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Why Shares of Immunovant Are Down Almost 10% This Afternoon

Why Shares of Immunovant Are Down Almost 10% This Afternoon

An analyst at Baird downgraded shares of Immunovant (NASDAQ: IMVT) this morning after its former parent -- Roivant Sciences -- upped its stake in the company with a $200 million investment. Earlier this year, Roivant had said it intended to make an outright purchase of Immunovant. After spinning it out through a special purpose acquisition company (SPAC) in 2019, it appeared Roivant would bring Immunovant's drug for autoimmune conditions back in-house.