Immunovant falls as drug for thyroid eye disease fails late-stage trials

Shares of biotech firm Immunovant IMVT.O fall 5.6% to $23.69

Co says its experimental drug, batoclimab, failed two late-stage trials

Adds trials to test the drug for thyroid eye disease — an autoimmune condition that causes eye bulging and vision problems — missed main goals

Says studies showed not enough patients had meaningful reduction in eye bulging after 24 weeks of treatment

Patients improved more in the first 12 weeks on a higher dose than later on a lower dose, suggesting stronger antibody suppression may work better - Co

IMVT says safety results in line with earlier studies, with no new issues reported

Adds it will discuss next steps for batoclimab with partner HanAll Biopharma and stay focused on its other experimental drug IMVT-1402 for autoimmune diseases

Including session's move, stock down ~6% YTD