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Immunovant (IMVT) Stock Edges Higher After 97% Rally on Trial Results

Analyst Team trader
Updated 27 Sep 2023

The Immunovant Inc (NASDAQ: IMVT) stock price was edging higher premarket after yesterday’s massive rally triggered by the release of upbeat clinical trial results from the Phase 1 clinical trial of IMVT-1402, which has been designed as a best-in-class anti-FcRn antibody for the treatment of IgG-mediated autoimmune diseases.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Earlier today, the company revealed that it was selling shares worth $300 million via a proposed underwritten public offering and concurrent private placement. The company plans to sell shares worth $130 million of its common stock via an underwritten public offering.

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Immunovant plans to give its underwriters the right to sell additional shares worth $19.5 million to participating shareholders over the next thirty days sold at the public offering price. Immunovant is offering all of the shares. 

The company intends to raise $130 million from the public markets. It also plans to raise $170 million by selling shares to Roivant Sciences Ltd. via a private placement exempt from the registration requirements of the amended Securities Act of 1933. The placement is conditioned upon the consummation of the proposed public offering. 

However, completing the public stock offering does not depend on the simultaneous completion of the private placement. The proposed public offering and simultaneous private placement are subject to market conditions. There can be no guarantees regarding when the public offering or the private placement will be completed. 

There is also no guarantee that the amounts targeted by the company will be raised either via the public offering or the simultaneous private placement. Piper Sandler, Leerink Partners, Wells Fargo Securities, and Guggenheim Securities act as joint book-running managers for the public stock offering. LifeSci Capital is co-managing the public offering.

Immunovant is issuing the public offering shares according to a Registration Statement on Form S-3 previously filed and declared successful by the SEC. The offering will only be conducted via a prospectus supplement and another accompanying prospectus. The company will file a preliminary prospectus related to the public offering with the SEC. 

Immunovant (IMVT) stock price. 

The Immunovant share price was trading up 0.60% following yesterday’s 97% rally on upbeat clinical trial results.


YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.