Immunovant stock falls 8% amid Graves' disease program update

seekingalpha09-10

Immunovant (NASDAQ:IMVT) stock fell 8% Monday after it reported data from a Phase 2a study of batoclimab in the treatment of Graves’ disease, adding the FDA has cleared it to begin a pivotal trial of ...

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The biotech company said the Phase 2a study showed high dose batoclimab achieved a 76% response rate in patients who were uncontrolled on anti-thyroid drugs at week 12. Immunovant also said the FDA has cleared its Investigational New Drug application for a pivotal trial of IMVT-1402 in the treatment of Graves’ disease. The study is expected to begin by the end of the year, according to a statement. Citi said in a note on Monday that Immunovant remains one of its top picks, calling the Phase 2 data encouraging. The investment bank raised its price target to $60 from $51. 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The biotech company said the Phase 2a study showed high dose batoclimab achieved a 76% response rate in patients who were uncontrolled on anti-thyroid drugs at week 12. Immunovant also said the FDA has cleared its Investigational New Drug application for a pivotal trial of IMVT-1402 in the treatment of Graves’ disease. The study is expected to begin by the end of the year, according to a statement. Citi said in a note on Monday that Immunovant remains one of its top picks, calling the Phase 2 data encouraging. The investment bank raised its price target to $60 from $51. 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