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Stock Alert: Immunovant Down 22%

Immunovant, Inc. (IMVT) shares are sliding more than 22 percent on Tuesday morning trade. The clinical-stage biopharmaceutical company has reported fourth-quarter net loss, wider than last year.

The company reported its quarterly loss was $28.16 million, wider than loss of $20.55 million in the previous year. On a per-share basis, loss was $0.29 on higher average shares, compared to loss of $0.38 a year ago.

Operating expenses for the quarter were $28.24 million, compared to $20.61 million last year.

Further, Immunovant said it plans to resume clinical development of IMVT-1401, including in a potentially pivotal trial in Myasthenia Gravis and in a phase two study of Warm Autoimmune Hemolytic Anemia in late 2021 or early 2022.

Currently, shares are trading at $11.62, down 23.55 percent from the previous close of $15.16 on a volume of 4,209,152. The shares have traded in a range of $10.15-$53.75 on average volume of 1,055,340 for the last 52-week period.

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