Immunovant drops after failure of rival's autoimmune therapy

Immunovant

20/12/2023 13:49

** Shares of drug developer Immunovant Inc  IMVT.O  fall
10.8% to $37 premarket after rival Argenx SE's  ARGX.BR 
autoimmune drug failed to meet the main goal in a late-stage
study
    ** Argenx's drug, efgartigimod SC, failed to outperform
placebo in adults with pemphigus, a rare autoimmune condition
that causes skin blisters
    ** IMVT is developing batoclimab, which is based on a
similar technology called FcRn that targets a receptor in the
body to help promote healthy levels of a disease-fighting
antibody
    ** Truist Securities says it still believes that although
FcRn drugs are not going to work everywhere, they will be
"impactful across multiple indications"
    ** Up to last close, stock more than doubled YTD

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