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Immunovant (IMVT) Gains on a Potential Buyout by Roivant
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Shares of Immunovant, Inc. (IMVT - Free Report) gained 13.92% after its major stakeholder, Roivant Sciences Ltd., announced its intention to acquire all of the outstanding shares of the former, which the latter does not hold at present.
Roivant currently has a 57.5% stake in the company. It expects that any potential transaction would be at a per-share price representing a premium to current trading levels. Roivant is evaluating a potential public listing that would take effect prior to the consummation of any transaction with Immunovant.
The news gave investors something to cheer for, given the recent setback faced by Immunovant.
Immunovant, a clinical-stage biopharmaceutical company, is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.
Last month, Immunovant voluntarily paused dosing in studies for IMVT-1401 due to elevated total cholesterol and LDL levels observed in patients treated with the candidate. The company has informed its regulators and investigators of this voluntary pause on dosing in ASCEND GO-2, a phase IIb trial in Thyroid Eye Disease (TED), and ASCEND-WAIHA, a phase II study in Warm Autoimmune Hemolytic Anemia (WAIHA).
The unblinded analysis of the data from the ASCEND GO-2 study remains ongoing. In the open-label ASCEND-WAIHA study, it plans to conduct an interim data review from participants in cohort 1 (680 mg weekly) after similarly consolidating and quality-controlling the data.
Further updates on the same will be provided in the second quarter of the year.
Shares have plunged significantly last month on the news of this halt in dosing.
Investors will focus on further updates on the same as it is a tough road ahead.
Shares of the company have plunged 66.7% so far this year compared with the industry’s decline of 1.7%.
We note that Alexion Pharmaceuticals is evaluating ALXN1830 in WAIHA. The FDA has granted Fast Track Designation to Johnson & Johnson’s (JNJ - Free Report) nipocalimab in WAIHA.
Horizon Therapeutics’ Tepezza (teprotumumab), an anti-IGF-1R antibody, is also approved for the treatment of TED.
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Immunovant (IMVT) Gains on a Potential Buyout by Roivant
Shares of Immunovant, Inc. (IMVT - Free Report) gained 13.92% after its major stakeholder, Roivant Sciences Ltd., announced its intention to acquire all of the outstanding shares of the former, which the latter does not hold at present.
Roivant currently has a 57.5% stake in the company. It expects that any potential transaction would be at a per-share price representing a premium to current trading levels. Roivant is evaluating a potential public listing that would take effect prior to the consummation of any transaction with Immunovant.
The news gave investors something to cheer for, given the recent setback faced by Immunovant.
Immunovant, a clinical-stage biopharmaceutical company, is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.
Last month, Immunovant voluntarily paused dosing in studies for IMVT-1401 due to elevated total cholesterol and LDL levels observed in patients treated with the candidate. The company has informed its regulators and investigators of this voluntary pause on dosing in ASCEND GO-2, a phase IIb trial in Thyroid Eye Disease (TED), and ASCEND-WAIHA, a phase II study in Warm Autoimmune Hemolytic Anemia (WAIHA).
The unblinded analysis of the data from the ASCEND GO-2 study remains ongoing. In the open-label ASCEND-WAIHA study, it plans to conduct an interim data review from participants in cohort 1 (680 mg weekly) after similarly consolidating and quality-controlling the data.
Further updates on the same will be provided in the second quarter of the year.
Shares have plunged significantly last month on the news of this halt in dosing.
Investors will focus on further updates on the same as it is a tough road ahead.
Shares of the company have plunged 66.7% so far this year compared with the industry’s decline of 1.7%.
We note that Alexion Pharmaceuticals is evaluating ALXN1830 in WAIHA. The FDA has granted Fast Track Designation to Johnson & Johnson’s (JNJ - Free Report) nipocalimab in WAIHA.
Horizon Therapeutics’ Tepezza (teprotumumab), an anti-IGF-1R antibody, is also approved for the treatment of TED.
Immunovant is currently a Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>