Immunovant (NASDAQ:IMVT) Releases Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Immunovant (NASDAQ:IMVT) released its earnings results on Monday. The company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.27, Zacks reports. During the same quarter last year, the firm earned ($0.73) earnings per share.

Here are the key takeaways from Immunovant’s conference call:

• LISRAYA generated $31 million in net revenue during its first five weeks on the market, with hundreds of patients on paid treatment and broad prescriber interest. Roivant said pharmacy inventory contributed a quarter-end tailwind that may modestly reverse in the December quarter, and cautioned that it is too early to extrapolate launch trends.
• In difficult-to-treat rheumatoid arthritis, IMVT-1402 at 600 mg maintained ACR20 responses in 92.5% of patients at the end of the randomized-withdrawal period, versus about 75% on placebo; 300 mg performed similarly to placebo. The company reported no new safety signals, but FDA discussions on the next trial’s design and approval path are ongoing.
• Roivant highlighted positive non-infectious uveitis results: treatment failure occurred at about 12 weeks for placebo patients, while median treatment failure was not reached beyond 48 weeks for brepocitinib-treated patients. The company plans to file a supplemental application for the indication and sees it as a potential additional commercial opportunity.
• Mosliciguat’s PH-ILD study showed a reported 56% placebo-adjusted reduction in pulmonary vascular resistance and a statistically significant 35-meter improvement in six-minute walk distance. Its Phase III study is enrolling, and Roivant is evaluating additional pulmonary hypertension and lung-disease indications.
• Roivant said its cutaneous lupus erythematosus program had not succeeded and that it is unlikely to advance IMVT-1402 in Sjögren’s syndrome, citing competitor results and other field updates. It plans to complete the ongoing Sjögren’s study and assess the remaining data.

Immunovant Price Performance

NASDAQ:IMVT opened at $30.53 on Monday. The company’s fifty day moving average price is $33.11 and its 200-day moving average price is $32.11. Immunovant has a 1-year low of $21.43 and a 1-year high of $45.42. The firm has a market capitalization of $6.31 billion, a P/E ratio of -10.83 and a beta of 0.95.

Insider Activity at Immunovant

In other Immunovant news, COO Melanie Gloria sold 2,241 shares of the company’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $71,846.46. Following the sale, the chief operating officer directly owned 217,060 shares of the company’s stock, valued at approximately $6,958,943.60. This represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Van Tuyl sold 2,846 shares of the stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total value of $103,480.56. Following the sale, the insider directly owned 176,545 shares in the company, valued at $6,419,176.20. This represents a 1.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 24,430 shares of company stock valued at $787,852 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

IMVT has been the subject of a number of research analyst reports. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Citigroup reissued a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. Finally, HC Wainwright restated a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies.

The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.