Immunovant Stock Surges 35% After Arthritis Drug Data: Why Wall Street Is Repricing IMVT
Immunovant shares closed 35.3% higher at $35.56 on Wednesday after the biotech company reported encouraging 16-week data for its experimental rheumatoid arthritis drug, IMVT-1402, a move that made the stock one of the day’s standout U.S. healthcare gainers. Roivant Sciences, Immunovant’s majority owner, also rose sharply, closing about 14.9% higher at $32.41. The rally mattered because investors had been waiting for evidence that IMVT-1402, now Immunovant’s central asset, could work beyond its lead autoimmune programs. The move also outpaced a firmer broader market, with the Nasdaq up 1.55% and the S&P 500 up 1.08% late Wednesday, according to Investing.com market data.
