Immunovant falls after UBS says late-stage data for muscle disorder drug 'underwhelms'

argenx SE

19/03/2025 13:52

** Shares of drug developer Immunovant IMVT.O fall 3.8% to $18.08

** Company says its drug, batoclimab, helped improve the ability to perform daily activities in some patients with a type of chronic autoimmune disease affecting muscles in a late-stage trial

** The drug was tested for myasthenia gravis — a disease that affects the muscles used for eye movement, facial expressions, chewing, swallowing and speaking

** UBS analysts, however, say the late-stage data  "underwhelms high expectations" set by Argenx's ARGX.BR flagship drug Vyvgart

** IMVT says batoclimab also met the goal of a mid-stage trial testing in patients with a type of neurological disorder called chronic inflammatory demyelinating polyneuropathy

** Company says it does not plan to seek approval for the drug, batoclimab, for either of the two conditions but will focus on developing its other experimental drug IMVT-1402 for the same conditions

** Up to last close, Immunovant shares have fallen ~38% in the past 12 months

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))