Immunovant falls after lupus drug setback
23/09/2026 13:04
BUZZ-Immunovant falls after lupus drug setback ** Shares of biotech firm Immunovant IMVT.O fall 4.5% to $35.6 premarket
** Stock set to open at its lowest level in over three months, if losses hold
** Co plans to discontinue development of IMVT-1402 in cutaneous lupus erythematosus (CLE) after drug fails to achieve statistical significance on the study's main goal
** CLE is a autoimmune skin disease that causes rashes and lesions, often triggered by sun exposure
** Shares of IMVT's largest shareholder Roivant Sciences ROIV.O down 2.9%
** 13 of 17 brokerages rate the stock "buy" or higher, and 4 "hold"; their median PT is $47
** As of last close, IMVT stock up 46.7% YTD
(Reporting by Darshan Kumar and Anand Gopal in Bengaluru)
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