Immunovant, Inc. (Nasdaq: IMVT) shares surged 35% on Wednesday, closing at $35.49 compared to a previous close of $26.29, as the clinical-stage immunology company unveiled promising trial data for its lead drug candidate, IMVT-1402, overshadowing a wider quarterly loss.
The stock’s dramatic rally came after Immunovant reported strong preliminary results from its ongoing trial of IMVT-1402 in difficult-to-treat rheumatoid arthritis (D2T RA) — a patient population that has failed two or more prior advanced therapies.
Of the 165 evaluable patients at Week 16, IMVT-1402 achieved ACR20, ACR50, and ACR70 response rates of 72.7%, 54.5%, and 35.8%, respectively — outcomes that analysts called clinically meaningful. Encouragingly, results were largely consistent even among the subset of patients who had previously failed both a JAK inhibitor and an anti-TNF therapy.
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The upbeat data triggered a wave of bullish analyst revisions, with the consensus 12-month price target on IMVT raised to approximately $43.08 — implying around 64% additional upside from current levels.
The positive sentiment came despite Immunovant posting a net loss of $147.9 million, or $0.73 per share, for the fiscal fourth quarter ended March 31, 2026 — up from a $106.4 million loss in the prior-year period.
The increase was partly driven by $39 million in contractual costs tied to the discontinuation of batoclimab, its former thyroid eye disease drug, after two Phase 3 studies failed to meet their primary endpoint.
The company ended the quarter with $902.1 million in cash, which it says provides sufficient runway through the potential commercial launch of IMVT-1402 in Graves’ disease.
Looking ahead, Immunovant expects topline data from potentially registrational trials of IMVT-1402 in Graves’ disease and myasthenia gravis in calendar year 2027, with further updates on the rheumatoid arthritis and cutaneous lupus erythematosus programs expected in the second half of 2026.
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