On Wednesday, Goldman Sachs reaffirmed its Buy rating on the shares of Immunovant (NASDAQ:IMVT) with a steady price target of $50.00. The endorsement follows recent data from a Phase 3 study by AMGN on Uplizna, an antibody targeting CD19 for the treatment of generalized myasthenia gravis (gMG). The study reported significant efficacy, with improvements in the MG activities of daily living (MG-ADL) score at week 26.
The results showed a notable difference between the patients treated with Uplizna and those receiving a placebo. The safety profile of Uplizna was also reported to be consistent with findings from previous studies. Despite the positive outcomes, Goldman Sachs noted that differences in trial designs between MINT and other studies limit the ability to compare results across different trials meaningfully.
Immunovant's batoclimab, currently in a Phase 3 study for MG, is set to evaluate its efficacy at week 12. The upcoming results are anticipated to be primarily compared within the FcRn targeting agents class. However, the longer treatment duration associated with Uplizna poses a challenge for direct comparisons across different trials.
Goldman Sachs acknowledged the potential convenience of Uplizna's dosing schedule, which is once every six months, but also pointed out possible safety risks associated with long-term B cell suppression. The firm continues to find the product profile of batoclimab, also known as IMVT-1402, attractive due to its weekly, subcutaneous injection which can be administered at home.
The financial institution looks forward to Immunovant's Phase 3 read-out in the fourth fiscal quarter of 2024 (first calendar quarter of 2025) to gain further insight into the clinical and commercial prospects for IMVT-1402 in treating gMG.
In other recent news, Amgen (NASDAQ:AMGN) has been the focus of several significant developments. The company reported mixed results from clinical trials for Uplizna and Roca, two of its drugs aimed at treating chronic conditions. TD Cowen and BMO Capital maintained positive outlooks on Amgen's shares, citing the potential of these drugs despite some challenges in their trials. However, Baird reaffirmed its underperform rating, pointing to underwhelming results from the Roca study.
Amgen also announced the approval of TEPEZZA, a treatment for thyroid eye disease, in Japan, marking its first approval in Asia. In addition, the FDA approved Amgen's Otezla, the first oral medication for moderate to severe plaque psoriasis in children and adolescents. These approvals were met with approval from Truist Securities, which maintained a Buy rating on Amgen.
However, Amgen may face financial impacts from Medicare's decision to negotiate prices for 10 costly drugs, including Amgen's Enbrel, as part of the Biden administration's Inflation Reduction Act. This move was reported by analysts from TD Cowen and Oppenheimer, who nonetheless maintained positive ratings on the company. These developments highlight the shifting landscape Amgen navigates as it continues to develop and market treatments for chronic conditions.
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