Immunovant (NASDAQ:IMVT – Get Free Report) posted its earnings results on Monday. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.27, Zacks reports. During the same quarter last year, the business posted ($0.73) EPS.
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 Stock Performance
Shares of Immunovant stock traded up $1.54 during trading on Wednesday, hitting $37.25. 574,401 shares of the stock were exchanged, compared to its average volume of 1,511,538. The stock’s fifty day moving average is $32.88 and its 200 day moving average is $32.20. The stock has a market cap of $7.69 billion, a PE ratio of -14.55 and a beta of 0.95. Immunovant has a 12 month low of $21.86 and a 12 month high of $45.42.
Wall Street Analyst Weigh In
IMVT has been the subject of a number of analyst reports. UBS Group restated a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Wells Fargo & Company boosted their price objective on Immunovant from $45.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Finally, HC Wainwright reissued a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Immunovant has an average rating of “Moderate Buy” and a consensus target price of $44.60.
Check Out Our Latest Research Report on Immunovant
Insider Buying and Selling
In related news, insider Christopher Van Tuyl sold 1,327 shares of the stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $42,543.62. Following the completion of the sale, the insider directly owned 175,218 shares of the company’s stock, valued at $5,617,489.08. This represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,241 shares of the firm’s stock in a transaction on Wednesday, October 7th. The stock was 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 24,430 shares of company stock worth $787,852. Company insiders own 1.90% of the company’s stock.
About Immunovant
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.
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