Roivant Sciences shares finished more than 20% higher on Tuesday after Immunovant, in which Roivant holds a 56.5% stake, released positive data from an early-stage study of its key asset IMVT-1402, a FcRn inhibitor being developed to treat a range of autoimmune diseases.
Analysts at Jefferies raised their price target on Roivant stock following Immunovant’s data release from $14 to $16 and awarded it a 'Buy' rating.
KRM22 PLC (AIM:KRM, OTC:KRMCF)’s annual recurring revenue (ARR) continued to grow in its latest half-year, noted broker Cavendish, with the group on track to hit its target of £10 million.
Free cash flow improved and continuing ARR and revenue growth should drive high operational gearing, towards positive free cash generation.
Burberry Group PLC (LSE:BRBY) shares have been marked 2.2% lower after Morgan Stanley (NYSE:MS) cut its price target for the luxury goods retailer.
In a note covering the European luxury goods sector, the investment bank reduced targets across the board, with Burberry’s moving to 2,200p from 2,400p.
Imperial Brands recovered some of Monday’s losses which followed reports that the UK was considering introducing a New Zeland-type smoking ban.
Shares are around 2% higher at 1,673.50p and Barclays thinks these worries are overdone, noting that it is not a new discussion by the UK government.
JD Sports Fashion PLC (LSE:JD.), the clothing retailer, is “so understated, it is almost unfair,” according to analysts at Shore Capital which believes several unique characteristics and a strong set of interim results are underpinning its ability to stand out against rivals.
Offering a diversified product range with a “superior” network of stores, the sports retailer is “substantially outperforming peers in a currently challenging market,” analysts at the investment broker said.
Meta Platforms Inc (NASDAQ:FB) has decided to surrender its unused lease of 1 Triton Square office building next door to Regent's Park in London, meaning it will pay a £149 million cash break fee to property developer British Land Company PLC (LSE:BLND).
Analysts said the fee was staggeringly high for the Facebook and Instagram owner's decision to vacate the asset.
Smiths Group (LSE:SMIN) cheered the City with its full-year results update, with analysts impressed by the "robust" trading outlook.
Stifel said Smiths has continued its recent trend of improved execution and delivered another set of numbers which are ahead of consensus expectations.
AG Barr PLC (LSE:BAG), the owner of drinks brands like Irn Bru, was able to satisfy analysts with its in-line interim results, and with schemes focused on improving operating margins, the group looks set to achieve its full-year targets.
Shore Capital, the drinks manufacturer’s house broker, said: “Results (26 weeks to 30 July 2023) are in line with our expectations, containing strong total and LFL sales growth and the anticipated short-term EBIT margin contraction driven by the mix effect of the acquired Boost business.”
After Entain PLC's (LSE:ENT) profit warning sent its shares tumbling it "looks an attractive time" for US partner MGM Resorts (NYSE:MGM) to make another bid, analysts at Deutsche Bank suggested.
The FTSE 100-listed bookmaker, which owns Ladbrokes, Bwin and a 50% share of US-based BetMGM, plunged 13% on Monday after surprising the market with news of softer third-quarter online gaming revenue due to some unhelpful sporting results and regulatory headwinds mostly in the UK.