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Immunovant (IMVT)
NASDAQ:IMVT
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Immunovant
(NASDAQ:IMVT)
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Rating:62Neutral
Price Target:
$29.00
▲(6.50% Upside)
Action:ReiteratedDate:02/07/26
The score is primarily held back by weak financial performance (no revenue, accelerating losses and cash burn), partially offset by a strong balance sheet. Technicals are constructive with the stock above major moving averages, while valuation remains unattractive due to ongoing losses and no dividend. The latest earnings call adds meaningful support from strong clinical momentum and upcoming catalysts, tempered by trial-size/translation and litigation/spend risks.
Positive Factors
Strong cash position
A consolidated cash balance of $4.5B materially lengthens Immunovant's development runway, funding multiple pivotal programs and potential launches. This durable liquidity reduces near-term financing pressure, supports sustained R&D spend and execution of registrational plans over the next 2–4 years.
Balance sheet strength
Minimal leverage combined with meaningful equity and asset growth provides structural financial flexibility. A strong balance sheet underpins the firm's ability to fund trials, pursue partnerships, and absorb setbacks without immediate insolvency risk, improving resilience through development cycles.
Pipeline and registrational momentum
A crowded, active development roadmap — including an NDA filing, fully enrolled studies and 9+ planned pivotal readouts — raises the structural probability of at least one program progressing to approval. Depth across indications diversifies clinical risk and supports a long-term commercialization pathway.
Negative Factors
Pre-revenue with rising losses
Immunovant remains pre-revenue with rapidly widening losses and materially negative free cash flow, implying sustained dependence on capital markets. Persistent cash burn increases dilution risk, constrains optionality for pipeline expansion, and makes execution sensitive to financing conditions over the medium term.
Small Phase II sample and translation risk
A tiny Phase II (n=31) with baseline imbalances heightens uncertainty that observed effect sizes will replicate in larger, global Phase III trials. This structural translation risk lowers the predictive value of the result and materially affects the probability of later regulatory success and commercial return.
Ongoing litigation uncertainty
Active litigation with evidentiary motions and an upcoming jury trial creates persistent legal and financial risk. Potential adverse rulings, injunctions, or settlements could impose material costs, distract management, or complicate partner agreements and commercialization plans over the medium term.
Immunovant (IMVT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.57B
Dividend YieldN/A
Average Volume (3M)1.29M
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue GrowthN/A
EPS Growth-27.70%
CountryUS
Employees362
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.61
Shares Outstanding203,532,180
10 Day Avg. Volume905,681
30 Day Avg. Volume1,291,026
Financial Highlights & Ratios
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 Cap0.82
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-45.03K
Enterprise Value/Ebitda-9.45
Forecast
1Y Price Target
$38.89Price Target Upside42.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-2.67
Revenue Forecast (FY)N/A
Immunovant Business Overview & Revenue Model
Company DescriptionImmunovant, 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 MoneyImmunovant 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 Earnings Call Summary
Earnings Call Date:Feb 06, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jun 03, 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.Q3-2026 Updates
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.
Favorable safety and large existing brepocitinib database
No serious adverse events in the Phase II CS study; all adverse events were mild or moderate and safety was consistent with the compound's broader database of >1,500 patients, supporting a potentially favorable benefit‑risk profile.
Pipeline and registrational momentum
NDA for brepocitinib in dermatomyositis submitted; NIU Phase III pivotal readout expected in H2 2026; company to initiate a Phase III in cutaneous sarcoidosis this year; management cites 9+ pivotal study readouts across the portfolio in the coming years.
Enrollment achievements and upcoming catalysts
IMVT‑1402 (D2T RA) Phase IIb fully enrolled with 170 patients (up from an anticipated 120, a +41.7% increase in enrollment vs plan); mosliciguat PH‑ILD Phase II fully enrolled; top‑line data for mosliciguat and D2T RA expected in the second half of 2026.
Strong cash position to fund development
Consolidated cash balance of $4.5 billion provides runway for ongoing and planned registrational programs; company retains share buyback authorization.
Immunovant FcRn franchise progress
IMVT‑1402 highlighted as a potential best‑in‑class FcRn program with convenient subcutaneous administration; pivotal data in Graves' disease expected in 2027, supporting future commercial opportunity.
Favorable pretrial legal development
Received a favorable summary judgment decision on Section 1498 ahead of the Moderna jury trial (trial scheduled to begin March 9), which management views as constructive to their litigation posture.
Consistent patient‑reported outcome improvements
Multiple PROs (Skindex‑16, KSQ skin domain, Patient Global Impression of Change) showed substantial improvement for brepocitinib arms, with 100% of 45 mg patients reporting improvement on PGIC—supporting physician‑reported findings.
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.
Risk of efficacy erosion in larger trials
Management acknowledged the potential for erosion of effect size when moving from a small proof‑of‑concept study to larger, possibly global Phase III trials; placebo behavior could differ in larger settings despite a low placebo rate in this study.
Ongoing litigation and evidentiary challenges
Multiple Daubert motions and other pretrial issues remain in related litigation (Genevant/Moderna context); while a favorable Section 1498 decision was received, the jury trial and other motions still present legal risk and outcome uncertainty.
High operating spend and quarterly net loss
Quarterly R&D expense $165 million (adjusted non‑GAAP $147 million) and G&A $175 million (adjusted non‑GAAP $71 million) resulted in a total adjusted non‑GAAP net loss of $167 million for the quarter, reflecting significant cash burn despite ample cash reserves.
Regulatory and development timing uncertainties
Uncertainty around FDA decisions (e.g., priority review for dermatomyositis not guaranteed); management expects to engage with FDA to determine Phase III size, dose and required safety database and acknowledged the possibility of needing multiple studies (e.g., for 1402 in RA).
Limited data on extracutaneous organ impact
Approximately 60% of trial patients had pulmonary involvement and ~30% had other organ involvement, but the study was not designed to assess organ‑specific benefits; exploratory analyses pending and no conclusions can be drawn yet on systemic sarcoidosis effects.
Competitive and market uncertainties (pricing and competitors)
Pricing strategy undecided (management referenced IVIG/Vyvgart price anchors) and competition (e.g., argenx in Graves'/TED landscape) could affect market dynamics; read‑throughs from other programs (e.g., VYVGART TED data) are limited and raise commercial uncertainty.
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
Development-stage profile with no revenue and rapidly widening losses (TTM net loss ~-$464M) and sharply higher cash burn (TTM FCF ~-$423M). Balance sheet is a key offset with minimal leverage and a sizable equity/asset base, but returns and cash flow trends indicate continued reliance on external funding.Income Statement
IMVT is still pre-revenue (revenue is 0 across annual periods and TTM (Trailing-Twelve-Months)), and losses are widening. Net loss increased from about -$107M (FY2021) to about -$414M (FY2025 annual), and TTM (Trailing-Twelve-Months) net loss is about -$464M, indicating a materially higher cost base. With no revenue to absorb operating expenses, profitability and margin profile remain structurally weak at this stage.12
Very Negative
Balance Sheet
The balance sheet is a relative strength: debt is effectively minimal (near-zero debt-to-equity across periods), and equity has grown meaningfully over time (about $391M in FY2021 to about $707M in FY2025 annual; $986M in TTM (Trailing-Twelve-Months)). Total assets also increased (about $412M in FY2021 to about $776M in FY2025 annual; $1.05B in TTM (Trailing-Twelve-Months)), suggesting substantial funding capacity. The key weakness is very negative returns to shareholders driven by large losses (return on equity is deeply negative, worsening to roughly -0.85 in TTM (Trailing-Twelve-Months)).74
Positive
Cash Flow
Cash generation is weak and deteriorating: operating cash flow and free cash flow are consistently negative and have expanded in magnitude (free cash flow from about -$84M in FY2021 to about -$377M in FY2025 annual; about -$423M in TTM (Trailing-Twelve-Months)). Recent free cash flow growth is sharply negative (TTM (Trailing-Twelve-Months) indicates a significant step-up in cash burn). A positive is that cash burn broadly tracks accounting losses (free cash flow is roughly in line with net loss), but the overall trajectory implies a higher ongoing funding requirement.18
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -101.00K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -481.47M | -437.77M | -269.98M | -208.08M | -155.91M | -108.05M |
| Net Income | -464.20M | -413.84M | -259.34M | -210.96M | -156.73M | -107.43M |
Balance Sheet | ||||||
| Total Assets | 1.05B | 776.22M | 666.71M | 405.84M | 515.56M | 412.49M |
| Cash, Cash Equivalents and Short-Term Investments | 994.52M | 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 | 66.26M | 68.78M | 48.95M | 43.34M | 45.74M | 21.01M |
| Stockholders Equity | 986.13M | 707.45M | 617.76M | 362.49M | 469.82M | 391.48M |
Cash Flow | ||||||
| Free Cash Flow | -423.09M | -376.63M | -214.59M | -188.39M | -106.37M | -83.54M |
| Operating Cash Flow | -422.89M | -375.87M | -214.23M | -188.19M | -106.11M | -83.33M |
| Investing Cash Flow | -201.00K | -759.00K | -360.00K | -197.00K | -254.00K | -210.00K |
| Financing Cash Flow | 1.04B | 454.49M | 472.43M | 70.89M | 200.13M | 383.11M |
Immunovant Technical Analysis
Positive
27.23
Price Trends
26.27
Positive
23.82
Positive
19.84
Positive
Market Momentum
0.31
Negative
56.92
Neutral
72.39
Neutral
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 27.23 is above the 20-day moving average (MA) of 26.29, above the 50-day MA of 26.27, and above the 200-day MA of 19.84, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 56.92 is Neutral, neither overbought nor oversold. The STOCH value of 72.39 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $6.44B | -126.04 | -15.81% | ― | 53.66% | 58.63% | |
64 Neutral | $4.56B | -9.57 | -44.42% | ― | ― | -21.96% | |
62 Neutral | $5.57B | -10.15 | -69.35% | ― | ― | -27.70% | |
62 Neutral | $5.46B | 137.51 | 7.80% | ― | -35.39% | -72.97% | |
61 Neutral | $7.19B | -25.21 | -32.09% | ― | -50.05% | -54.47% | |
55 Neutral | $1.30B | -5.17 | -60.51% | ― | ― | -157.74% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
IMVT
Immunovant
27.23
6.98
34.47%
PTGX
Protagonist Therapeutics
87.10
50.76
139.68%
CRNX
Crinetics Pharmaceuticals
43.39
10.18
30.65%
MIRM
Mirum Pharmaceuticals
108.62
61.64
131.20%
KYMR
Kymera Therapeutics
90.68
60.43
199.77%
MLTX
MoonLake Immunotherapeutics
18.22
-23.55
-56.38%
Immunovant Corporate Events
Private Placements and Financing
Immunovant Raises $550 Million Through Stock Offering
Positive
Dec 12, 2025
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.
Business Operations and StrategyPrivate Placements and Financing
Immunovant Announces $550 Million Stock Offering
Neutral
Dec 11, 2025
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.
Business Operations and StrategyExecutive/Board Changes
Immunovant Restructures R&D Leadership with CMO Departure
Neutral
Nov 21, 2025
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.
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.