Immunovant, Inc. (IMVT)
NASDAQ:IMVT
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Immunovant
(NASDAQ:IMVT)
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Rating:62Neutral
Price Target:
$38.00
▲(29.69% Upside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by a low-debt, well-capitalized balance sheet and positive pipeline/catalyst momentum from the latest earnings call, partially offset by the company’s pre-revenue profile with worsening losses and cash burn. Technicals are supportive (uptrend), while valuation remains constrained by negative earnings and no dividend.
Positive Factors
Low leverage / strong balance sheet
Near-zero debt and materially higher equity/assets (equity rising toward ~$853M, assets ~$957M) reduce refinancing and insolvency risk. This structural strength supports multi-year R&D funding, gives management optionality on program pacing, and lowers the probability of near-term forced financing.
Negative Factors
Pre-revenue with accelerating cash burn
The company remains pre-revenue with sharply widening losses and accelerating free cash flow burn, increasing the structural need for funding over the medium term. Absent regulatory approvals or commercial receipts, continued negative cash generation elevates dilution risk and could constrain program sequencing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Near-zero debt and materially higher equity/assets (equity rising toward ~$853M, assets ~$957M) reduce refinancing and insolvency risk. This structural strength supports multi-year R&D funding, gives management optionality on program pacing, and lowers the probability of near-term forced financing.
Read all positive factors
Immunovant (IMVT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.26B
Dividend YieldN/A
Average Volume (3M)2.18M
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue GrowthN/A
EPS Growth-1.22%
CountryUS
Employees362
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.78
Shares Outstanding205,308,910
10 Day Avg. Volume1,292,000
30 Day Avg. Volume2,175,804
Financial Highlights & Ratios
PEG Ratio-6.12
Price to Book (P/B)5.31
Price to Sales (P/S)0.00
P/FCF Ratio-11.12
Enterprise Value/Market Cap0.86
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-30.21K
Enterprise Value/Ebitda-12.33
Forecast
1Y Price Target
$44.92Price Target Upside53.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)-2.62
Revenue Forecast (FY)N/A
Immunovant Business Overview & Revenue Model
Company Description
Immunovant, Inc. is a biopharmaceutical firm in the clinical development phase, dedicated to advancing novel monoclonal antibody therapies for the treatment of various autoimmune conditions. The company's primary focus is batoclimab, a pioneering,...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Immunovant has not historically depended on recurring product sales; instead, its cash inflows have primarily come from financing activities (e.g., issuing equity and other capital-raising transaction...
Immunovant Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed substantial positive momentum driven by exceptionally strong Phase II brepocitinib data in cutaneous sarcoidosis, multiple fully enrolled studies and a solid cash position to fund upcoming registrational activity. Key operational highlights include the brepo NDA in dermatomyositis, fully enrolled 1402 D2T RA and mosliciguat PH‑ILD studies, and constructive legal progress ahead of a March jury trial. Offsetting risks are the small size and baseline imbalances of the CS Phase II study (creating uncertainty aboutPhase III translation), ongoing litigation and evidentiary motions, continued high operating spend and typical regulatory/development timing uncertainties. Overall, the positives (clinical wins, pipeline momentum, enrollment success and cash runway) materially outweigh the programmatic and legal uncertainties identified on the call.Positive Updates
Strong Phase II brepocitinib efficacy in cutaneous sarcoidosis
Placebo‑adjusted mean CSAMI improvement ~21.6 points (study was not powered for efficacy); 100% of patients on brepocitinib 45 mg achieved ≥10‑point CSAMI improvement; 62% of 45 mg patients achieved CSAMI <5 (functional remission); statistically significant separation vs placebo as early as Week 4 and sustained through Week 16.
Negative Updates
Small Phase II sample size and baseline imbalances
The cutaneous sarcoidosis study enrolled only 31 patients (U.S. only, randomized 3:2:2), and baseline imbalances existed (45 mg arm had more plaque‑predominant and longer‑duration disease), increasing uncertainty about how effect size will translate into larger, global Phase III trials.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Phase II brepocitinib efficacy in cutaneous sarcoidosis
Placebo‑adjusted mean CSAMI improvement ~21.6 points (study was not powered for efficacy); 100% of patients on brepocitinib 45 mg achieved ≥10‑point CSAMI improvement; 62% of 45 mg patients achieved CSAMI <5 (functional remission); statistically significant separation vs placebo as early as Week 4 and sustained through Week 16.
Read all positive updates
Company Guidance
Roivant guided to a catalyst‑rich 2026: brepocitinib now has three indications in pivotal registrational programs with the NIU Phase III pivotal readout expected in H2 2026 and a Phase III in cutaneous sarcoidosis to start in 2026; the cutaneous sarcoidosis Phase II (n=31, randomized 3:2:2, 16‑week) showed a placebo‑adjusted CSAMI delta of ~21.6 points with 100% of patients on brepo 45 mg achieving ≥10‑point improvement, 62% reaching CSAMI <5, 100% reporting improvement on PGIC, and no SAEs (all AEs mild/moderate); mosliciguat PH‑ILD and Immunovant’s 1402 D2T RA studies are fully enrolled (mosli and 1402 randomized withdrawal + open‑label data expected by H2 2026; 1402 enrollment = 170 vs original plan of 120), mosli topline anticipated H2 2026, and FcRn/Graves’ pivotal readouts continue into 2027 with potential launches (Graves’) by end‑2028; corporate/legal and financial guidance included a March 9 jury trial date (Moderna), a favorable Section 1498 summary judgment ruling, quarterly R&D of $165M (adj. non‑GAAP $147M), G&A $175M (adj. $71M), total non‑GAAP net loss $167M, and $4.5B consolidated cash, with 9+ pivotal readouts planned on the roadmap.Immunovant Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
72
Positive
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -409.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -504.98M | -412.57M | -258.54M | -198.28M | -156.69M |
| Net Income | -505.61M | -413.84M | -259.34M | -210.96M | -156.73M |
Balance Sheet | |||||
| Total Assets | 957.57M | 776.22M | 666.71M | 405.84M | 515.56M |
| Cash, Cash Equivalents and Short-Term Investments | 902.11M | 713.97M | 635.37M | 376.53M | 493.82M |
| Total Debt | 72.00K | 98.00K | 138.00K | 1.22M | 2.36M |
| Total Liabilities | 104.97M | 68.78M | 48.95M | 43.34M | 45.74M |
| Stockholders Equity | 852.59M | 707.45M | 617.76M | 362.49M | 469.82M |
Cash Flow | |||||
| Free Cash Flow | -407.32M | -376.63M | -214.59M | -188.39M | -106.37M |
| Operating Cash Flow | -407.31M | -375.87M | -214.23M | -188.19M | -106.11M |
| Investing Cash Flow | -8.00K | -759.00K | -360.00K | -197.00K | -254.00K |
| Financing Cash Flow | 595.76M | 454.49M | 472.43M | 70.89M | 200.13M |
Immunovant Technical Analysis
Positive
29.30
Price Trends
29.94
Positive
27.82
Positive
24.73
Positive
Market Momentum
1.22
Negative
65.45
Neutral
87.65
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMVT, the sentiment is Positive. The current price of 29.3 is below the 20-day moving average (MA) of 32.91, below the 50-day MA of 29.94, and above the 200-day MA of 24.73, indicating a bullish trend. The MACD of 1.22 indicates Negative momentum. The RSI at 65.45 is Neutral, neither overbought nor oversold. The STOCH value of 87.65 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMVT.
Immunovant Risk Analysis
Immunovant disclosed 77 risk factors in its most recent earnings report. Immunovant reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immunovant Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $7.26B | -14.24 | -68.16% | ― | ― | -1.22% | |
59 Neutral | $7.26B | ― | -17.76% | ― | -64.36% | -302.09% | |
56 Neutral | $6.53B | -7.89 | -289.33% | ― | 50.19% | -742.29% | |
55 Neutral | $3.78B | -7.52 | -43.96% | ― | 4905.26% | -34.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $7.44B | -28.00 | -25.02% | ― | -12.58% | -15.21% | |
47 Neutral | $1.41B | -5.33 | -85.61% | ― | ― | -68.11% |
* Healthcare Sector Average
IMVT
Immunovant
35.34
19.54
123.67%
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MIRM
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KYMR
Kymera Therapeutics
90.43
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MLTX
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19.21
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-55.84%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.