Immunovant and Argenx rise as rival Chugai's data fails to impress

argenx SE

21/03/2024 16:04

** Shares of Immunovant  IMVT.O  rise 2.5% to $32.36 and
U.S.-listed shares of Argenx  ARGX.O  gain 12.3% to $401 after
Japan-based Chugai Pharma  4519.T  reported late-stage data of
its autoimmune disease drug satralizumab
    ** Chugai said the drug did not "reach our expectations on
the degree of clinical benefit"
    ** Brokerage Stifel says the data had been a major overhang
for ARGX and IMVT due to impressive data from the drug's
previous studies 
     ** Chugai's drug targets the IL-6 protein and is being
tested to treat a rare autoimmune disease called myasthenia
gravis
    ** ARGX's Vyvgrat is approved to treat the condition, while
IMVT's experimental treatment is in a late-stage study
    ** Shares of Viridian Therapeutics  VRDN.O  down marginally
and Tourmaline Bio  TRML.O  down 38.8%
    ** Both VRDN and TRML are testing drugs from the same class
as satralizumab
    ** Stifel says Chugai's data could challenge VRDN's drug
that also targets the IL-6 protein and is being tested for
thyroid eye disease
    ** Jefferies says Chugai's data does not materially change
TRML's development plans  
    ** YTD, IMVT down 24%, ARGX up 4.8%, VRDN down 17.5% while
TRML up 5.4% 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))