普通外文研报

IMVT-1402 RA Data Looks Impressive

发布日期: 2026-05-20研究机构: Cantor Fitzgerald公司 / 股票: ROIV.OQ报告页数: 8原文语言: 英语证据页码: 1

研报英文原文证据摘录

Biotechnology

Roivant Sciences Ltd. (ROIV)

EQUITY RESEARCH Quick Take

May 20, 2026

IMVT-1402 RA Data Looks Impressive Price: $28.21

Price Target: NA Takeaways

Rating: Overweight ROIV/ IMVT announced earnings today.

Key Statistics: Key update is positive data from difficult to treat (D2T) rheumatoid arthritis Symbol NASDAQ: ROIV

(RA) trial for IMVT-1402 (FcRN). 52-Week Range 10.58 - 30.33

Market Cap 20,189.9 These data are from open-label portion of the RA trial but ACR response ADV (3 mo) 5,542,158

Shares Out (M) 715.7 for IMVT-1402 (ACR50 of ~55%) are meaningfully better than any

benchmark in this highly refractory RA setting - see below.

Research Analysts: Expectations were low for RA trial after JNJ nipocalimab mixed data

Prakhar Agrawal but these responses for IMVT-1402 in a large sample are very strong. 212-610-3614

Prakhar.Agrawal@cantor.com Commercial opportunity in D2T RA could be multi-blockbuster.

One-Year Price History Reminder of the RA trial design:

35 ●Difficult-to-treat (D2T) RA trial was designed as an open label lead in

25 (period 1) with blinded randomized withdrawal phase (period 2) – trial

20 design on page 8 of corporate deck (LINK).

15 ●Trial was enriched for baseline ACPA levels and enrolled RA patients

05/25 08/25 11/25 02/26

05/26 with inadequate response to 2 or 3 classes of biologics/ targeted ROIV Created by BlueMatrix

therapies.

●Data disclosed today is from the open label 16-week lead in period

(period 1) that tested the 600 mg QW dose for IMVT-1402.

●Period 2 will be randomized withdrawal phase for 12 weeks with

patients meeting ACR20 responses at week 14 and week 16 eligible for

period 2 and will be on IMVT-1402 600 mg or 300 mg every week dose

or placebo

What did IMVT-1402 show?

Baselines:

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