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Immunovant Stock Gains 22%

Shares of Immunovant, Inc. (IMVT) are gaining over 22% on Tuesday morning. The clinical-stage biopharmaceutical company priced an offering of 12.5 million shares at $6.00 per share.

IMVT is currently trading at $8.05, up $1.46 or 22.15%, on the Nasdaq, on a heavy volume of 9.3 million shares, above average volume of 0.5 million. The stock opened its trading at $6.79 after closing Monday's trading at $6.59. The stock has traded between $3.14 and $9.53 in the past 52-week period.

Immunovant announced the pricing of an underwritten offering of 12.5 million common shares at $6.00 per share. Investors who have agreed to purchase shares in the offering include Logos Capital, Deep Track Capital, Frazier Life Sciences, TCGX, BVF Partners L.P., Commodore Capital, and an undisclosed healthcare specialist fund.

The company intends to use proceeds of nearly $75 million to accelerate the development of IMVT-1402, including the funding of a proposed pivotal trial. The company expects its existing cash and proceeds from the offering to fund the company into the second half of calendar year 2025.

The offering is expected to close on or about October 6, 2022.

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