Salem Radio Network News Saturday, December 9, 2023


Immunovant shares surge after antibody treatment succeeds in early-stage study

(Reuters) – Shares of Immunovant surged over 60% in premarket trading on Tuesday, after the drug developer said its antibody treatment succeeded in an early-stage trial.

Immunovant’s experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease.

The company is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases.

Shares of Roivant Sciences, Immunovant’s largest shareholder with a 56.5% stake, according to LSEG data, also rose nearly 13% to $11.51 before the bell.

Based on last close, Immunovant shares have risen 14.3% so far this year, giving it a market capitalization of $2.65 billion, according to LSEG data.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)


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