IMVT - Why Shares of Immunovant Are Soaring on Tuesday
2023-09-26 15:23:00 ET
Shares of Immunovant (NASDAQ: IMVT) were up more than 96% as of 3 p.m. on Tuesday. The clinical-stage immunology company, a unit of Roivant Sciences , announced positive trial information on an autoimmune disorder therapy. Roivant's shares were up more than 22% on the news as well.
Immunovant focuses on autoimmune disorders. The company said on Tuesday, before the markets opened, that IMVT-1402, in a phase 1 trial, using subcutaneous doses, achieved peak immunoglobulin G (IgG) reductions that were similar to those observed with batoclimab, which is another of Immunovant's pipeline candidates. The key difference is that IMVT-1402 didn't create a rise in bad LDL cholesterol, which was a problem with batoclimab.
Immunovant doesn't have approved therapies yet and no revenue. As of the second quarter, the company said it had roughly $330 million in cash, enough to fund operations into the second half of 2025.
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Why Shares of Immunovant Are Soaring on Tuesday