMVT soared recently on IMVT-1402 data where IMVT delivered a positive surprise with the disclosure of positive initial multiple-ascending dose (MAD) data (300mg QW, see our note), which demonstrated a clean LDL/albumin profile and highly competitive IgG lowering.

According to the American Autoimmune Related Diseases Association, more than 50 million people in the United States suffer from one of more than 100 diagnosed autoimmune diseases. Predisposing factors may include genetic susceptibility, environmental triggers and other factors not yet known. Many of these diseases are associated with high levels of pathogenic IgG antibodies, which are the most abundant type of antibody produced by the human immune system, accounting for approximately 75% of antibodies in the plasma of healthy people.  IMVT-1402 is a fully human monoclonal antibody that inhibits FcRn and is the product of a long-standing effort to bring another novel potentially best-in-class anti-FcRn antibody forward to complement batoclimab. It would compete with ARGX.

IMVT plans to host an investor event where it will unveil detailed Ph2 data for its first-generation anti-FcRn (batoclimab) for treatment of Graves’ disease (GD). BAML sees $9-$10 per share contribution from the Graves’ program, if successful. IMVT will have several key readouts in 1H25.

Goldman sees peak sales of IMVT-1402 of $4.4B with upside to $6.2B if shows best-in-class efficacy.