Investors seem to have lost their conviction in the stock market lately, as even brief attempts to rebound from declines have met with stiff resistance. For instance, Monday's trading session gave market participants some optimism about how the economy could weather difficult times, but based on Tuesday morning's stock index futures movements, it's just difficult to build lasting positive momentum. Based on current futures levels, stocks looked poised to give back much of Monday's gains at the open on Tuesday morning.

However, there was a pair of noteworthy biotech stocks that were bucking the downtrend and moved sharply higher. Both Immunovant (NASDAQ: IMVT) and Roivant Sciences (NASDAQ: ROIV) are relatively small players in biotech right now, but the latest news on one candidate treatment had investors feeling better about their long-term prospects. You'll find all the details below.

Shares of Immunovant soared 60% in premarket trading on Tuesday morning. The immunology specialist reported results from an early clinical trial that included encouraging data about a key treatment's potential for helping to treat a wide variety of autoimmune diseases.

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Source Fool.com