Immunovant Inc. Common Stock (IMVT)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Immunovant as a Graham-style analyst, not a scientist. It is a clinical-stage immunology company with 315 employees and a lead antibody, IMVT-1402, aimed at autoimmune diseases. The financial record is stark: no revenue appears in the filed figures, and net losses were $259.3 million in FY2024, $413.8 million in FY2025, and $505.6 million in FY2026. In fiscal Q1 2027, the quarter ended 2026-06-30, the net loss was $153.2 million, or $0.75 per diluted share. Trailing free cash flow was negative $414.3 million, a FairStock-calculated FCF yield of -7.0%. At the 2026-10-13 close of $28.71 and a $5.9 billion market cap, the FairStock P/B is 8.06, the P/E is -10.22 and therefore meaningless, ROE is -80.10%, and ROCE is -46.73%. The Piotroski F-Score is 0/9. The lack of debt, D/E 0.00, and a FairStock-calculated Altman Z-Score of 28.30 suggest no immediate leverage problem, but those ratios do not create earnings. A moat cannot be verified without a commercial product, pricing power, or durable revenue. The company is a call option on clinical success: if IMVT-1402 works across its listed indications, the optionality is real; if it does not, the current price has little asset-based support. A FairStock score of 25/100 and no Lynch category, because losses occurred in each of the last four years, reinforce caution. I see no margin of safety in the current figures.

In plain English: Immunovant is a clinical-stage company that develops treatments for autoimmune diseases, but it has no product sales yet and is losing money. Losses have grown from $259.3 million in FY2024 to $505.6 million in FY2026, and it used $414.3 million in free cash flow over the trailing period. At the $28.71 close on 2026-10-13, the $5.9 billion price looks expensive compared with the current lack of revenue and profit.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2027 10-Q (period ended 2026-06-30) · fiscal Q3 2026 10-Q (period ended 2025-12-31) · fiscal Q2 2026 10-Q (period ended 2025-09-30) · fiscal Q1 2026 10-Q (period ended 2025-06-30) · FY2026 10-K (period ended 2026-03-31) · FY2025 10-K (period ended 2025-03-31) · FY2024 10-K (period ended 2024-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer