Immunovant (IMVT) Reports Larger Than Expected Second Quarter Loss

Immunovant, Inc. IMVT reported a net loss of 35 cents per share in the second quarter of fiscal 2022 (ended September 30, 2021), larger than Zacks’ consensus estimate of a loss of 26 cents. In the quarter of last year, the company reported a loss of 25 cents.

Currently, the company has no approved products in its portfolio. Therefore, it has not yet generated any income.

Immunovant shares have plunged 81.4% so far this year from the industrydecrease of 12.1%.

Image source: Zacks Investment Research

Quarter in detail

In the current quarter, research and development (R&D) expenses amounted to $ 21.4 million, up 78.3% from the previous year quarter. The year-over-year increase is due to increased personnel expenses and higher costs related to clinical activities.

General and administrative (G&A) expenses were $ 16.3 million in the current quarter, up 81.1% year-over-year. The increase is primarily due to higher financial advisory fees, legal and other costs, and higher personnel costs.

As of September 30, 2021, the company had a cash balance of approximately $ 559 million, compared to $ 379 million as of June 30, 2021.

Pipeline update

Immunovant is developing its lead pipeline candidate, IMVT-1401, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies. The company is developing IMVT-1401 with an initial focus on the treatment of myasthenia gravis (“MG”), thyroid eye disease (“TED”) and warm autoimmune hemolytic anemia (“WAIHA”).

A pivotal study evaluating IMVT-1401 for the treatment of MG is expected to begin in 2022. In July 2021, the FDA granted orphan drug designation to IMVT-1401 for the treatment of MG.

Immunovant plans to resume development of IMVT-1401 for WAIHA and TED in the coming quarters.

We remind investors that in February 2021, the company voluntarily suspended dosing in ASCEND GO-2 – a phase IIb study in TED, and in ASCEND-WAIHA – a phase II study on IMVT-1401 in WAIHA due to high total cholesterol and LDL. rates seen in patients treated with IMVT-1401.

We note that Johnson & johnson JNJ is also developing nipocalimab in intermediate and advanced studies for the treatment of WAIHA, generalized MG and other rare diseases.

Immunovant, Inc. Price, Consensus, and Surprise EPS

Immunovant, Inc. Price, Consensus, and Surprise EPS

Immunovant, Inc. price-consensus-eps-surprise-chart | Quote from Immunovant, Inc.

Zacks ranking and actions to take into account

Immunovant currently carries a Zacks Rank # 2 (Buy). Other actions to consider in the biotechnology sector include Amicus Therapeutics, Inc. FOLD and Athenex, Inc. ATNX, both currently wearing the same Zacks Rank # 2. You can see The full list of today’s Zacks # 1 Rank (Strong Buy) stocks here.

Amicus Therapeutics’ loss per share estimates have declined 1.3% for 2021 and 37.5% for 2022 in the past 60 days.

Athenex’s loss per share estimates have declined 9% for 2021 and 9.2% for 2022 in the past 60 days.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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