Immunovant (IMVT) AI Stock Analysis

• Market Cap: $5.07B
• Dividend Yield: N/A
• Average Volume (3M): 1.27M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.98
• Revenue Growth: N/A
• EPS Growth: -27.70%
• Country: US
• Employees: 362
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): N/A
• Shares Outstanding: 201,476,530
• 10 Day Avg. Volume: 1,199,634
• 30 Day Avg. Volume: 1,265,396
• PEG Ratio: -0.14
• Price to Book (P/B): 3.66
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.88
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -8.89
• 1Y Price Target: $37.00
• Price Target Upside: 47.12% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $26.00 ▲(3.38% Upside)

The score is primarily constrained by weak financial performance (no revenue, deepening losses, and significant cash burn), partially offset by a strong, low-debt balance sheet. Technicals are constructive with an established uptrend and positive momentum indicators. Earnings-call updates were supportive on clinical progress, while valuation remains limited due to ongoing losses and no dividend support; the recent equity raise improves runway but adds dilution.

Positive Factors

Leadership Change

The appointment of a new CEO and CFO marks a strategic shift, potentially enhancing operational effectiveness and strategic direction, which could improve long-term market positioning.

Clinical Trial Success

Successful clinical trials demonstrate the efficacy of Immunovant's therapies, potentially leading to future regulatory approvals and market entry, strengthening the company's pipeline.

Strategic Expansion

Expanding into new indications with promising clinical data could diversify revenue streams and enhance competitive positioning in the autoimmune disease market.

Negative Factors

Negative Cash Flow

Persistent negative cash flow indicates reliance on external funding, which could hinder long-term sustainability and operational independence.

Ongoing Losses

Continued financial losses raise questions about the company's ability to achieve profitability, impacting its long-term viability and investor confidence.

Lack of Revenue

The absence of revenue growth highlights challenges in commercializing products, which is critical for transitioning from development to a sustainable business model.

Immunovant Business Overview & Revenue Model

Company Description

Immunovant, Inc., a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia. The company was incorporated in 2018 is headquartered in New York, New York. Immunovant, Inc. is a subsidiary of Roivant Sciences Ltd.

How the Company Makes Money

Immunovant generates potential revenue primarily through the development and commercialization of its drug candidates. The company's revenue model hinges on the successful clinical development, regulatory approval, and eventual marketing of its lead product candidate, batoclimab. Immunovant may earn revenue through partnerships, collaborations, or licensing agreements with other pharmaceutical companies, which can provide upfront payments, milestone payments, and royalties based on product sales. Additionally, funding from investors and strategic partnerships plays a crucial role in supporting its research and development activities until the drugs reach the market.

Immunovant Financial Statement Overview

Summary

Pre-revenue with large and widening losses and heavy cash burn (TTM net loss about -$465M; TTM FCF about -$431M). Balance sheet is the key offset with essentially no debt and sizable equity, but ongoing burn implies continued funding dependence.

Income Statement

IMVT remains pre-revenue (revenue is $0 across periods), with consistently large operating losses. Losses have widened over time, with net loss deteriorating from -$107M (FY2021) to -$414M (FY2025 annual) and -$465M in TTM (Trailing-Twelve-Months), indicating a rising cost base. The lack of revenue traction is a key weakness, while the primary strength is that losses appear driven by investment-stage operations rather than gross margin pressure (gross profit is also $0 given no revenue).

Balance Sheet

The balance sheet is conservatively levered with essentially no debt (debt-to-equity near zero across years; TotalDebt is $0 in TTM (Trailing-Twelve-Months)). Equity remains sizable at $520M in TTM (Trailing-Twelve-Months), supporting financial flexibility, although it has declined from $707M (FY2025 annual), consistent with ongoing cash burn. Returns on equity are materially negative (about -85% in TTM (Trailing-Twelve-Months)), underscoring that capital is being consumed rather than compounded.

Cash Flow

Cash generation is weak, with persistently negative operating cash flow and free cash flow that have worsened in absolute dollars (free cash flow from about -$84M in FY2021 to roughly -$377M in FY2025 annual and -$431M in TTM (Trailing-Twelve-Months)). While free cash flow has broadly tracked net losses (free cash flow to net income ~1.0), the scale of cash burn is a key risk and increases dependence on external funding over time. Free cash flow growth is volatile, including a sharp deterioration in TTM (Trailing-Twelve-Months) versus the prior year level.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-486.69M	-437.77M	-269.98M	-208.08M	-155.91M	-108.05M
Net Income	-464.69M	-413.84M	-259.34M	-210.96M	-156.73M	-107.43M
Balance Sheet
Total Assets	582.96M	776.22M	666.71M	405.84M	515.56M	412.49M
Cash, Cash Equivalents and Short-Term Investments	521.87M	713.97M	635.37M	376.53M	493.82M	400.15M
Total Debt	0.00	98.00K	138.00K	1.22M	2.36M	3.42M
Total Liabilities	63.25M	68.78M	48.95M	43.34M	45.74M	21.01M
Stockholders Equity	519.71M	707.45M	617.76M	362.49M	469.82M	391.48M
Cash Flow
Free Cash Flow	-431.33M	-376.63M	-214.59M	-188.39M	-106.37M	-83.54M
Operating Cash Flow	-430.95M	-375.87M	-214.23M	-188.19M	-106.11M	-83.33M
Investing Cash Flow	-381.00K	-759.00K	-360.00K	-197.00K	-254.00K	-210.00K
Financing Cash Flow	480.59M	454.49M	472.43M	70.89M	200.13M	383.11M

Immunovant Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 25.15
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMVT, the sentiment is Neutral. The current price of 25.15 is below the 20-day moving average (MA) of 26.20, below the 50-day MA of 25.37, and above the 200-day MA of 19.03, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 43.92 is Neutral, neither overbought nor oversold. The STOCH value of 28.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IMVT.

Immunovant Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRNX	64 Neutral	$4.86B	-9.88	-44.42%	―	―	-21.96%
PTGX	61 Neutral	$5.21B	127.36	7.80%	―	-35.39%	-72.97%
MIRM	58 Neutral	$5.37B	-113.98	-15.81%	―	53.66%	58.63%
IMVT	56 Neutral	$5.07B	-8.50	-95.93%	―	―	-27.70%
MLTX	55 Neutral	$1.07B	-4.44	-54.17%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
KYMR	50 Neutral	$6.13B	―	-32.09%	―	-50.05%	-54.47%

Immunovant Corporate Events

Immunovant Raises $550 Million Through Stock Offering

On December 10, 2025, Immunovant, Inc. entered into an underwriting agreement with Leerink Partners LLC for the issuance and sale of 26.2 million shares of its common stock at $21.00 per share. The offering, which closed on December 12, 2025, raised approximately $550 million in gross proceeds, enhancing the company’s financial position and potentially impacting its market strategy.

The most recent analyst rating on (IMVT) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Immunovant stock, see the IMVT Stock Forecast page.

Immunovant Announces $550 Million Stock Offering

On December 10, 2025, Immunovant announced the pricing of an underwritten offering of its common stock, expected to raise approximately $550 million. The proceeds are anticipated to fund operations through the potential commercial launch of IMVT-1402 for Graves’ Disease. The company is advancing its clinical programs, including a potentially registrational trial for IMVT-1402 in rheumatoid arthritis, with results expected in 2026. However, the company faces challenges, including potential disputes with HanAll over rights to batoclimab, and the inherent risks and uncertainties of clinical trials.

The most recent analyst rating on (IMVT) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Immunovant stock, see the IMVT Stock Forecast page.

Immunovant Restructures R&D Leadership with CMO Departure

On November 21, 2025, Michael Geffner, M.D., M.B.A., stepped down as Chief Medical Officer of Immunovant, Inc. as part of the company’s restructuring of its R&D leadership under CEO Eric Venker, M.D., PharmD. The company has arranged a Separation Agreement with Dr. Geffner, which includes severance benefits and a consulting period until April 30, 2026, during which his equity awards will continue to vest. This transition is part of Immunovant’s strategic efforts to streamline its leadership and potentially enhance its market positioning.

The most recent analyst rating on (IMVT) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on Immunovant stock, see the IMVT Stock Forecast page.