Leerink analyst Thomas Smith lowered the firm's price target on Immunovant to $50 from $52 and keeps an Outperform rating on the shares. The firm notes the company reported topline data from the Phase 3 trials of batoclima in active thyroid eye disease that failed to meet the primary endpoint of proptosis response at week 24. While the headline result is disappointing for batoclima in TED, Leerink sees limited downside based on relatively low investor expectations for this readout. Importantly, the firm thinks the TED dataset also offers some important mechanistic insight and positive readthrough to the ongoing pivotal Graves' disease program for '1402.
