Immunovant Shares Touch 52-Week High After FDA Green Lights IMVT-1402 Study

By Colin Kellaher

Immunovant shares hit a new 52-week high Monday after the clinical-stage immunology company said it received U.S. Food and Drug Administration approval to conduct a Phase 1 study of its IMVT-1402 drug candidate for autoimmune disease.

Shares of the New York company were recently changing hands at $23.94, up nearly 13%, after touching a 52-week high of $24.19 earlier in the session.

Immunovant said the study will evaluate the safety, tolerability and pharmacodynamic profiles of IMVT-1402 in healthy volunteers.

The company said it expects initial data from single-ascending dose cohorts in August or September, with initial data from multiple-ascending dose cohorts in October or November 2023.

Immunovant said IMVT-1402 has been observed to achieve similarly deep Immunoglobulin G reduction as batoclimab, the company's lead drug candidate, in a head-to-head, placebo-controlled nonclinical study, with have minimal or no impact on levels of albumin and low-density lipoprotein cholesterol at doses well above the anticipated human effective dose, adding that it believes this profile could be best-in-class.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

May 22, 2023 11:35 ET (15:35 GMT)

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