Recent News
Sept 3, 2025 — Immunovant reported six-month off-treatment remission data from a proof-of-concept batoclimab study: ~80% (17/21) of patients maintained normal T3/T4 at six months off treatment and ~50% (8/17) of responders achieved anti-thyroid drug free remission. The company noted two potentially registrational IMVT-1402 trials in Graves’ disease currently enrolling with topline readouts expected in 2027. July 28, 2025 — a Form 8‑K disclosed an employment agreement for CEO Eric Venker including salary and equity awards granted on July 28, 2025.
Technical Analysis
ADX at 27.04 indicates a strong trend strength that supports a directional move rather than choppy range-bound noise.
DI+ at 23.19 (dip & reversal) signals renewed bullish directional pressure compared with the DI- reading.
DI- at 12.56 (decreasing) reinforces a bullish tilt by way of falling negative-direction strength.
MACD at 0.04 with a signal line at -0.05 and MACD_trend increasing: MACD crossed above its signal line, signaling bullish momentum in the near term.
MRO at -11.82 (dip & reversal) places price below the WMDST target and implies upward potential as momentum seeks to re-align with valuation.
RSI 50.15 (increasing) shows momentum building from a neutral base without overstretched conditions.
Price at $16.34 trades below the 200-day average $17.92 but above the 20-day average $15.62 and the 50-day average $15.81; the 12-day EMA shows a dip & reversal. Short-term moving averages alignment supports upward bias within a longer-term below-200‑day context.
Bollinger upper band readings near $16.18–$16.75 place current price at the upper short-term range, suggesting limited immediate upside before encountering nearby price resistance.
Ichimoku components place price between Senkou A $16.06 and Senkou B $16.69, indicating price sits inside the cloud and reflects a consolidating balance of forces.
SuperTrend upper at $16.77 sets a visible resistance threshold; current volume at 1,045,768 undercuts the 10‑day average 1,818,918 and 50/200‑day averages, implying recent moves occur on lighter participation.
Fundamental Analysis
Liquidity stands robust: cash on hand $598,912,000, current ratio 12.32, and cash ratio 11.32 highlight ample near-term funding for clinical programs without immediate financing pressure.
Profitability metrics reflect ongoing development spend: net income -$120,613,000 and EBITDA -$127,117,000. EPS actual -$0.71 versus estimate -$0.67 produced an EPS surprise of -5.97%.
R&D outlay totaled $101,200,000, supporting multiple clinical programs including IMVT‑1402 registrational efforts; research-driven expense growth contributed to operating losses.
Free cash flow totaled -$117,411,000 with a free cash flow yield of -4.29%; free cash flow growth shows QoQ improvement 8.60% but YoY expansion 135.10% in the yield metric, reflecting timing differences in cash versus accounting flows.
Valuation multiples carry developmental-stage distortions: P/B at 4.49 sits below the industry peer mean 5.28 and below the industry peer median 6.29. Trailing PE at -23.39 appears more negative than the industry peer mean -9.48, reflecting current losses and an early commercial horizon. PEG and forward PE remain negative, consistent with non‑profitable status and near-term revenue absence.
Returns show development-era dynamics: return on assets -16.78% and return on equity -19.82% with QoQ improvements in return on equity (+31.72%) and return on invested capital (+29.94%), indicating incremental efficiency changes as programs advance through clinical stages.
WMDST values the stock as under-valued, driven by substantial cash reserves, clinical durability signals in Graves’ disease data, and valuation multiples that sit below key industry peer benchmarks despite ongoing losses.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-11 |
| NEXT REPORT DATE: | 2025-11-27 |
| CASH FLOW | Begin Period Cash Flow | $ 714.0 M |
| Operating Cash Flow | $ -130.17 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -15.44 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -115.06 M | |
| End Period Cash Flow | $ 598.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 107.0 K | |
| Depreciation and Amortization | $ 107.0 K | |
| Research and Development | $ 101.2 M | |
| Total Operating Expenses | $ 127.2 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -127.12 M | |
| EBIT | $ -127.22 M | |
| Operating Income | $ -127.22 M | |
| Interest Income | $ 6.3 M | |
| Interest Expense | — | |
| Net Interest Income | $ 6.3 M | |
| Income Before Tax | $ -119.70 M | |
| Tax Provision | $ 913.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -120.61 M | |
| Net Income From Continuing Operations | $ -120.61 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.67 | |
| EPS Actual | $ -0.71 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -5.97 % | |
| Forward EPS | $ -0.76 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 661.4 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 608.5 M | |
| Total Current Assets | $ 651.8 M | |
| Cash and Short-Term Investments | $ 598.9 M | |
| Cash | $ 598.9 M | |
| Net Receivables | $ 1.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 8.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 52.9 M | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | $ 52.9 M | |
| EQUITY | ||
| Total Equity | $ 608.5 M | |
| Retained Earnings | $ -1.36 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.56 | |
| Shares Outstanding | 171.069 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.087 | |
| Asset To Liability | 12.504 | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.494 | |
| Price To Book QoQ | 13.382 % | |
| Price To Book YoY | -41.481 % | |
| Price To Book IPRWA | high: 16.592 median: 6.295 mean: 5.279 IMVT: 4.494 low: -10.064 |
|
| Price To Earnings (P/E) | -23.391 | |
| Price To Earnings QoQ | -9.179 % | |
| Price To Earnings YoY | -50.945 % | |
| Price To Earnings IPRWA | high: 46.94 mean: -9.481 median: -16.878 IMVT: -23.391 low: -73.374 |
|
| PE/G Ratio | -2.139 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -21.34 | |
| Forward PE/G | -1.951 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 608.5 M | |
| Net Invested Capital | $ 608.5 M | |
| Invested Capital | $ 608.5 M | |
| Net Tangible Assets | $ 608.5 M | |
| Net Working Capital | $ 598.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 11.322 | |
| Current Ratio | 12.321 | |
| Current Ratio QoQ | 10.381 % | |
| Current Ratio YoY | -5.839 % | |
| Current Ratio IPRWA | high: 25.128 IMVT: 12.321 mean: 3.931 median: 2.52 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 5308.017 % | |
| Interest Coverage Ratio | -31.297 | |
| Interest Coverage Ratio QoQ | 11.772 % | |
| Interest Coverage Ratio YoY | 34.941 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.545 median: 2.742 IMVT: -31.297 low: -1465.352 |
|
| Operating Cash Flow Ratio | -2.461 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -14.787 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 10.937 % | |
| Earnings Growth QoQ | -169.27 % | |
| Earnings Growth YoY | -28.911 % | |
| Earnings Growth IPRWA | high: 155.0 % median: 11.33 % IMVT: 10.937 % mean: 2.363 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -117.41 M | |
| Free Cash Flow Yield | -4.293 % | |
| Free Cash Flow Yield QoQ | 8.601 % | |
| Free Cash Flow Yield YoY | 135.104 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.329 % IMVT: -4.293 % low: -74.318 % |
|
| Free Cash Growth | 5.93 % | |
| Free Cash Growth QoQ | -41.914 % | |
| Free Cash Growth YoY | -78.532 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % IMVT: 5.93 % mean: 3.836 % low: -183.577 % |
|
| Free Cash To Net Income | 0.973 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 1.079 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -16.779 % | |
| Return On Assets QoQ | -5.651 % | |
| Return On Assets YoY | 20.912 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.36 % IMVT: -16.779 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -20.906 % | |
| Return On Equity (ROE) | -0.198 | |
| Return On Equity QoQ | 31.721 % | |
| Return On Equity YoY | 23.867 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.008 IMVT: -0.198 low: -1.572 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -16.516 % | |
| Return On Invested Capital QoQ | 29.935 % | |
| Return On Invested Capital YoY | -224.143 % | |
| Return On Invested Capital IPRWA | high: 53.785 % median: 3.175 % mean: 1.537 % IMVT: -16.516 % low: -71.959 % |
|