Immunovant shares surge after antibody treatment succeeds in early-stage study

Immunovant

26/09/2023 12:46

Sept 26 (Reuters) - Shares of Immunovant  IMVT.O  surged
over 60% in premarket trading on Tuesday, after the drug
developer said its antibody treatment succeeded in an
early-stage trial.
    Immunovant's experimental drug reduced the levels of IgG, or
immunoglobulin antibodies, that cause inflammation and disease. 
    The company is developing its antibody drug, IMVT-1402, as
an under-the-skin injection to potentially treat autoimmune
diseases. 
    Shares of Roivant Sciences  ROIV.O , Immunovant's largest
shareholder with a 56.5% stake, according to LSEG data, also
rose nearly 13% to $11.51 before the bell. 
    Based on last close, Immunovant shares have risen 14.3% so
far this year, giving it a market capitalization of $2.65
billion, according to LSEG data. 
    

 (Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))