Immunovant Q2 net loss narrows on lower R&D costs

Overview

• Immunology drug developer's fiscal Q2 net loss narrowed, beating analyst expectations

• Company met primary endpoint in IMVT-1402 trial for difficult-to-treat rheumatoid arthritis

• R&D expenses fell yr/yr due to lower batoclimab trial costs and contract manufacturing timing

Outlook

• Immunovant expects topline data from IMVT-1402 trials in Graves’ disease and myasthenia gravis in 2027

• Topline data for IMVT-1402 in chronic inflammatory demyelinating polyneuropathy expected in 2028

• Company does not expect to advance IMVT-1402 in Sjögren’s disease beyond the ongoing Phase 2 trial

Result Drivers

• R&D EXPENSES - Lower research and development costs driven by wind-down of batoclimab trials and timing of contract manufacturing for IMVT-1402

• G&A EXPENSES - Higher general and administrative costs attributed to increased pre-commercial investments

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Immunovant, Inc. is $47.00, about 53.9% above its November 6 closing price of $30.53

Reuters Recommended Reads

• Nov 6 - UK's Immunocore Q3 loss misses estimates on higher R&D spending

• Nov 6 - Aligos Therapeutics Q3 net loss narrows on lower R&D costs

• Nov 6 - Soligenix Q3 net loss narrows on lower R&D costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)