IMVT: F'4Q26 Recap—IMVT-1402's Period 1 D2T RA Data Are Better than Expected; Reiterate Overweight

Research evidence excerpt

IMVT: F'4Q26 Recap—IMVT-1402's Period 1 D2T RA Data Are Better than Expected; Reiterate Overweight

Equity Research

Earnings Revised — May 20, 2026

Biotechnology

Immunovant Inc.

F'4Q26 Recap—IMVT-1402's Period 1 D2T RA Data Are Overweight

Better than Expected; Reiterate Overweight Price Target: $45.00

Notable Changes

Our Call $ (Mar) Current Prior % Chg

IMVT-1402's Period 1 D2T RA data support our bull case (see our deep dive preview here) EPS 2027 (2.76) (3.01) 8.3%

and we believe there is a high probability path to registrational trials. We had forecast

+45% upside in our bull case, so anticipate more follow through. Ticker IMVT

Upside/(Downside) to Target 27.6%

IMVT-1402 Period 1 (open-label) data align with our bull case. Among 165 evaluable Price (05/20/2026) $35.27

pts, ACR20/50/70 response rates were 72.7%, 54.5%, and 35.8%, respectively, with 52 Week Range $13.79 - 30.16

a low discontinuation rate (~3%). Among pts who failed at least a JAKi and anti-TNFi Market Cap (MM) $6,402

(n=107), ACR20/50/70 response rates were 72.0%, 53.3%, and 37.4%, respectively. This

Enterprise Value (MM) $5,500

compares favorably to the ~50% ACR20 reported with JNJ's nipocalimab and provides

early validation of IMVT's APCA+ enrichment strategy. Average Daily Value (MM) $48

$ (Mar) Q1 Q2 Q3 Q4 FY

Period 2 is well-powered, but high ACR50/70 rates may compress treatment effect.

EPSFrom our analysis, a 70% ACR20 in Period 1 is sufficient for 85% powering to detect

35% delta in Period 2. The key debate now shifts to the relapse rates. Given the depth 2027E (0.57) E (0.59) E (0.75) E (0.82) E (2.76) E

of response in Period 1, pts achieving ACR50/70 may take longer to relapse, adding to Prior (0.60) E (0.63) E (0.82) E (0.94) E (3.01) E