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Why Is Immunovant, Inc. (IMVT) Down 14.7% Since Last Earnings Report?
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It has been about a month since the last earnings report for Immunovant, Inc. (IMVT - Free Report) . Shares have lost about 14.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Immunovant, Inc. due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Immunovant Q3 Earnings Top Estimates, Pipeline in Focus
Immunovantreported fiscal third-quarter 2024 net loss of 36 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents per share. The reported figure is also narrower than the year-ago quarter's loss of 49 cents per share.
Currently, Immunovant does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development (R&D) expenses totaled $48.3 million, up 14.2% from the year-ago quarter’s reported figure. The year-over-year rise can be attributed to increased operational costs and R&D activities for batoclimab and IMVT-1402 programs. The uptick was partially offset by decreased batoclimab program-specific expenses.
General and administrative expenses amounted to $13.2 million, up 11.9% on a year-over-year basis. The rise was primarily due to an increase in personnel-related expenses, legal and other professional fees, market research and information technology costs.
As of Dec 31, 2023, Immunovant had a cash balance of $691 million compared with $269.9 million as of Sep 30, 2023.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
The consensus estimate has shifted 7.89% due to these changes.
VGM Scores
At this time, Immunovant, Inc. has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Immunovant, Inc. has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry Player
Immunovant, Inc. belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Exelixis (EXEL - Free Report) , has gained 12.2% over the past month. More than a month has passed since the company reported results for the quarter ended December 2023.
Exelixis reported revenues of $479.65 million in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.33 for the same period compares with -$0.03 a year ago.
Exelixis is expected to post earnings of $0.29 per share for the current quarter, representing a year-over-year change of +81.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.5%.
Exelixis has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Why Is Immunovant, Inc. (IMVT) Down 14.7% Since Last Earnings Report?
It has been about a month since the last earnings report for Immunovant, Inc. (IMVT - Free Report) . Shares have lost about 14.7% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Immunovant, Inc. due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Immunovant Q3 Earnings Top Estimates, Pipeline in Focus
Immunovantreported fiscal third-quarter 2024 net loss of 36 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents per share. The reported figure is also narrower than the year-ago quarter's loss of 49 cents per share.
Currently, Immunovant does not have any approved product in its portfolio. As a result, it is yet to generate revenues.
Quarter in Detail
Research and development (R&D) expenses totaled $48.3 million, up 14.2% from the year-ago quarter’s reported figure. The year-over-year rise can be attributed to increased operational costs and R&D activities for batoclimab and IMVT-1402 programs. The uptick was partially offset by decreased batoclimab program-specific expenses.
General and administrative expenses amounted to $13.2 million, up 11.9% on a year-over-year basis. The rise was primarily due to an increase in personnel-related expenses, legal and other professional fees, market research and information technology costs.
As of Dec 31, 2023, Immunovant had a cash balance of $691 million compared with $269.9 million as of Sep 30, 2023.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
The consensus estimate has shifted 7.89% due to these changes.
VGM Scores
At this time, Immunovant, Inc. has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Immunovant, Inc. has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry Player
Immunovant, Inc. belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Exelixis (EXEL - Free Report) , has gained 12.2% over the past month. More than a month has passed since the company reported results for the quarter ended December 2023.
Exelixis reported revenues of $479.65 million in the last reported quarter, representing a year-over-year change of +13.2%. EPS of $0.33 for the same period compares with -$0.03 a year ago.
Exelixis is expected to post earnings of $0.29 per share for the current quarter, representing a year-over-year change of +81.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.5%.
Exelixis has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.