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Immunovant upped on positive trial, Docusign raised to Hold: 5 big analyst picks

Published 09/27/2023, 06:02 AM
© Reuters.

By Davit Kirakosyan

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Immunovant, Edwards Lifesciences, International Paper, Docusign, and Teradyne.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Immunovant earns an upgrade following positive IMVT-1402 results

Raymond James upgraded Immunovant (NASDAQ:IMVT) to Outperform from Market Perform with a price target of $40.00 following the release of both Single Ascending Dose (SAD) and preliminary Multiple Ascending Dose (MAD) data for its next-generation anti-FcRn therapeutic, IMVT-1402. As a result, shares jumped more than 97% yesterday.

"While it's premature to call '1402 'best-in-class,' there is room for more than one anti-FcRn agent in the market, and we believe multiple agents can achieve blockbuster status," mentioned Raymond James.

The firm considers the MAD data a significant risk-reducing development for Immunovant and, therefore, is upgrading the stock.

International Paper earns another upgrade

International Paper (NYSE:IP) shares gained more than 1% pre-market today after Jefferies upgraded the company to Hold from Underperform and raised its price target to $33.00 from $26.00, as reported in real-time on InvestingPro.

Last week, Truist Securities upgraded the company to Buy from Hold with a price target of $43.00 (from $30.00).

The company is set to report its Q3 earnings results next month.

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Edwards Lifesciences upgraded to Outperform at Oppenheimer

Oppenheimer upgraded Edwards Lifesciences (NYSE:EW) to Outperform from Perform with a price target of $90.00, citing an attractive risk-reward profile, dismissing concerns about GLP-1, and highlighting the substantial opportunity in Transcatheter Tricuspid Valve Replacement (TTVR).

While Oppenheimer is positive on the stock, there was some negative news for the company Tuesday morning after reports stated Edwards Lifesciences was raided by EU antitrust regulators at one of its facilities in the region a week ago. Citing two people with direct knowledge of the matter, Reuters said the move highlights increasing regulatory scrutiny of the pharmaceutical industry. The publication added that the European Commission said on September 19 that it raided a cardiovascular medical device company due to concerns it may have abused its market power in breach of the bloc's antitrust rules.

2 more upgrades

DocuSign (NASDAQ:DOCU) shares rose more than 1% pre-market today after HSBC upgraded the company to Hold from Reduce with a price target of $42.00.

Northland Capital Markets upgraded Teradyne (NASDAQ:TER) to Outperform from Market Perform with a price target of $126.00.

We see several factors that will drive semiconductor test intensity in the future. These include the transition to 3nm at TSMC, HBM DRAM, vertically integrated product companies, and systems in package.

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