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    Immunovant (IMVT): Reassessing Valuation After $550 Million Follow-On Offering for IMVT-1402 Launch

    Simply Wall St·12/12/2025 15:20:45
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    Immunovant (IMVT) just raised roughly $550 million in a follow on stock offering, selling 26.2 million shares at $21 each. This gives the company more breathing room heading into a potential IMVT-1402 launch.

    See our latest analysis for Immunovant.

    The raise comes as momentum in Immunovant’s share price has picked up again, with a 90 day share price return of more than 50 percent even though 1 year total shareholder return remains negative.

    If you are weighing Immunovant’s funding boost against the rest of the sector, it may be worth scanning other specialist healthcare stocks that could offer similar upside with different risk profiles.

    With shares still trading at a steep discount to Wall Street’s target despite a powerful multi month rally, the key question now is whether Immunovant remains mispriced or if the market is already baking in IMVT 1402’s future upside.

    Price to Book of 8.4x: Is it justified?

    Immunovant trades on a price to book ratio of 8.4x, which signals a rich valuation relative to the assets behind its $24.81 share price.

    The price to book multiple compares the company’s market value to the book value of its net assets, a common yardstick for early stage biotech businesses with limited revenue. For Immunovant, investors are effectively paying a sizeable premium for its pipeline potential and future cash flows rather than today’s balance sheet.

    Analysts note that the stock appears to offer reasonable value versus a peer group average price to book of 9.9x, suggesting the market is not assigning it the highest premium among comparable names. However, the same data shows Immunovant screens as expensive versus the broader US biotech industry, where the average price to book is 2.7x, indicating that a significant degree of optimism is already reflected in the current multiple.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price to book of 8.4x (OVERVALUED)

    However, setbacks in IMVT 1402 trials or further widening losses could quickly cool sentiment and challenge assumptions behind Immunovant’s premium valuation.

    Find out about the key risks to this Immunovant narrative.

    Build Your Own Immunovant Narrative

    If this perspective does not fully align with your own thinking, or you prefer digging into the numbers yourself, you can craft a personalized view in just a few minutes: Do it your way.

    A great starting point for your Immunovant research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

    Looking for more investment ideas beyond Immunovant?

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.