Healthcare stock to watch: Immunovant Inc (NASDAQ: IMVT)

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Immunovant Inc (NASDAQ: IMVT), a clinical-stage bio pharmaceutical company focused on enabling normal lives for patients with autoimmune disease, stock rose 23.14% on March 30th, 2020 but fell over 9.1% on 31st March, 2020 (as of 11:47 am GMT-4; Source: Google finance).

The company announced positive clinical results from ongoing phase 2A study Of Imvt-1401 (ASCEND GO-1) in patients with Thyroid Eye Disease (TED), also known as Graves’ ophthalmopathy. The results showed 65% mean reduction in total IgG observed from baseline to end of treatment, with a pharmacodynamic (PD) response nearly identical to modeled predictions for dosing regimen tested in trial. The results also showed that IMVT-1401 is safe and generally well-tolerated with no serious adverse events (SAEs), no withdrawals due to adverse events (AEs), and no headaches. 4/7 patients (57%) improved by ≥ 2 points on the Clinical Activity Score (CAS) and 3/7 patients (43%) achieved a proptosis response. The results did establish the first proof of concept for an anti-FcRn antibody in Thyroid Eye Disease.

On the other hand, Christopher Marai from Nomura has very recently maintained a Buy rating on Immunovant (IMVT), with a price target of $27.00.

Meanwhile, the company cash balances at the end of December, 2019 and December 31, 2018 were $123.5 million and $12.1 million, respectively.  The increase in cash was mainly due to the business combination with Health Sciences Acquisitions Corporation (“HSAC”) as described in the definitive proxy statement filed by HSAC with the SEC on November 27, 2019. Research and development expenses were $5.0 million for the third quarter ending December 31, 2019, compared to $7.7 million for the three months ending December 31, 2018.  Research and development expenses were $33.8 million for the nine months ending December 31, 2019, compared to $17.8 million for the nine months ending December 31, 2018.  The year-over-year increase was mainly due to the costs incurred to advance IMVT-1401 into four Phase 2 trials across three indications. The company had incurred the General and administrative expenses of $6.1 million for the third quarter ending December 31, 2019, compared to $1.2 million for the third quarter ending December 31, 2018.  For the nine months ending December 31, 2019, general and administrative expenses were $11.8 million compared to $1.7 million for the nine months ending December 31, 2018.  The year-over-year increase was mainly due to costs associated with enhancing the operations to support four Phase 2 trials. The company had reported the net loss of $11.3 million for the third quarter of 2019, compared to $8.8 million for the corresponding period 2018.

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