Shares of Immunovant Inc. IMVT, -38.15% plunged 49.8% to pace all premarket losers Tuesday, after the biopharmaceutical company said it has paused dosing in its phase 2b trial for IMVT-1401, a treatment for thyroid eye disease (TED). The company said it voluntarily decided to pause dosing, “out of an abundance of caution,” after it became aware of a physiological signal consisting of elevated total cholesterol, as cholesterol levels were not measured in prior trials. The company said it is pausing dosing in order to inform patients, investigators and regulators, as well as to modify the monitoring program. “After discussion and agreement with regulators regarding protocol modifications, the company intends to continue to pursue development of IMVT-1401,” the company said in a statement. The stock, which is on track to open at the lowest price seen during regular-session hours since May 27, 2020, has lost 2.9% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF IBB, +0.04% has run up 24.8% and the S&P 500 SPX, +1.62% has gained 14.0%.
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