(Reuters) – Shares of Immunovant surged over 60% in premarket trading on Tuesday, after the drug developer said its antibody treatment succeeded in an early-stage trial.
Immunovant’s experimental drug reduced the levels of IgG, or immunoglobulin antibodies, that cause inflammation and disease.
The company is developing its antibody drug, IMVT-1402, as an under-the-skin injection to potentially treat autoimmune diseases.
Shares of Roivant Sciences, Immunovant’s largest shareholder with a 56.5% stake, according to LSEG data, also rose nearly 13% to $11.51 before the bell.
Based on last close, Immunovant shares have risen 14.3% so far this year, giving it a market capitalization of $2.65 billion, according to LSEG data.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)
