Immunovant shares soar after trial of its autoimmune drug exceeds expectations

Takeaways

Immunovant shares soared nearly 100% Tuesday after positive results from a Phase 1 trial of the biopharmaceutical company's new autoimmune treatment.
The injectable treatment reduced some antibodies that can cause inflammation and disease.
The injectable treatment reduced some antibodies that can cause inflammation and disease.
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The company plans to provide data on high-dose versions of the drug in November.

Shares of Immunovant (IMVT) nearly doubled on Tuesday after the biopharmaceutical company announced positive results from a Phase 1 trial of its experimental treatment against autoimmune diseases.

Immunovant reported that the injectable drug under the skin, IMVT-1402, reduces levels of IgG or immunoglobulin antibodies, which can cause inflammation and disease.

The company added that safety data “were generally favorable” and that any adverse reactions were mild or moderate. It was noted that no significant reduction in serum albumin or increase in low-density lipoprotein (LDL), or so-called “bad” cholesterol, was observed.

CEO Pete Salzmann said that the company has been encouraged by the results to date with IMVT-1402 and plans to provide more details on a higher dose version in November.