Immunovant surges with market rebound after $75 mln stock offering

Immunovant

04/10/2022 17:26

** Immunovant Inc's  IMVT.O  shares up 20.6% at $7.95 on
Tues after drug developer raises equity. IMVT surges as much as
37.2% to $9.04, highest since Nov 2021
    ** IMVT among top performers in Nasdaq Biotech index  .NBI ,
which is up >2%, amid broader market rally with Nasdaq  .IXIC 
jumping >3%  .N 
    ** Co sells 12.5 mln shares at $6  urn:newsml:reuters.com:*:nGNX4y9gPN
    ** Last Weds, co announced planned development of IMVT-1402,
a new anti-FcRn monoclonal antibody, at Roivant Sciences Ltd's
 ROIV.O  investor day event; Roivant has ~63% stake in
Immunovant  urn:newsml:reuters.com:*:nGNX88FcN5
    ** H.C. Wainwright said in research note addition of
IMVT-1402 broadens anti-FcRn franchise, which is in late-stage
development across range of indications, including treatment of
Myasthenia Gravis (MG), Thyroid Eye Disease (TED) and Graves’
Disease (GD)
    ** Avg rating among 11 analysts is "hold" and median PT is
$9.50 - Refinitiv
    ** With move on Tues, IMVT has gained ~70% in past 5
sessions. YTD, stock now down ~6%
    ** Co has ~116.6 mln shares outstanding for ~$934 mln market
cap, per Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))