IMVT Stock Soars Amid Intensifying Fight Against Autoimmune Disease with Argenx

Date:

Immunovant announced that its drug, IMVT-1402, successfully lowered levels of a key antibody called immunoglobulin G (IgG) in healthy adults, suggesting its potential to treat various autoimmune conditions. Unlike a previous drug from the company, IMVT-1402 did not have negative effects on “bad” LDL cholesterol or serum albumin levels. The results exceeded expectations and garnered positive responses from analysts. As a result, Immunovant’s stock, ticker symbol IVMT, reached a two-year high, soaring nearly 100% in midday trading.

The study involved testing different doses of IMVT-1402, and a four-week regimen of the drug led to a 63% reduction in IgG levels, comparable to another drug called batoclimab. However, batoclimab was associated with increased levels of LDL cholesterol and albumin, which IMVT-1402 avoided. This puts Immunovant’s drug on par with Argenx’s Vyvgart, a treatment for autoimmune conditions like generalized myasthenia gravis and chronic inflammatory demyelinating polyneuropathy (CIDP). While Argenx currently has a lead in development for rare diseases, analysts predict that Immunovant’s IMVT-1402 could have implications for self-administered injections used in the treatment of rheumatoid arthritis.

Immunovant’s positive results and the potential of IMVT-1402 caused a significant surge in its stock price, doubling in value at one point in response to the news. The stock reached its highest point since February 2021 and currently holds a nearly perfect Relative Strength Rating of 98. Analysts believe that although Argenx has the advantage in rare disease development, Immunovant’s drug could have an impact on the market for self-administered rheumatoid arthritis treatments. Overall, this development positions Immunovant’s IMVT-1402 as a strong competitor in the field of autoimmune disease drugs.

Source link

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

New Glenn rocket by Jeff Bezos spotted on launch pad

Blue Origin's New Glenn rocket was rolled onto a...

UnitedHealth alleges Change Healthcare hacked by nation state, causing ongoing pharmacy outages.

U.S. health insurance giant UnitedHealth Group revealed that its...

Iowa statehouse advances two plans to reduce income taxes.

The Iowa Senate Ways and Means committee has advanced...

US spacecraft Odysseus makes historic moon landing after 50-year hiatus.

The American artist Jeff Koons has gone beyond the...