Immunovant falls after lupus drug setback

** Shares of biotech firm Immunovant IMVT.O fall 4.5% to $35.6 premarket

** Stock set to open at its lowest level in over three months, if losses hold

** Co plans to discontinue development of IMVT-1402 in cutaneous lupus erythematosus (CLE) after drug fails to achieve statistical significance on the study's main goal

** CLE is a autoimmune skin disease that causes rashes and lesions, often triggered by sun exposure

** Shares of IMVT's largest shareholder Roivant Sciences ROIV.O down 2.9%

** 13 of 17 brokerages rate the stock "buy" or higher, and 4 "hold"; their median PT is $47

** As of last close, IMVT stock up 46.7% YTD