Immunovant
IMVT on Nasdaq. Immunovant develops a drug for patients with autoimmune diseases. Market value $6.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to March 2026.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.14 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$32.11 a share, 101% above its 1-year low
Over the past year the price has ranged from $15.95 to $45.42.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.15bn | 0.17bn | 0.20bn | 0.21bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 59% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $153 million, compared with a loss of $121 million a year ago.
- 20% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$109m |
| December 2024 | -$111m |
| March 2025 | -$106m |
| June 2025 | -$121m |
| September 2025 | -$127m |
| December 2025 | -$111m |
| March 2026 | -$148m |
| June 2026 | -$153m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 May 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 226 funds in all.
- Greenlight CapitalDavid Einhorn
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Platinum Investment ManagementPlatinum team | $6m | 1.4% | Cut |
| Greenlight CapitalDavid Einhorn | $4m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $1m | <0.1% | New |
Largest holders overall
- FMR$624mCut
- Deep Track Capital, LP$360mCut
- BlackRock$277mAdded
- Farallon Capital Management, L.L.C.$224mAdded
- Baker Bros. Advisors LP$209m
- State Street$178m
- Morgan Stanley$175mAdded
- TCG Crossover Management$172m
- Vanguard Portfolio Management$151mAdded
- Vanguard Capital Management$140m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Roivant Sciences Ltd.Insider or founder55.9%−1.0 ptsSince 12 December 2025
What they said
Item 4 is hereby amended by adding the following to the end thereof: Roivant purchased an aggregate of 16,666,666 shares of Common Stock in the Offering to provide further capital to the Issuer for the advancement of the Issuer's development pipeline, working capital and other…
Read the filing - FMR LLCPassive investorat least 8.4%−1.7 pts(filed with 1 related holder)Since 30 September 2025
- Deep Track Capital, LPPassive investorat least 4.5%−1.0 pts(filed with 2 related holders)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Roivant Sciences Ltd. Insider or founder | 55.9%−1.0 pts | 12 December 2025 | What they saidItem 4 is hereby amended by adding the following to the end thereof: Roivant purchased an aggregate of 16,666,666 shares of Common Stock in the Offering to provide further capital to the Issuer for the advancement of the Issuer's development pipeline, working capital and other… Read the filing |
FMR LLC Passive investor | at least 8.4%−1.7 pts (filed with 1 related holder) | 30 September 2025 | |
Deep Track Capital, LP Passive investor | at least 4.5%−1.0 pts (filed with 2 related holders) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $350m of shares on the open market. 10 sold $16m, $1m of it under preset trading plans.
- Venker EricChief Executive Officer, DirectorSold
- Date
- 2 October 2026
- Shares
- 3,506
- Price
- $34.11
- Value
- $119,590
- Van Tuyl ChristopherChief Legal OfficerSold
- Date
- 23 September 2026
- Shares
- 2,846
- Price
- $36.36
- Value
- $103,481
- Pande AtulDirectorSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 1,500
- Price
- $43.27
- Value
- $64,905
- Gloria MelanieChief Operating OfficerSold
- Date
- 20 August 2026
- Shares
- 3,056
- Price
- $44.16
- Value
- $134,953
- Pande AtulDirectorSoldunder a preset trading plan
- Date
- 24 July 2026
- Shares
- 1,500
- Price
- $39.80
- Value
- $59,700
- Stout Jay SChief Technology OfficerSold
- Date
- 23 July 2026
- Shares
- 2,857
- Price
- $38.69
- Value
- $110,537
- Girao TiagoChief Financial OfficerSold
- Date
- 23 July 2026
- Shares
- 6,798
- Price
- $38.69
- Value
- $263,015
- Gloria MelanieChief Operating OfficerSold
- Date
- 8 July 2026
- Shares
- 2,036
- Price
- $39.55
- Value
- $80,532
- Van Tuyl ChristopherChief Legal OfficerSold
- Date
- 8 July 2026
- Shares
- 1,206
- Price
- $39.55
- Value
- $47,702
- Stout Jay SChief Technology OfficerSold
- Date
- 8 July 2026
- Shares
- 3,487
- Price
- $39.55
- Value
- $137,925
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | Venker Eric Chief Executive Officer, Director | Sold | 3,506 | $34.11 | $119,590 |
| 23 September 2026 | Van Tuyl Christopher Chief Legal Officer | Sold | 2,846 | $36.36 | $103,481 |
| 28 August 2026 | Pande Atul Director | Sold under a preset trading plan | 1,500 | $43.27 | $64,905 |
| 20 August 2026 | Gloria Melanie Chief Operating Officer | Sold | 3,056 | $44.16 | $134,953 |
| 24 July 2026 | Pande Atul Director | Sold under a preset trading plan | 1,500 | $39.80 | $59,700 |
| 23 July 2026 | Stout Jay S Chief Technology Officer | Sold | 2,857 | $38.69 | $110,537 |
| 23 July 2026 | Girao Tiago Chief Financial Officer | Sold | 6,798 | $38.69 | $263,015 |
| 8 July 2026 | Gloria Melanie Chief Operating Officer | Sold | 2,036 | $39.55 | $80,532 |
| 8 July 2026 | Van Tuyl Christopher Chief Legal Officer | Sold | 1,206 | $39.55 | $47,702 |
| 8 July 2026 | Stout Jay S Chief Technology Officer | Sold | 3,487 | $39.55 | $137,925 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 May 2026, plus the 10-Q filed 6 Aug 2026 and 2 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.