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Immunovant (IMVT)
NASDAQ:IMVT
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Immunovant
(NASDAQ:IMVT)
38Underperform
Positive Factors
Market Opportunity
The large opportunity for IMVT in the FcRn space could lead to peak sales higher than $3 billion in conditions like Grave's disease, rheumatoid arthritis, and others.
Negative Factors
Risk/Reward Scenario
The stock may not reflect the full upside from positive data while being susceptible to downside from mixed data, creating a mixed risk/reward scenario for investors.
Uncertainty in Data Interpretation
Investors are concerned about the difficulty in interpreting and comparing the Phase III data for the first-generation drug, leading to uncertainty.
Immunovant (IMVT) vs. S&P 500 (SPY)
Market Cap
$3.33B
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue GrowthN/A
EPS Growth-43.10%
CountryUS
Employees207
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-2.62
Shares Outstanding169,860,690
10 Day Avg. Volume1,045,480
30 Day Avg. Volume1,300,977
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)-8.60
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$46.00Price Target Upside126.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
Immunovant Business Overview & Revenue Model
Company DescriptionImmunovant, Inc. (IMVT) is a clinical-stage biopharmaceutical company focused on developing innovative therapies for patients with autoimmune diseases. The company is dedicated to creating transformative treatments by utilizing its expertise in immunology. Its lead product candidate, batoclimab, is a monoclonal antibody targeting the neonatal Fc receptor (FcRn), which is being developed for the treatment of various autoimmune disorders.
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 Financial Statement Overview
Summary
Immunovant is facing substantial financial challenges, characterized by persistent losses and negative cash flows. While the company maintains a solid equity position and low leverage, the lack of revenue and profitability raises questions about its long-term viability. Investors should be cautious and consider the company's strategy for achieving sustainable growth and profitability.Income Statement
Immunovant shows significant financial challenges, with negative EBIT, EBITDA, and net income margins in the TTM period. The gross profit margin is positive, but revenue growth is non-existent due to the lack of revenue in previous periods. This indicates an ongoing reliance on funding rather than operational success.15
Very Negative
Balance Sheet
The balance sheet reflects a strong equity position with a low debt-to-equity ratio, indicating minimal leverage risk. However, the return on equity is negative due to substantial net losses, which is a concern for investors looking for profitability.50
Neutral
Cash Flow
Cash flow from operations is negative, which raises concerns about the company's ability to sustain operations without external financing. Despite this, the company has managed to maintain a positive cash balance, likely due to financing activities. The free cash flow to net income ratio is not favorable, reflecting cash burn issues.20
Very Negative
| Breakdown | |||||
| TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.50M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | Gross Profit |
| 1.36M | -231.00K | -1.32M | -1.23M | -998.00K | -21.00K | EBIT |
| -405.20M | -282.71M | -198.47M | -156.16M | -107.79M | -65.67M | EBITDA |
| -404.87M | -269.98M | -209.63M | -155.58M | -106.79M | -65.64M | Net Income Common Stockholders |
| -382.71M | -259.34M | -210.96M | -156.73M | -107.43M | -66.39M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 374.69M | 635.37M | 376.53M | 493.82M | 400.15M | 100.57M | Total Assets |
| 420.93M | 666.37M | 405.84M | 515.56M | 412.49M | 109.39M | Total Debt |
| 23.00K | 138.00K | 1.22M | 2.36M | 3.42M | 3.19M | Net Debt |
| -374.66M | -635.23M | -375.31M | -491.45M | -396.73M | -97.38M | Total Liabilities |
| 68.31M | 48.61M | 43.34M | 45.74M | 21.01M | 15.32M | Stockholders Equity |
| 352.62M | 617.76M | 362.49M | 469.82M | 391.48M | 94.07M |
| Cash Flow | Free Cash Flow | ||||
| -325.64M | -214.59M | -188.39M | -106.37M | -83.54M | -53.39M | Operating Cash Flow |
| -324.94M | -214.23M | -188.19M | -106.11M | -83.33M | -53.36M | Investing Cash Flow |
| -708.00K | -360.00K | -197.00K | -254.00K | -210.00K | -31.00K | Financing Cash Flow |
| 5.42M | 472.43M | 70.89M | 200.13M | 383.11M | 146.97M |
Immunovant Technical Analysis
Negative
20.30
Price Trends
21.80
Negative
25.10
Negative
26.93
Negative
Market Momentum
-0.62
Negative
43.69
Neutral
73.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMVT, the sentiment is Negative. The current price of 20.3 is above the 20-day moving average (MA) of 19.95, below the 50-day MA of 21.80, and below the 200-day MA of 26.93, indicating a bearish trend. The MACD of -0.62 indicates Negative momentum. The RSI at 43.69 is Neutral, neither overbought nor oversold. The STOCH value of 73.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMVT.
Immunovant Risk Analysis
Immunovant disclosed 83 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
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $35.05B | 44.76 | -7.20% | ― | 101.07% | 51.16% | |
49 Neutral | $6.90B | -0.08 | -53.01% | 2.43% | 24.84% | -3.06% | |
49 Neutral | $30.91B | ― | -414.62% | ― | 22.97% | 38.54% | |
42 Neutral | $110.00M | ― | -54.21% | ― | -78.55% | -0.92% | |
38 Underperform | $3.33B | ― | -74.17% | ― | ― | -43.10% |
* Healthcare Sector Average
Performance Comparison
IMVT
Immunovant
19.61
-11.89
-37.75%
ALNY
Alnylam Pharma
238.74
92.09
62.80%
FATE
Fate Therapeutics
0.96
-6.70
-87.47%
ARGX
Argenx Se
580.43
192.49
49.62%
Immunovant Earnings Call Summary
Earnings Call Date: Feb 6, 2025 | % Change Since: -9.82% | Next Earnings Date: May 28, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant advancements in Immunovant's development programs, particularly for IMVT-1402, with promising data in Graves' disease and a strategic approach in rheumatoid arthritis. However, the company faces challenges in the thyroid eye disease program's enrollment and efficacy demonstration for FcRn inhibitors. Overall, the sentiment leans towards optimism due to strategic progress despite some hurdles.Highlights
Significant Progress with IMVT-1402 Development
In 2024, Immunovant cleared 5 INDs across a range of therapeutic areas, ahead of their schedule, and is on track to launch 10 indications by March 2026.
Promising Data on Graves' Disease
Recent data shows a 60% ATD-free response rate in patients whose IgG was lowered by 70% or more, indicating strong potential for IMVT-1402 in treating Graves' disease.
Introduction of Rheumatoid Arthritis Program
The rheumatoid arthritis program targets difficult-to-treat patients with a biomarker-driven strategy, leveraging prior proof-of-principle data with FcRn inhibitors.
Open-Label Trial Design for Rheumatoid Arthritis
The innovative trial design offers an open-label lead-in period, enhancing patient enrollment and providing early data catalysts.
Lowlights
Challenges in Thyroid Eye Disease Program Enrollment
Increased competition for patients with acute and very active thyroid eye disease has led to a delay in the expected data readout to the second half of next year.
Potential Limitations of Current FcRn Inhibitor Data
The previous FcRn inhibitor study (nipocalimab) did not meet its primary endpoint, indicating challenges in demonstrating efficacy across all rheumatoid arthritis patients.
Company Guidance
During the Q2 2025 earnings call, Immunovant provided substantial guidance on their development progress, particularly highlighting their lead asset, IMVT-1402. The company has cleared five Investigational New Drug (IND) applications ahead of schedule, aiming to launch 10 indications by March 2026, with four to five potentially registrational trials starting by March 2025. They expect data readouts from their myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP) programs, which are fully enrolled, in the upcoming months. Immunovant also shared promising data on Graves' disease, where IMVT-1402 demonstrated significant IgG suppression, correlating with improved clinical outcomes. The company is also exploring an innovative trial design for difficult-to-treat rheumatoid arthritis, targeting patients with high ACPA levels to validate the efficacy of deeper IgG reduction, aiming for a high impact in this high unmet need population.Immunovant Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
Immunovant Progresses in Autoimmune Therapy Development
Positive
Jan 14, 2025
Immunovant, Inc. announced its participation in the 43rd Annual J.P. Morgan Healthcare Conference on January 14, 2025, where it will present a corporate overview. The company is making significant progress in its clinical trials, particularly with IMVT-1402, across multiple autoimmune conditions. With a strengthened financial position and a strategic focus on anti-FcRn therapies, Immunovant is poised to enhance its market position and offer potentially transformative treatments for autoimmune patients. Key trials and milestones are expected to yield significant data by March 2025, reflecting the company’s rapid advancement in drug development and commercialization efforts.
Private Placements and FinancingBusiness Operations and Strategy
Immunovant Raises $450 Million Through Share Purchase Agreement
Positive
Jan 13, 2025
Immunovant, Inc. has entered into a share purchase agreement with several institutional accredited investors to sell 22,500,000 shares at $20.00 each, raising approximately $450 million in a private placement expected to close by January 15, 2025. The funds will be used for advancing its development pipeline and other corporate purposes, with the shares to be registered for resale with the SEC.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.