JNJ: New Imaavy faces headwinds from Myasthenia incumbents but promising in other FcRn markets

The market continues to underestimate Imaavy's prospects from current and potential FcRn indications. While we see stiff barriers for Imvaay in Myasthenia Gravis despite recent FDA approval, leaving Vyvgart dominant, we see significant unopposed upside for Imvaay in other indications…