Sept 26 (Reuters) - Shares of Immunovant (IMVT.O) surged nearly 80% on Tuesday, after early-stage data from its experimental antibody treatment exceeded analysts' expectations.
Immunovant is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases.
Immunovant's experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease in healthy adults.
Shares of Roivant Sciences (ROIV.O), Immunovant's largest shareholder with a 56.5% stake, according to LSEG data, also rose 17.5% to $12.
The positive data from IMVT-1402 could give Roivant another "potentially blockbuster" candidate to transact, after its experimental treatment for bowel disease, Jefferies analyst Dennis Ding said.
Persons:
J.P, Morgan, Brian Cheng, drugmakers Johnson, Johnson, Hytrulo, Immunovant, transact, Jefferies, Dennis Ding, Bhanvi, Krishna Chandra
Organizations:
UCB, Roivant Sciences, Thomson
Locations:
United States, York, IMVT, Bengaluru