Immunovant falls after lupus drug setback
IMVT•Market reaction and analyst backdrop
CLE is an autoimmune skin disease that causes rashes and lesions, often triggered by sun exposure.
Shares of Immunovant's largest shareholder Roivant Sciences (ROIV.O) were down 2.9%.
Thirteen of 17 brokerages rate the stock "buy" or higher, and four rate it "hold"; their median price target is $47.
As of the last close, IMVT stock was up 46.7% year to date.
Shares fall after IMVT-1402 misses main goal in CLE study
Shares of biotech firm Immunovant (IMVT.O) fell 4.5% to $35.6 in premarket trading.
The stock was set to open at its lowest level in over three months, if losses hold.
The company plans to discontinue development of IMVT-1402 in cutaneous lupus erythematosus (CLE) after the drug failed to achieve statistical significance on the study's main goal.
