Immunovant stock falls 6.02 percent after lupus trial miss

Immunovant stock was trading at USD 35.05 on Nasdaq on September 23, 2026 at 3:29 p.m. ET, down 6.02 percent after a lupus trial missed its primary endpoint. Immunovant said the 57-patient study of IMVT-1402 did not achieve statistical significance after 12 weeks.

CLE trial misses Week 12 endpoint

The randomized, double-blind study tested IMVT-1402, also known as imeroprubart, against placebo in cutaneous lupus erythematosus. Its primary measure was the percent change from baseline in the CLASI-A disease activity score at Week 12.

The company said numerical trends favored IMVT-1402 across multiple endpoints, while deeper IgG reductions were associated with better clinical responses. The safety and tolerability profile was consistent with prior studies, but Immunovant plans to stop development in CLE because the results did not meet its internal threshold.

Five indications stay on schedule

The setback is limited to one indication. According to Yahoo Finance on September 23, 2026, development continues in Graves' disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy, difficult-to-treat rheumatoid arthritis and Sjogren's disease.

The same report said potential registrational data in Graves' disease and myasthenia gravis are expected in 2027, with CIDP and Sjogren's disease data expected in 2028. That schedule keeps the valuation tied to several clinical milestones despite the lost CLE opportunity.

Cash falls 11.6 percent

Cash and cash equivalents stood at USD 797.8 million on June 30, 2026, down from USD 902.1 million on March 31, 2026, a decline of 11.6 percent, according to Yahoo Finance. For investors, the cash balance and the timing of the remaining trials are the central counterweights to the CLE failure.

Nasdaq price stays below yearly high

At USD 35.05 on September 23, 2026, Immunovant traded 22.8 percent below its 52-week high of USD 45.42 and above its 52-week low of USD 15.00. Market capitalization was USD 7,233,585,132 at the same snapshot.