Immunovant surges as antibody treatment succeeds in early-stage study

Immunovant

26/09/2023 18:58

(Updates)
    ** Shares of Roivant-backed Immunovant  IMVT.O  more than
double to $41.50, tracking their highest single-day pct gain 
        ** Stock also hits highest levels since February 2021 
  
    ** Shares of IMVT's largest shareholder, Roivant Sciences
 ROIV.O , also up 23.5% at $12.60 
    ** ROIV holds a 56.5% stake in IMVT, according to LSEG data
    ** IMVT says its experimental antibody drug showed reduction
in levels of IgG antibodies that cause inflammation and disease
    ** The drug candidate, IMVT-1402, was tested in healthy
adults as an under-the-skin injection, co says
    ** IMVT-1402 has potency similar to or greater than that of
batoclimab, co's drug being developed for autoimmune diseases
such as myasthenia gravis and Graves’ disease - IMVT
    ** J.P. Morgan analysts said that the early data hit a
"home-run" scenario, supports the drug's potential to be the
best in its class if it succeeds in later studies
    ** Up to last close, IMVT shares up ~14% YTD; ROIV up ~28%
YTD  

 (Reporting by Mariam Sunny and Bhanvi Satija in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))