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Immunovant (IMVT) Q4 Earnings Top Estimates, Pipeline in Focus
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Immunovant, Inc. (IMVT - Free Report) reported a net loss of 46 cents per share in the fourth quarter of fiscal 2023 (ended Mar 31, 2023), narrower than the Zacks Consensus Estimate of a loss of 48 cents per share. In the year-ago quarter, the company reported a loss of 41 cents.
Currently, IMVT does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Corresponding to the narrower loss in the reported quarter, as well as reports of pipeline development remaining on track, Immunovant’s shares jumped 12% on Monday. Shares of Immunovant have skyrocketed 512.1% in the past year against the industry’s 4.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development (R&D) expenses were $51.8 million, up 61.9% from the year-ago quarter’s figure. The year-over-year surge was due to increased personnel-related expenses and higher development costs related to the batoclimab program and cross-indication clinical studies. R&D expenses were partially offset by lower contract manufacturing costs related to the development of IMVT-1402, which were initiated in the prior-year period.
General and administrative expenses were $12.4 million in the reported quarter, down 18.4% on a year-over-year basis. The decline was primarily due to lower personnel-related expenses, along with lower financial advisory and legal and other professional costs.
As of Mar 31, 2023, Immunovant had a cash balance of $376.5 million compared with $432.6 million as of Dec 31, 2022.
With its existing cash balance, IMVT expects to fund its operating expenses and capital expenditure requirements into the second half of 2025.
Pipeline Update
Immunovant is developing its lead pipeline candidate batoclimab as a subcutaneous injection to treat several indications, including myasthenia gravis (MG), thyroid eye disease (TED), chronic inflammatory demyelinating polyneuropathy (CIDP) and Graves’ disease (GD). Several mid-late-stage studies are currently ongoing to evaluate batoclimab in the treatment of each of these indications.
During the reported quarter, the company initiated a phase II proof-of-concept study of batoclimab in GD in Germany. Initial results from the same are expected in the fourth quarter of 2023.
Immunovant remains on track to report initial results from period 1 of the phase IIb study in CIDP in the first half of 2024. The company also expects to have top-line results from the phase III study in MG and the phase III study in TED, in the second half of 2024 and the first half of 2025, respectively.
During the reported quarter, Immunovant received the FDA’s clearance of its investigational new drug application for IMVT-1402, a subcutaneously administered, FcRn inhibitor, for the treatment of autoimmune disease.
Fiscal FY23 Result
Immunovant reported a loss of $1.71 per share for the fiscal year 2023, wider than the Zacks Consensus Estimate of a loss of $1.66 per share. The company reported a loss of $1.43 per share in the previous year.
In the past 90 days, the Zacks Consensus Estimate for Allogene Therapeutics’ 2023 loss per share has narrowed from $2.83 to $2.32. In the past year, shares of Allogene Therapeutics have fallen by 17%.
ALLO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 5.08%.
In the past 90 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has narrowed from $3.46 to $2.78. In the past year, shares of Akero Therapeutics have rallied by 454.8%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 7.96%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 9 cents. In the past year, shares of ADMA Biologics have gained by 125.5%.
ADMA beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 19.13%.
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Immunovant (IMVT) Q4 Earnings Top Estimates, Pipeline in Focus
Immunovant, Inc. (IMVT - Free Report) reported a net loss of 46 cents per share in the fourth quarter of fiscal 2023 (ended Mar 31, 2023), narrower than the Zacks Consensus Estimate of a loss of 48 cents per share. In the year-ago quarter, the company reported a loss of 41 cents.
Currently, IMVT does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Corresponding to the narrower loss in the reported quarter, as well as reports of pipeline development remaining on track, Immunovant’s shares jumped 12% on Monday. Shares of Immunovant have skyrocketed 512.1% in the past year against the industry’s 4.7% decline.
Image Source: Zacks Investment Research
Quarter in Detail
In the reported quarter, research and development (R&D) expenses were $51.8 million, up 61.9% from the year-ago quarter’s figure. The year-over-year surge was due to increased personnel-related expenses and higher development costs related to the batoclimab program and cross-indication clinical studies. R&D expenses were partially offset by lower contract manufacturing costs related to the development of IMVT-1402, which were initiated in the prior-year period.
General and administrative expenses were $12.4 million in the reported quarter, down 18.4% on a year-over-year basis. The decline was primarily due to lower personnel-related expenses, along with lower financial advisory and legal and other professional costs.
As of Mar 31, 2023, Immunovant had a cash balance of $376.5 million compared with $432.6 million as of Dec 31, 2022.
With its existing cash balance, IMVT expects to fund its operating expenses and capital expenditure requirements into the second half of 2025.
Pipeline Update
Immunovant is developing its lead pipeline candidate batoclimab as a subcutaneous injection to treat several indications, including myasthenia gravis (MG), thyroid eye disease (TED), chronic inflammatory demyelinating polyneuropathy (CIDP) and Graves’ disease (GD). Several mid-late-stage studies are currently ongoing to evaluate batoclimab in the treatment of each of these indications.
During the reported quarter, the company initiated a phase II proof-of-concept study of batoclimab in GD in Germany. Initial results from the same are expected in the fourth quarter of 2023.
Immunovant remains on track to report initial results from period 1 of the phase IIb study in CIDP in the first half of 2024. The company also expects to have top-line results from the phase III study in MG and the phase III study in TED, in the second half of 2024 and the first half of 2025, respectively.
During the reported quarter, Immunovant received the FDA’s clearance of its investigational new drug application for IMVT-1402, a subcutaneously administered, FcRn inhibitor, for the treatment of autoimmune disease.
Fiscal FY23 Result
Immunovant reported a loss of $1.71 per share for the fiscal year 2023, wider than the Zacks Consensus Estimate of a loss of $1.66 per share. The company reported a loss of $1.43 per share in the previous year.
Immunovant, Inc. Price and Consensus
Immunovant, Inc. price-consensus-chart | Immunovant, Inc. Quote
Zacks Rank and Stocks to Consider
Immunovant currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Allogene Therapeutics (ALLO - Free Report) , Akero Therapeutics (AKRO - Free Report) and ADMA Biologics, Inc. (ADMA - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate for Allogene Therapeutics’ 2023 loss per share has narrowed from $2.83 to $2.32. In the past year, shares of Allogene Therapeutics have fallen by 17%.
ALLO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 5.08%.
In the past 90 days, the Zacks Consensus Estimate for Akero Therapeutics’ 2023 loss per share has narrowed from $3.46 to $2.78. In the past year, shares of Akero Therapeutics have rallied by 454.8%.
AKRO beat estimates in three of the trailing four quarters, missing the mark on one occasion, delivering an average earnings surprise of 7.96%.
In the past 90 days, the Zacks Consensus Estimate for ADMA Biologics’ 2023 loss per share has narrowed from 19 cents to 9 cents. In the past year, shares of ADMA Biologics have gained by 125.5%.
ADMA beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 19.13%.