Clinical-stage immunology company Immunovant (NASDAQ: IMVT) surged in trading on Tuesday after the company announced “strong pharmacodynamic data” for IMVT-1402. IMVT-1402 is a subcutaneously administered drug candidate for autoimmune disease.
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This drug was tested in a randomized, double-blind, placebo-controlled ascending dose Phase 1 clinical trial. The trial indicated that IMVT-1402 administered subcutaneously, “achieved peak Immunoglobulin G (IgG) reductions that are similar to those previously observed with batoclimab.”
The trial indicated that after 4 weeks of a 300 mg multiple-ascending dose, no decline in serum albumin or spikes in ‘bad’ cholesterol (LDL-C) were observed compared to where they started.
Immunovant’s CEO, Pete Salzmann, M.D., commented, “We are encouraged by the strong pharmacodynamic data observed to date with IMVT-1402. These first-in-human results are consistent with those observed in prior non-human primate studies, and we look forward to sharing additional MAD data in November.”
Immunovant is a subsidiary of Roivant Sciences, founded by Vivek Ramaswamy.
Is Immunovant a Good Stock to Buy?
Analysts are bullish on IMVT stock, with a Strong Buy consensus rating based on eight unanimous Buys.
