ROIV - Why Immunovant Stock Is Bolting Higher Today
2023-09-27 12:21:54 ET
Shares of Immunovant (NASDAQ: IMVT) , an autoimmune specialist and subsidiary of Roivant Sciences (NASDAQ: ROIV) , are showing no signs of cooling off after nearly doubling in value on Tuesday. Specifically, the drugmaker's shares were up by another 5.3% on sky-high volume as of 11:27 a.m. ET Wednesday morning. Roivant Sciences stock is also up for a second straight day, with the drugmaker's shares rising by as much as 6.6% in early-morning trading.
What's all the fuss about? Tuesday , Immuovant announced phase 1 data for its neonatal fragment crystallizable receptor (FcRn) inhibitor IMVT-1402. Investors piled into the stock because the early-stage therapy achieved peak immunoglobulin G (IgG) reductions on par with its late-stage candidate batoclimab without a dose-related change in serum albumin or LDL-C. In other words, IMVT-1402 might be both a more effective and safer compound than batoclimab in some settings.
The big deal is that FcRn inhibition could evolve into a $40 billion-a-year therapy class for scores of IgG-mediated autoimmune indications. Several major pharmaceutical companies, like Argenx , Johnson & Johnson , and UCB , have been pouring resources into this area over the last few years with the hopes of developing the next major breakthrough in the treatment of autoimmune disorders.
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Why Immunovant Stock Is Bolting Higher Today