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Why Immunovant, Anchiano, OpGen Are Rallying Today

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Why Immunovant, Anchiano, OpGen Are Rallying Today

Immunovant, Inc. (NASDAQ: IMVT), Anchiano Therapeutics Ltd. (NASDAQ: ANCN) and OpGen, Inc. (NASDAQ: OPGN) are among the biggest healthcare gainers on Monday.

Immunovant Rallies On Buyout Offer: Biotech holding company Roivant Sciences, which is planning an initial public offering, revealed in a filing with the SEC that it intends to make an offer for acquiring all of the issued shares that it does not currently own in its subsidiary Immunovant.

Roivant currently has a 57.5% stake in Immunovant, a clinical-stage biopharma that focuses on developing therapies for autoimmune diseases.

Roivant said it expects that any potential transaction would be at a per share price representing a premium to current trading levels, with the mix of cash or equity consideration to be mutually determined by it.

Immunovant shares fell sharply in early February after it announced a voluntary pause of dosing in its ongoing clinical trials for IMVT-1401, which is being evaluated in a Phase 2 study in thyroid eye disease, citing risk of elevated total cholesterol and LDL levels.

Immunovant shares were rallying 12% to $15.17.

The Week Ahead In Biotech: Conference Presentations And More Earnings

Anchiano Reacts to Progress On M&A Transaction: Israel-based biopharma Anchiano announced in mid-December a reverse merger deal with Chemomab, a biotech that focuses on therapeutics for fibrosis-related diseases.

The proposed merger will create a public company focused on advancing Chemomab's lead product, CM-101.

The stock, according to reports, was reacting to letters sent out to shareholders, inviting them to a special meeting called to vote on the proposed transaction. The meeting is scheduled for March 15.

Anchiano was jumping 55% to $5.20.

OpGen Announces Publication of Positive Results For Pneumonia Diagnostics Panel: Molecular diagnostics company OpGen announced the release of a new peer-reviewed publication that demonstrates that the its unyvero hospitalized pneumonia panel is a reliable and rapid diagnostic test with high negative predictive value for the detection of bacterial pathogens directly from native lower respiratory tract samples. This, the company said, allows identification of bacterial co-infections in hospitalized patients with COVID-19 pneumonia in just five hours.
OpGen shares were surging 89% to $3.72.

 

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