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Why Shares of Immunovant Are Tanking Today

Why Shares of Immunovant Are Tanking Today

Immunovant (NASDAQ: IMVT), a company developing a monoclonal antibody for the treatment of autoimmune diseases, is down almost 25% after receiving a cash injection of $200 million from Roivant Sciences. Prior to today's announcement, Roivant owned 57% of Immunovant because it was spun out of Roivant in 2019 through a special purpose acquisition company (SPAC). In March, Roivant said it would reacquire the 43% of Immunovant it didn't own.