Immunovant falls as eye disease therapy fails in late-stage studies

Shares of Immunovant IMVT.O fall 12.1% to $22.07 premarket

Co says based on the pre-specified statistical analysis plan, two late-stage studies failed to meet their main goals

Co was studying its experimental therapy batoclimab for thyroid eye disease

Thyroid eye disease is an autoimmune inflammatory disorder often associated with Graves' disease, where the immune system attacks tissues behind the eye, causing swelling, inflammation, and potential vision changes

Co intends to review future plans for the development of batoclimab with its partner HanAll Biopharma Co 009420.KS and to provide an update on the program at a future date

Up to last close, stock down 1.3% YTD