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IMVT's Q4 Loss Wider Than Expected, Stock Up 35% on Strong Study Data
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Key Takeaways
IMVT posted a wider Q4'26 loss as research and development costs rose on IMVT-1402 studies & batoclimab exit.
IMVT-1402 showed encouraging phase II RA data, with further updates expected in second-half 2026.
Immunovant ended batoclimab development after phase III TED studies failed to meet primary endpoints.
Immunovant (IMVT - Free Report) incurred a fourth-quarter fiscal 2026 net loss of 73 cents per share, wider than the Zacks Consensus Estimate of a loss of 60 cents. The company had reported a loss of 64 cents per share in the year-ago quarter.
Excluding stock-based compensation expense, IMVT reported a net loss of 67 cents per share.
Currently, Immunovant does not have any approved products in its portfolio and therefore is yet to generate revenues.
IMVT’s Q4 Results in Detail
Research and development expenses totaled $142.3 million, up 51.9% from the year-ago quarter’s figure. The increase was primarily due to clinical activities for IMVT-1402, as well as $39 million in costs associated with the discontinuation of batoclimab, partially offset by lower expenses related to batoclimab studies.
General and administrative expenses were $17.3 million, down 14.4% year over year, primarily due to lower personnel-related expenses, market research and information technology costs, legal and other professional fees.
As of March 31, 2026, Immunovant’s cash and cash equivalents totaled approximately $902.1 million compared with $994.5 million as of Dec. 31, 2025. The cash balance is expected to extend IMVT’s cash runway through the commercial launch of IMVT-1402 for Graves’ disease (GD).
IMVT’s Full-Year 2026 Results
For full-year 2026, Immunovant recorded a net loss of $2.77 per share compared with a net loss of $2.73 per share reported in 2025.
Key Pipeline Updates of IMVT
Immunovant has designated IMVT-1402, a next-generation neonatal fragment crystallizable receptor (FcRn) inhibitor, as its lead asset due to its broad potential across multiple indications.
IMVT remains on track with the development of IMVT-1402 across multiple indications, including potentially registrational studies in GD, difficult-to-treat rheumatoid arthritis (D2T RA), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy and Sjögren’s disease, as well as a proof-of-concept trial in cutaneous lupus erythematosus (CLE).
The company announced strong early data from the open-label portion of the ongoing phase II study evaluating IMVT-1402 in D2T RA patients who had failed multiple prior advanced therapies. The study demonstrated promising and clinically meaningful ACR response rates at week 16. The candidate also showed encouraging efficacy in a subgroup of patients previously treated with both JAK and anti-TNF inhibitors, boosting confidence in its blockbuster potential. Further updates from the study are expected in the second half of 2026.
Investors reacted positively to the encouraging clinical data, which led the stock to rise 35% on Wednesday despite a wider-than-expected loss.
Year to date, Immunovant shares have risen 39.9% against the industry’s 2.8% decline.
Image Source: Zacks Investment Research
Top-line data from potentially registrational clinical studies evaluating IMVT-1402 for the treatment of patients with GD and MG are anticipated in 2027.
Immunovant expects to report top-line data from the proof-of-concept study of IMVT-1402 in CLE in the second half of 2026.
Immunovant is evaluating a second candidate, batoclimab, in ongoing mid-to-late-stage studies for two autoimmune indications, GD and thyroid eye disease (TED). Batoclimab is a fully human monoclonal antibody targeting FcRn.
In April, IMVT announced top-line data from the two phase III studies, known as the GO trials, evaluating batoclimab as an investigational treatment for adult patients with active, moderate-to-severe TED. However, both studies failed to achieve their primary endpoint. Following the study failure, the company discontinued further development of batoclimab across all indications to focus exclusively on IMVT-1402.
Immunovant, Inc. Price, Consensus and EPS Surprise
Over the past 60 days, estimates for Immunocore’s 2026 loss per share have narrowed from 97 cents to 16 cents. Over the same period, estimates for 2027 have improved from a loss of 39 cents to earnings of 11 cents per share. IMCR shares have lost 14.9% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 46.66%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.10 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.47. INDV shares have risen 4.8% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 79.1% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
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IMVT's Q4 Loss Wider Than Expected, Stock Up 35% on Strong Study Data
Key Takeaways
Immunovant (IMVT - Free Report) incurred a fourth-quarter fiscal 2026 net loss of 73 cents per share, wider than the Zacks Consensus Estimate of a loss of 60 cents. The company had reported a loss of 64 cents per share in the year-ago quarter.
Excluding stock-based compensation expense, IMVT reported a net loss of 67 cents per share.
Currently, Immunovant does not have any approved products in its portfolio and therefore is yet to generate revenues.
IMVT’s Q4 Results in Detail
Research and development expenses totaled $142.3 million, up 51.9% from the year-ago quarter’s figure. The increase was primarily due to clinical activities for IMVT-1402, as well as $39 million in costs associated with the discontinuation of batoclimab, partially offset by lower expenses related to batoclimab studies.
General and administrative expenses were $17.3 million, down 14.4% year over year, primarily due to lower personnel-related expenses, market research and information technology costs, legal and other professional fees.
As of March 31, 2026, Immunovant’s cash and cash equivalents totaled approximately $902.1 million compared with $994.5 million as of Dec. 31, 2025. The cash balance is expected to extend IMVT’s cash runway through the commercial launch of IMVT-1402 for Graves’ disease (GD).
IMVT’s Full-Year 2026 Results
For full-year 2026, Immunovant recorded a net loss of $2.77 per share compared with a net loss of $2.73 per share reported in 2025.
Key Pipeline Updates of IMVT
Immunovant has designated IMVT-1402, a next-generation neonatal fragment crystallizable receptor (FcRn) inhibitor, as its lead asset due to its broad potential across multiple indications.
IMVT remains on track with the development of IMVT-1402 across multiple indications, including potentially registrational studies in GD, difficult-to-treat rheumatoid arthritis (D2T RA), myasthenia gravis (MG), chronic inflammatory demyelinating polyneuropathy and Sjögren’s disease, as well as a proof-of-concept trial in cutaneous lupus erythematosus (CLE).
The company announced strong early data from the open-label portion of the ongoing phase II study evaluating IMVT-1402 in D2T RA patients who had failed multiple prior advanced therapies. The study demonstrated promising and clinically meaningful ACR response rates at week 16. The candidate also showed encouraging efficacy in a subgroup of patients previously treated with both JAK and anti-TNF inhibitors, boosting confidence in its blockbuster potential. Further updates from the study are expected in the second half of 2026.
Investors reacted positively to the encouraging clinical data, which led the stock to rise 35% on Wednesday despite a wider-than-expected loss.
Year to date, Immunovant shares have risen 39.9% against the industry’s 2.8% decline.
Image Source: Zacks Investment Research
Top-line data from potentially registrational clinical studies evaluating IMVT-1402 for the treatment of patients with GD and MG are anticipated in 2027.
Immunovant expects to report top-line data from the proof-of-concept study of IMVT-1402 in CLE in the second half of 2026.
Immunovant is evaluating a second candidate, batoclimab, in ongoing mid-to-late-stage studies for two autoimmune indications, GD and thyroid eye disease (TED). Batoclimab is a fully human monoclonal antibody targeting FcRn.
In April, IMVT announced top-line data from the two phase III studies, known as the GO trials, evaluating batoclimab as an investigational treatment for adult patients with active, moderate-to-severe TED. However, both studies failed to achieve their primary endpoint. Following the study failure, the company discontinued further development of batoclimab across all indications to focus exclusively on IMVT-1402.
Immunovant, Inc. Price, Consensus and EPS Surprise
Immunovant, Inc. price-consensus-eps-surprise-chart | Immunovant, Inc. Quote
IMVT’s Zacks Rank & Stocks to Consider
Immunovant currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the biotech sector are Immunocore (IMCR - Free Report) , Indivior Pharmaceuticals (INDV - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Immunocore’s 2026 loss per share have narrowed from 97 cents to 16 cents. Over the same period, estimates for 2027 have improved from a loss of 39 cents to earnings of 11 cents per share. IMCR shares have lost 14.9% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 46.66%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.10 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.47. INDV shares have risen 4.8% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 79.1% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.