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Immunovant (IVMT) said Tuesday its drug lowered a key antibody in healthy people, signaling it could treat a myriad autoimmune conditions, and IMVT stock launched to a two-year high.
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The company tested its drug, known as IMVT-1402, in healthy adults. The experimental under-the-skin shot led to dose-dependent reductions in immunoglobulin G, or IgG. This antibody is one of the culprits behind numerous autoimmune conditions.
Importantly, Immunovant said lowering immunoglobulin G levels didn’t lead to an increase in LDL cholesterol or serum albumin. Albumin is a protein made by the liver that can show up in plasma. Heightened albumin can mean a patient is dehydrated or experiencing diarrhea.
The results could position IMVT-1402 to become the best in its class of autoimmune disease drugs, Immunovant said in a news release. Immunovant also has a similar drug in testing called batoclimab in patients with myasthenia gravis and chronic inflammatory demyelinating polyneuropathy. Both are autoimmune conditions that affect the nerves.
IMVT Stock Skyrockets More Than 70%
In morning trading on the stock market today, IMVT stock launched 72.5% higher, trading near 35. That put shares at their highest point since February 2021. Meanwhile, shares of Argenx (ARGX) slumped 5.4% near 481.60. Argenx makes Vyvgart, a treatment that lowers IgG in generalized myasthenia gravis and has shown promise in CIDP.
Immunovant stock has a nearly perfect Relative Strength Rating of 98 out of a best-possible 99. This puts IMVT stock in the leading 2% of all stocks when it comes to 12-month performance, according to IBD Digital.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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