BUZZ-Immunovant shares fall due to setback in lupus drug development

September 23 - ** Biotechnology company Immunovant (IMVT.O) shares fell 4.5% in pre-market trading, to $35.6

** If the decline continues, the stock's opening price will hit a new low in more than three months

** As the drug failed to achieve statistical significance on the study's primary endpoint, the company plans to discontinue (link) IMVT-1402 drug development for cutaneous lupus erythematosus (CLE)

** CLE is an autoimmune skin disease that causes rashes and skin lesions, often triggered by sun exposure

** IMVT's largest shareholder Roivant Sciences ROIV.O shares fell 2.9%

** Of 17 brokerages, 13 rate the stock as "buy" or better, and 4 as "hold"; the median target price is $47

** As of the previous trading day's close, IMVT shares had risen 46.7% year-to-date

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