Why Immunovant Stock Blasted Higher Today
Wednesday might have been a Hump Day of a slog to some investors, but not for those holding shares of Immunovant (NASDAQ: IMVT). On some rather encouraging news from the laboratory, the clinical-stage biotech's shares gained almost 11% in value, easily topping the 0.5% rise of the benchmark S&P 500 (SNPINDEX: ^GSPC).
That afternoon, Immunovant shared data from a proof-of-concept study of its batoclimab. This is an investigational drug targeting Grave's disease (GD), an autoimmune disorder that results in the body producing too much thyroid hormone (also known as hyperthyroidism).
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Source Fool.com
