ROIV - Immunovant stock jumps on positive data for Argenx drug

2023-07-17 13:26:32 ET

Shares of Immunovant ( NASDAQ: IMVT ) jumped 14% midday Monday amid the release of positive data for Argenx's ( ARGX ) drug Vyvgart Hytrulo, which is in the same drug class as Immunovant's drug candidate IMVT-1402.

Argenx reported earlier Monday that a study called ADHERE showed that Vyvgart Hytrolo had met its primarily endpoint in the treatment of the autoimmune disorder chronic inflammatory demyelinating polyneuropathy, or CIDP. The product contains Argenx's lead medication, Vyvgart, an FcRn blocker known as efgartigimod alfa.

Immunovant has also been developing an FcRn blocker for autoimmune disorders. The drug, IMVT-1402, began Phase 1 testing in May, with initial data expected in August or September.  Immunovant is a subsidiary of Roivant Sciences ( ROIV ).

Analysts on Monday said that Argenx's news was a plus for Immunovant, with SVB analysts stating Immuovant shares could move as much as 25%.

“We expect positive readthrough to IMVT shares following ARGX’s positive topline data from the pivotal ADHERE study," SVB analysts wrote in their note.

Stifel analysts, meanwhile, said that Argenx's data "expand the breadth of the FcRn market," while Truist Securities analysts said they believed IMVT-1402's "unique profile make it a best-in-class anti-FcRN with the ability to take significant shares across multiple autoimmune indications."

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• Immunovant Could Be Poised For A Breakout In H2 2023
• Immunovant up 12% following autoimmune candidate IND clearance
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