Immunovant (IMVT)
Market Price (7/9/2026): $40.23 | Market Cap: $8.2 BilSector: Health Care | Industry: Biotechnology
Immunovant (IMVT)
Market Price (7/9/2026): $40.23Market Cap: $8.2 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. | Trading close to highsDist 52W High is 0.0% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.09 | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -533 Mil Stock price has recently run up significantly12M Rtn12 month market price return is 139% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% Key risksIMVT key risks include [1] a singular dependence on the clinical trial success of its lead candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is 0.0% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.09 |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -533 Mil |
| Stock price has recently run up significantly12M Rtn12 month market price return is 139% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| Key risksIMVT key risks include [1] a singular dependence on the clinical trial success of its lead candidate, Show more. |
Qualitative Assessment
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Updated on 7/7/2026
Immunovant (IMVT) stock has gained about 60% since 3/31/2026 because of the following key factors:
1. Strong Clinical Data for IMVT-1402 in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) and Focused Pipeline. Immunovant's stock gained significantly after the company reported positive preliminary Week 16 results from its open-label trial of IMVT-1402 in D2T RA on May 20, 2026. The study showed clinically meaningful response rates of 72.7% ACR20, 54.5% ACR50, and 35.8% ACR70. This news caused the stock to jump 30.8% on the day of the announcement, reinforcing investor confidence in its lead asset, IMVT-1402, following the discontinuation of batoclimab development. The company has now fully focused its pipeline on IMVT-1402.
2. Strategic Discontinuation of Batoclimab to Prioritize IMVT-1402. In April 2026, Immunovant announced the discontinuation of further development for batoclimab across all indications after two Phase 3 clinical studies for thyroid eye disease failed to meet their primary endpoints. This strategic decision allowed the company to reallocate resources and focus entirely on advancing IMVT-1402, which is seen as a more promising next-generation FcRn inhibitor. This sharpened focus on a single, high-potential asset contributed to investor optimism.
Show more
Immunovant (IMVT) stock has gained about 60% since 3/31/2026 because of the following key factors:
1. Strong Clinical Data for IMVT-1402 in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) and Focused Pipeline. Immunovant's stock gained significantly after the company reported positive preliminary Week 16 results from its open-label trial of IMVT-1402 in D2T RA on May 20, 2026. The study showed clinically meaningful response rates of 72.7% ACR20, 54.5% ACR50, and 35.8% ACR70. This news caused the stock to jump 30.8% on the day of the announcement, reinforcing investor confidence in its lead asset, IMVT-1402, following the discontinuation of batoclimab development. The company has now fully focused its pipeline on IMVT-1402.
2. Strategic Discontinuation of Batoclimab to Prioritize IMVT-1402. In April 2026, Immunovant announced the discontinuation of further development for batoclimab across all indications after two Phase 3 clinical studies for thyroid eye disease failed to meet their primary endpoints. This strategic decision allowed the company to reallocate resources and focus entirely on advancing IMVT-1402, which is seen as a more promising next-generation FcRn inhibitor. This sharpened focus on a single, high-potential asset contributed to investor optimism.
Show more
Updated on 7/7/2026
Immunovant (IMVT) stock has gained about 60% since 3/31/2026 because of the following key factors:
1. Strong Clinical Data for IMVT-1402 in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) and Focused Pipeline. Immunovant's stock gained significantly after the company reported positive preliminary Week 16 results from its open-label trial of IMVT-1402 in D2T RA on May 20, 2026. The study showed clinically meaningful response rates of 72.7% ACR20, 54.5% ACR50, and 35.8% ACR70. This news caused the stock to jump 30.8% on the day of the announcement, reinforcing investor confidence in its lead asset, IMVT-1402, following the discontinuation of batoclimab development. The company has now fully focused its pipeline on IMVT-1402.
2. Strategic Discontinuation of Batoclimab to Prioritize IMVT-1402. In April 2026, Immunovant announced the discontinuation of further development for batoclimab across all indications after two Phase 3 clinical studies for thyroid eye disease failed to meet their primary endpoints. This strategic decision allowed the company to reallocate resources and focus entirely on advancing IMVT-1402, which is seen as a more promising next-generation FcRn inhibitor. This sharpened focus on a single, high-potential asset contributed to investor optimism.
3. Robust Cash Position Supporting Future Development. Immunovant maintained a strong financial standing, reporting approximately $902.1 million in cash and cash equivalents as of March 31, 2026 (the close of fiscal year 2026 and beginning of fiscal Q1 2027). This substantial cash reserve is projected to fund the company's operations and clinical activities, including the potential commercial launch of IMVT-1402 for Graves' disease, providing financial stability and reducing near-term financing concerns for investors.
4. Favorable Analyst Sentiment and Increased Price Targets. The positive clinical updates and strategic realignment led to a generally optimistic outlook from financial analysts. As of early July 2026, Immunovant held a consensus "Buy" rating from analysts, with an average price target of $46, indicating a significant upside from the then-current stock price. Several firms, including Guggenheim and Citi, increased their price targets, reflecting strong confidence in IMVT-1402's potential and the company's strategic direction.
Show less
Immunovant (IMVT) stock has gained about 60% since 3/31/2026 because of the following key factors:
1. Strong Clinical Data for IMVT-1402 in Difficult-to-Treat Rheumatoid Arthritis (D2T RA) and Focused Pipeline. Immunovant's stock gained significantly after the company reported positive preliminary Week 16 results from its open-label trial of IMVT-1402 in D2T RA on May 20, 2026. The study showed clinically meaningful response rates of 72.7% ACR20, 54.5% ACR50, and 35.8% ACR70. This news caused the stock to jump 30.8% on the day of the announcement, reinforcing investor confidence in its lead asset, IMVT-1402, following the discontinuation of batoclimab development. The company has now fully focused its pipeline on IMVT-1402.
2. Strategic Discontinuation of Batoclimab to Prioritize IMVT-1402. In April 2026, Immunovant announced the discontinuation of further development for batoclimab across all indications after two Phase 3 clinical studies for thyroid eye disease failed to meet their primary endpoints. This strategic decision allowed the company to reallocate resources and focus entirely on advancing IMVT-1402, which is seen as a more promising next-generation FcRn inhibitor. This sharpened focus on a single, high-potential asset contributed to investor optimism.
3. Robust Cash Position Supporting Future Development. Immunovant maintained a strong financial standing, reporting approximately $902.1 million in cash and cash equivalents as of March 31, 2026 (the close of fiscal year 2026 and beginning of fiscal Q1 2027). This substantial cash reserve is projected to fund the company's operations and clinical activities, including the potential commercial launch of IMVT-1402 for Graves' disease, providing financial stability and reducing near-term financing concerns for investors.
4. Favorable Analyst Sentiment and Increased Price Targets. The positive clinical updates and strategic realignment led to a generally optimistic outlook from financial analysts. As of early July 2026, Immunovant held a consensus "Buy" rating from analysts, with an average price target of $46, indicating a significant upside from the then-current stock price. Several firms, including Guggenheim and Citi, increased their price targets, reflecting strong confidence in IMVT-1402's potential and the company's strategic direction.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 62.3% change in IMVT stock from 3/31/2026 to 7/8/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.84 | 40.31 | 62.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 182 | 203 | -10.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IMVT | 62.3% | |
| Market (SPY) | 14.6% | 30.8% |
| Sector (XLV) | 10.7% | 13.3% |
Fundamental Drivers
The 58.6% change in IMVT stock from 12/31/2025 to 7/8/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.42 | 40.31 | 58.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 174 | 203 | -14.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IMVT | 58.6% | |
| Market (SPY) | 9.6% | 38.0% |
| Sector (XLV) | 5.3% | 26.9% |
Fundamental Drivers
The 151.9% change in IMVT stock from 6/30/2025 to 7/8/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.00 | 40.31 | 151.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 167 | 203 | -18.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IMVT | 151.9% | |
| Market (SPY) | 21.7% | 30.2% |
| Sector (XLV) | 22.0% | 25.0% |
Fundamental Drivers
The 112.5% change in IMVT stock from 6/30/2023 to 7/8/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.97 | 40.31 | 112.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 130 | 203 | -35.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2023 to 7/8/2026| Return | Correlation | |
|---|---|---|
| IMVT | 112.5% | |
| Market (SPY) | 74.1% | 19.5% |
| Sector (XLV) | 28.0% | 19.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IMVT Return | -82% | 108% | 137% | -41% | 3% | 58% | -13% |
| Peers Return | 16% | 19% | -5% | 8% | 29% | 16% | 113% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| IMVT Win Rate | 25% | 50% | 58% | 33% | 42% | 86% | |
| Peers Win Rate | 53% | 58% | 45% | 58% | 65% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| IMVT Max Drawdown | -86% | -61% | -28% | -45% | -47% | -17% | |
| Peers Max Drawdown | -16% | -17% | -21% | -22% | -20% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, ABBV, AMGN, BMY, GILD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/8/2026 (YTD)
How Low Can It Go
| Event | IMVT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.1% | -18.8% |
| % Gain to Breakeven | 56.4% | 23.1% |
| Time to Breakeven | 202 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.0% | -7.8% |
| % Gain to Breakeven | 13.6% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.5% | -6.7% |
| % Gain to Breakeven | 27.4% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.5% | -24.5% |
| % Gain to Breakeven | 159.5% | 32.4% |
| Time to Breakeven | 111 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.5% | 50.9% |
| Time to Breakeven | 12 days | 140 days |
In The Past
Immunovant's stock fell -36.1% during the 2025 US Tariff Shock. Such a loss loss requires a 56.4% gain to breakeven.
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Asset Allocation
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| Event | IMVT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -36.1% | -18.8% |
| % Gain to Breakeven | 56.4% | 23.1% |
| Time to Breakeven | 202 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.5% | -6.7% |
| % Gain to Breakeven | 27.4% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -61.5% | -24.5% |
| % Gain to Breakeven | 159.5% | 32.4% |
| Time to Breakeven | 111 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -49.1% | -33.7% |
| % Gain to Breakeven | 96.5% | 50.9% |
| Time to Breakeven | 12 days | 140 days |
In The Past
Immunovant's stock fell -36.1% during the 2025 US Tariff Shock. Such a loss loss requires a 56.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Immunovant (IMVT)
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Immunovant, Inc. is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for the treatment of various autoimmune diseases. As a developer of monoclonal antibodies, the company's core business involves leveraging advanced biotechnological approaches to create targeted treatments that address the underlying mechanisms of these complex conditions.
The company's primary investigational product is IMVT-1401, a novel, fully human monoclonal antibody. This therapy is designed to selectively bind to and inhibit the neonatal fragment crystallizable receptor (FcRn). By blocking FcRn, IMVT-1401 aims to reduce the levels of pathogenic autoantibodies in the body, which are often responsible for triggering and sustaining autoimmune responses.
Immunovant is actively advancing IMVT-1401 through clinical development for multiple indications. The therapy is currently in Phase IIa clinical trials for myasthenia gravis and thyroid eye disease, with the potential to offer new treatment options for patients in these areas. Additionally, the company has initiated Phase II clinical trials for warm autoimmune hemolytic anemia, broadening its focus on severe autoimmune disorders that represent its primary target markets.
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- AbbVie for next-generation autoimmune antibody treatments.
- A clinical-stage Regeneron focused on autoimmune diseases.
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- IMVT-1401: A novel fully human monoclonal antibody in clinical trials for the treatment of autoimmune diseases, including myasthenia gravis, thyroid eye disease, and warm autoimmune hemolytic anemia.
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Immunovant, Inc. (IMVT) is a clinical-stage biopharmaceutical company. As described in the background, the company is currently focused on developing monoclonal antibodies that are in Phase II clinical trials. This means that Immunovant does not yet have any commercial products on the market, and therefore, it does not currently have major customers (neither other companies nor individuals) purchasing its products.
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WuXi Biologics (HKEX: 2269)
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Eric Venker, MD, PharmD
Chief Executive Officer
Eric Venker was appointed Chief Executive Officer of Immunovant on April 21, 2025. He has served on Immunovant's Board of Directors since 2020. Dr. Venker also holds the position of President of Roivant Sciences, a role he has maintained since 2018. His tenure at Roivant Sciences began in 2014, where he progressed through various roles, including Chief Medical Officer, Chief of Staff to the CEO, and Chief Operating Officer. Earlier in his career, he worked as a physician at New York Presbyterian Hospital, Columbia University Medical Center, where he led operational initiatives, and as a Clinical Pharmacist at Yale-New Haven Hospital. Dr. Venker earned his M.D. from the Yale School of Medicine and his Pharm.D. from the St. Louis College of Pharmacy. He has previously served on the boards of Sio Gene Therapies and Arbutus Biopharma, and currently serves on the boards of several private biopharma/health tech companies. His leadership within the Roivant Sciences ecosystem, which creates and invests in subsidiary biopharmaceutical companies ("Vants") like Immunovant, demonstrates a pattern of managing companies that are strategically backed and funded by a larger holding company. Tiago Girão
Chief Financial Officer
Tiago Girão was appointed Chief Financial Officer of Immunovant on April 21, 2025. He is a seasoned executive with over two decades of experience in leading finance, accounting, and operations for both public and private companies. Before joining Immunovant, Mr. Girão held CFO positions for several other Roivant subsidiaries. From 2014 to 2019, he served as Chief Financial Officer of Cytori Therapeutics, Inc., and also held senior leadership roles at NuVasive, Inc. He began his professional career in the audit practices of Ernst & Young and KPMG. Mr. Girão previously served on the Board of Directors of Landos Biopharma, Inc. Notably, he was formerly the CFO of Telavant, a Roivant affiliate, which was sold to Roche for $7.25 billion. His extensive experience as CFO for multiple Roivant subsidiaries reflects a pattern of managing companies within a strategically invested, venture-backed ecosystem. Christopher Van Tuyl, JD
Chief Legal Officer, Chief Compliance Officer and Corporate Secretary
Christopher Van Tuyl brings over 25 years of legal expertise to Immunovant. Prior to his current role, he served as Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary at Dermavant Sciences, a biopharmaceutical company. Before that, Mr. Van Tuyl was a corporate partner at the law firm Sacks Tierney P.A., where his practice was concentrated on the healthcare, pharmaceutical, and technology sectors. Christine Blodgett
Senior Vice President of Human Resources
Christine Blodgett possesses 20 years of progressive human resources leadership experience across a range of industries and growth stages, including startups and Fortune 100 companies. The majority of her career has been dedicated to the biotechnology and pharmaceutical industries. Most recently, she served as the Head of HR at Turnstone Biologics. Her previous roles include HR Director at Honeywell and multiple leadership positions at Bristol-Myers Squibb and Medarex, Inc. Ms. Blodgett holds a B.S. in Business Administration from The College of New Jersey and has earned certifications in Strategic Human Resources Practices from Cornell University. Harry Berlanga, MSc
Head of Quality
Harry Berlanga brings nearly 25 years of experience as a quality professional to Immunovant. His background encompasses manufacturing and packaging for both large and small molecules, with experience across commercial and clinical phases. Most recently, he managed the quality organization for a contract manufacturing organization specializing in viral vectors. He is a UK/EU Qualified Person, holding final legal responsibility for the quality of medicines prior to their market release or clinical use.
Chief Executive Officer
Eric Venker was appointed Chief Executive Officer of Immunovant on April 21, 2025. He has served on Immunovant's Board of Directors since 2020. Dr. Venker also holds the position of President of Roivant Sciences, a role he has maintained since 2018. His tenure at Roivant Sciences began in 2014, where he progressed through various roles, including Chief Medical Officer, Chief of Staff to the CEO, and Chief Operating Officer. Earlier in his career, he worked as a physician at New York Presbyterian Hospital, Columbia University Medical Center, where he led operational initiatives, and as a Clinical Pharmacist at Yale-New Haven Hospital. Dr. Venker earned his M.D. from the Yale School of Medicine and his Pharm.D. from the St. Louis College of Pharmacy. He has previously served on the boards of Sio Gene Therapies and Arbutus Biopharma, and currently serves on the boards of several private biopharma/health tech companies. His leadership within the Roivant Sciences ecosystem, which creates and invests in subsidiary biopharmaceutical companies ("Vants") like Immunovant, demonstrates a pattern of managing companies that are strategically backed and funded by a larger holding company. Tiago Girão
Chief Financial Officer
Tiago Girão was appointed Chief Financial Officer of Immunovant on April 21, 2025. He is a seasoned executive with over two decades of experience in leading finance, accounting, and operations for both public and private companies. Before joining Immunovant, Mr. Girão held CFO positions for several other Roivant subsidiaries. From 2014 to 2019, he served as Chief Financial Officer of Cytori Therapeutics, Inc., and also held senior leadership roles at NuVasive, Inc. He began his professional career in the audit practices of Ernst & Young and KPMG. Mr. Girão previously served on the Board of Directors of Landos Biopharma, Inc. Notably, he was formerly the CFO of Telavant, a Roivant affiliate, which was sold to Roche for $7.25 billion. His extensive experience as CFO for multiple Roivant subsidiaries reflects a pattern of managing companies within a strategically invested, venture-backed ecosystem. Christopher Van Tuyl, JD
Chief Legal Officer, Chief Compliance Officer and Corporate Secretary
Christopher Van Tuyl brings over 25 years of legal expertise to Immunovant. Prior to his current role, he served as Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary at Dermavant Sciences, a biopharmaceutical company. Before that, Mr. Van Tuyl was a corporate partner at the law firm Sacks Tierney P.A., where his practice was concentrated on the healthcare, pharmaceutical, and technology sectors. Christine Blodgett
Senior Vice President of Human Resources
Christine Blodgett possesses 20 years of progressive human resources leadership experience across a range of industries and growth stages, including startups and Fortune 100 companies. The majority of her career has been dedicated to the biotechnology and pharmaceutical industries. Most recently, she served as the Head of HR at Turnstone Biologics. Her previous roles include HR Director at Honeywell and multiple leadership positions at Bristol-Myers Squibb and Medarex, Inc. Ms. Blodgett holds a B.S. in Business Administration from The College of New Jersey and has earned certifications in Strategic Human Resources Practices from Cornell University. Harry Berlanga, MSc
Head of Quality
Harry Berlanga brings nearly 25 years of experience as a quality professional to Immunovant. His background encompasses manufacturing and packaging for both large and small molecules, with experience across commercial and clinical phases. Most recently, he managed the quality organization for a contract manufacturing organization specializing in viral vectors. He is a UK/EU Qualified Person, holding final legal responsibility for the quality of medicines prior to their market release or clinical use.
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Here are the key risks to Immunovant's business:
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Clinical Trial Success and Regulatory Approval
Immunovant, Inc. is a clinical-stage biopharmaceutical company, and its entire business success is contingent upon the successful development, regulatory approval, and eventual commercialization of its product candidates, primarily IMVT-1402. Clinical trials are inherently expensive, time-consuming, and carry uncertain outcomes; many drug candidates fail to demonstrate sufficient safety or efficacy, even after showing promise in earlier stages. There is a significant risk that Immunovant's product candidates may not achieve regulatory approval or be successfully commercialized, even if approval is granted. The company has previously experienced a voluntary pause in clinical dosing for IMVT-1401 (a related compound or earlier version of IMVT-1402) due to observed elevations in total cholesterol and LDL levels, highlighting the ongoing safety and efficacy hurdles inherent in drug development. Furthermore, preliminary or interim clinical trial data may not be predictive of final results, and regulatory authorities might disagree with the company's conclusions, which could significantly harm its business prospects.
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Significant Cash Burn and Need for Additional Funding
As a clinical-stage company without any revenue from product sales, Immunovant consistently incurs substantial operational losses due to its extensive research and development (R&D) activities. For example, the company reported a net loss of $110.6 million for the quarter ended December 31, 2025, and R&D expenses of $360.9 million for the fiscal year ended March 31, 2025. While Immunovant has maintained a strong cash position, its high cash burn rate necessitates a reliance on future equity offerings or debt financings to fund ongoing operations and advance its pipeline through multiple registrational trials expected through 2027. This continuous need for capital presents a significant risk of dilution for existing shareholders.
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Intense Competition in the FcRn Inhibitor Market
The biopharmaceutical industry, particularly the market for treatments for autoimmune diseases and FcRn inhibitors, is highly competitive. Immunovant faces robust competition from numerous companies, including those with already approved FcRn inhibitor therapies such as Argenx (Vyvgart) and UCB (Rystiggo), and others like Johnson & Johnson (Imaavy/nipocalimab) that are developing competing treatments. Immunovant's strategy for IMVT-1402 hinges on it demonstrating a "best-in-class" profile with superior efficacy (e.g., deeper IgG reduction), a favorable safety profile, or enhanced convenience (such as self-administered subcutaneous dosing) to differentiate itself from these established and emerging rivals. The risk remains that competitors may introduce similar or more effective therapies, potentially limiting IMVT-1402's market potential or its ability to achieve significant market share.
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Immunovant (symbol: IMVT) is developing IMVT-1401 for the treatment of several autoimmune diseases, each representing a significant addressable market.
- Myasthenia Gravis: The global myasthenia gravis treatment market was estimated at approximately USD 2.01 billion in 2022 and is projected to reach USD 4.26 billion by 2030, growing at a compound annual growth rate of 9.0% from 2023 to 2030. Another estimate values the global myasthenia gravis treatment market at USD 1.8 billion in 2024, with a projection to reach USD 3.8 billion by 2034. The market across the seven major markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan) is poised to grow from USD 6.1 billion in 2024 to USD 10.5 billion in 2034.
- Thyroid Eye Disease: The global Thyroid Eye Disease (TED) market size was valued at USD 2.26 billion in 2024 and is predicted to reach USD 4.02 billion by 2034, with a compound annual growth rate (CAGR) of 6.0% during the forecast period from 2025 to 2034. Another report indicates the global thyroid eye disease treatments market grew from USD 2.67 billion in 2024 to USD 2.83 billion in 2025, and is forecast to reach USD 4.29 billion by 2032.
- Warm Autoimmune Hemolytic Anemia (WAIHA): The global warm autoimmune hemolytic anemia (WAIHA) market was valued at USD 4.98 billion in 2025 and is expected to reach USD 7.24 billion by 2032, growing at a CAGR of 5.5% from 2025 to 2032. Another source estimates the warm autoimmune hemolytic anemia (WAIHA) treatment sector to be valued at USD 767.53 million in 2025 and projected to reach USD 1.92 billion by 2035. The global acquired (autoimmune) hemolytic anemia market, in which WAIHA is the dominant segment, was estimated at USD 751.93 million in 2023 and is projected to reach USD 1.16 billion by 2030.
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Immunovant (IMVT), a clinical-stage biopharmaceutical company, is anticipated to generate future revenue growth over the next 2-3 years primarily through the advancement and commercialization of its lead product candidate, IMVT-1402, across multiple autoimmune indications. As a pre-commercial company with no product revenue to date, its growth will be driven by successful clinical development and market entry.
The key drivers of future revenue growth for Immunovant include:
- Successful Commercialization of IMVT-1402 (Batoclimab) in Key Indications: The most significant driver of future revenue will be the successful regulatory approval and subsequent commercial launch of IMVT-1402. Immunovant has explicitly tied its cash runway to the potential commercial launch of IMVT-1402 in Graves' disease (GD). Topline data for IMVT-1402 in GD and Myasthenia Gravis (MG) are expected in calendar year 2027, setting the stage for potential regulatory filings and market entry shortly thereafter.
- Expansion into Multiple Autoimmune Indications: Immunovant is strategically pursuing a broad pipeline for IMVT-1402, aiming to develop it in six core indications, with plans to initiate clinical trials in a total of ten indications by March 31, 2026. This multi-indication strategy across areas such as Graves' disease, myasthenia gravis, difficult-to-treat rheumatoid arthritis (D2T RA), chronic inflammatory demyelinating polyneuropathy (CIDP), Sjögren's disease (SjD), and thyroid eye disease (TED) diversifies potential revenue streams and expands the overall market opportunity for the company. Key data readouts for D2T RA and cutaneous lupus erythematosus (CLE) are anticipated in the second half of 2026.
- Differentiated Product Profile and Market Positioning: IMVT-1402 is positioned as a potential "best-in-class" FcRn inhibitor due to its efficacy profile, including deeper IgG reduction, and the convenience of self-administered subcutaneous (SC) dosing. This differentiated profile could support premium pricing and broader patient adoption, allowing it to compete effectively in the growing FcRn inhibitor market, which is projected to reach approximately $2.364 billion in 2025. Analysts' outlooks suggest rapid revenue build once the drug is launched.
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Share Issuance
- In December 2025, Immunovant completed an underwritten common stock offering, generating approximately $550 million in gross proceeds from the sale of 26.2 million shares at $21.00 per share.
- In September 2023, Immunovant raised approximately $450 million in gross proceeds through an underwritten public offering and a concurrent private placement. This involved offering 7,370,000 shares in the public offering at $38.00 per share.
- As of December 31, 2025, Immunovant had 203,316,885 shares of common stock issued and outstanding, reflecting an 18.37% increase in the number of shares in one year.
Inbound Investments
- Roivant Sciences Ltd., Immunovant's controlling stockholder, acquired 16,666,666 shares of Immunovant common stock for approximately $350 million on December 12, 2025.
- In August 2021, Immunovant received a $200 million strategic investment from Roivant Sciences, where Roivant purchased 17,021,276 shares of common stock at $11.75 per share, increasing its ownership stake to 63.8%.
- As part of the September 2023 financing, Roivant Sciences, Ltd. purchased 4,473,684 shares of common stock at $38.00 per share in a private placement.
Capital Expenditures
- Research & Development (R&D) expenses, representing significant investment in its drug pipeline, amounted to $360.9 million for the fiscal year ended March 31, 2025.
- In the last 12 months, Immunovant reported capital expenditures of -$201,000.
- Future capital expenditures are primarily focused on advancing the IMVT-1402 program through clinical trials and towards a potential commercial launch for Graves' Disease.
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 194.28 |
| Mkt Cap | 183.7 |
| Rev LTM | 42,852 |
| Op Inc LTM | 12,746 |
| FCF LTM | 11,069 |
| FCF 3Y Avg | 10,913 |
| CFO LTM | 12,056 |
| CFO 3Y Avg | 12,064 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 5.8% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 31.3% |
| Op Inc Chg 3Y Avg | 7.2% |
| Op Mgn LTM | 28.4% |
| Op Mgn 3Y Avg | 25.6% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 28.9% |
| CFO/Rev 3Y Avg | 30.7% |
| FCF/Rev LTM | 24.6% |
| FCF/Rev 3Y Avg | 26.5% |
Price Behavior
Price Behavior
| Market Price | $40.31 | |
| Market Cap ($ Bil) | 8.2 | |
| First Trading Date | 06/21/2019 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $32.13 | $25.99 |
| DMA Trend | up | up |
| Distance from DMA | 25.5% | 55.1% |
| 3M | 1YR | |
| Volatility | 85.5% | 62.5% |
| Downside Capture | 103.35 | 90.97 |
| Upside Capture | 259.63 | 173.70 |
| Correlation (SPY) | 31.6% | 30.1% |
IMVT Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.72 | 1.97 | 1.96 | 1.90 | 1.52 | 1.01 |
| Up Beta | 1.52 | 4.06 | 2.51 | 2.96 | 2.94 | 1.26 |
| Down Beta | 3.25 | 1.58 | 0.88 | 0.79 | 0.51 | 0.53 |
| Up Capture | 52% | 276% | 280% | 286% | 259% | 172% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 21 | 33 | 63 | 129 | 356 |
| Down Capture | -117% | 39% | 142% | 140% | 98% | 104% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 20 | 30 | 62 | 121 | 391 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMVT | |
|---|---|---|---|---|
| IMVT | 146.4% | 62.4% | 1.66 | - |
| Sector ETF (XLV) | 22.5% | 15.7% | 1.09 | 25.4% |
| Equity (SPY) | 21.2% | 12.5% | 1.26 | 29.9% |
| Gold (GLD) | 21.9% | 27.8% | 0.70 | 16.4% |
| Commodities (DBC) | 25.0% | 18.7% | 1.06 | -19.1% |
| Real Estate (VNQ) | 12.7% | 13.9% | 0.62 | 27.4% |
| Bitcoin (BTCUSD) | -41.4% | 42.8% | -1.13 | 25.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMVT | |
|---|---|---|---|---|
| IMVT | 30.8% | 74.8% | 0.63 | - |
| Sector ETF (XLV) | 6.8% | 14.9% | 0.27 | 23.3% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 25.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 6.4% |
| Commodities (DBC) | 7.8% | 19.5% | 0.30 | 3.1% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 19.0% |
| Bitcoin (BTCUSD) | 12.1% | 53.5% | 0.41 | 12.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IMVT | |
|---|---|---|---|---|
| IMVT | 15.3% | 76.9% | 0.59 | - |
| Sector ETF (XLV) | 10.9% | 16.6% | 0.54 | 24.6% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 25.7% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 7.8% |
| Commodities (DBC) | 6.4% | 18.0% | 0.28 | 5.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 20.6% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 9.5% |
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Earnings Returns History
Updated 6/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | 35.3% | 27.1% | 34.4% |
| 2/6/2026 | 12.4% | 6.6% | 9.8% |
| 11/10/2025 | 0.1% | 1.7% | 0.9% |
| 8/11/2025 | -4.5% | -1.6% | 6.1% |
| 5/29/2025 | 5.6% | 8.8% | 14.2% |
| 2/6/2025 | -9.6% | -14.6% | -11.1% |
| 11/7/2024 | -4.7% | -8.0% | -8.9% |
| 8/6/2024 | -3.1% | 7.0% | 20.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 5.6% | 5.9% | 14.2% |
| Median Negative | -4.7% | -7.7% | -10.7% |
| Max Positive | 35.3% | 27.1% | 39.4% |
| Max Negative | -38.0% | -32.7% | -28.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/20/2026 | 35.3% | 27.1% | 34.4% |
| 2/6/2026 | 12.4% | 6.6% | 9.8% |
| 11/10/2025 | 0.1% | 1.7% | 0.9% |
| 8/11/2025 | -4.5% | -1.6% | 6.1% |
| 5/29/2025 | 5.6% | 8.8% | 14.2% |
| 2/6/2025 | -9.6% | -14.6% | -11.1% |
| 11/7/2024 | -4.7% | -8.0% | -8.9% |
| 8/6/2024 | -3.1% | 7.0% | 20.7% |
| 5/29/2024 | -10.7% | -13.4% | -10.7% |
| 2/12/2024 | 3.4% | 4.6% | -11.3% |
| 11/9/2023 | -6.2% | 2.5% | 17.4% |
| 8/10/2023 | 6.7% | -1.3% | 11.5% |
| 5/22/2023 | 12.0% | -0.8% | -5.1% |
| 2/3/2023 | -3.0% | 1.5% | -8.0% |
| 11/4/2022 | 1.1% | 5.2% | 20.5% |
| 8/5/2022 | 8.7% | 20.8% | 23.7% |
| 6/8/2022 | -8.2% | -19.4% | 0.2% |
| 2/4/2022 | -1.8% | -7.3% | -8.8% |
| 11/5/2021 | -1.6% | -2.9% | -12.3% |
| 8/9/2021 | 0.4% | 1.7% | 14.1% |
| 6/1/2021 | -38.0% | -32.7% | -28.8% |
| 8/12/2020 | 3.1% | 15.3% | 39.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 11 | 10 | 9 |
| Median Positive | 5.6% | 5.9% | 14.2% |
| Median Negative | -4.7% | -7.7% | -10.7% |
| Max Positive | 35.3% | 27.1% | 39.4% |
| Max Negative | -38.0% | -32.7% | -28.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/20/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-K |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/20/2026 | 10-K |
| 12/31/2025 | 02/06/2026 | 10-Q |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/29/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/29/2024 | 10-K |
| 12/31/2023 | 02/12/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-K |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 06/08/2022 | 10-K |
| 12/31/2021 | 02/04/2022 | 10-Q |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 06/01/2021 | 10-K |
| 12/31/2020 | 02/16/2021 | 10-Q |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/12/2020 | 10-Q |
| 03/31/2020 | 06/29/2020 | 10-K |
| 12/31/2019 | 02/14/2020 | 10-Q |
| 09/30/2019 | 11/13/2019 | 10-Q |
| 06/30/2019 | 08/12/2019 | 10-Q |
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Venker, Eric | Chief Executive Officer | Direct | Sell | 7062026 | 38.48 | 3,092 | 118,980 | 9,784,694 | Form |
| 2 | Gloria, Melanie | Chief Operating Officer | Direct | Sell | 6262026 | 38.31 | 17,714 | 678,604 | 8,596,255 | Form |
| 3 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 6262026 | 38.31 | 40,000 | 1,532,309 | 8,109,173 | Form |
| 4 | Van, Tuyl Christopher | Chief Legal Officer | Direct | Sell | 6262026 | 38.31 | 17,824 | 682,887 | 6,919,172 | Form |
| 5 | Girao, Tiago | Chief Financial Officer | Direct | Sell | 6262026 | 38.46 | 10,000 | 384,600 | 9,522,542 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Venker, Eric | Chief Executive Officer | Direct | Sell | 7062026 | 38.48 | 3,092 | 118,980 | 9,784,694 | Form |
| 2 | Gloria, Melanie | Chief Operating Officer | Direct | Sell | 6262026 | 38.31 | 17,714 | 678,604 | 8,596,255 | Form |
| 3 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 6262026 | 38.31 | 40,000 | 1,532,309 | 8,109,173 | Form |
| 4 | Van, Tuyl Christopher | Chief Legal Officer | Direct | Sell | 6262026 | 38.31 | 17,824 | 682,887 | 6,919,172 | Form |
| 5 | Girao, Tiago | Chief Financial Officer | Direct | Sell | 6262026 | 38.46 | 10,000 | 384,600 | 9,522,542 | Form |
| 6 | Pande, Atul | Direct | Sell | 6262026 | 38.01 | 1,500 | 57,015 | 4,436,945 | Form | |
| 7 | Van, Tuyl Christopher | Chief Legal Officer | Direct | Sell | 6222026 | 35.39 | 2,634 | 93,217 | 6,391,328 | Form |
| 8 | Pande, Atul | Direct | Sell | 6162026 | 34.02 | 1,500 | 51,030 | 3,971,189 | Form | |
| 9 | Fromkin, Andrew J | Direct | Sell | 5292026 | 33.51 | 221,951 | 7,438,111 | 2,492,720 | Form | |
| 10 | Gloria, Melanie | Chief Operating Officer | Direct | Sell | 5222026 | 32.45 | 3,115 | 101,072 | 7,855,645 | Form |
| 11 | Pande, Atul | Direct | Sell | 5202026 | 32.00 | 6,000 | 192,000 | 3,735,392 | Form | |
| 12 | Susman, Robert Graham | Direct | Sell | 5012026 | 27.17 | 2,502 | 67,979 | 988,825 | Form | |
| 13 | Girao, Tiago | Chief Financial Officer | Direct | Sell | 4242026 | 29.62 | 25,760 | 763,011 | 7,333,794 | Form |
| 14 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 4242026 | 29.62 | 2,754 | 81,573 | 7,454,910 | Form |
| 15 | Venker, Eric | Chief Executive Officer | Direct | Sell | 4032026 | 24.10 | 14,229 | 342,854 | 471,331 | Form |
| 16 | Van, Tuyl Christopher | Chief Legal Officer | Direct | Sell | 3202026 | 24.97 | 2,877 | 71,839 | 3,671,913 | Form |
| 17 | Gloria, Melanie | Chief Operating Officer | Direct | Sell | 2272026 | 27.85 | 3,238 | 90,184 | 4,742,376 | Form |
| 18 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 1232026 | 26.03 | 1,977 | 51,461 | 5,144,413 | Form |
| 19 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 1092026 | 26.53 | 1,203 | 31,914 | 5,295,429 | Form |
| 20 | Van, Tuyl Christopher | Chief Legal Officer | Direct | Sell | 12192025 | 26.91 | 10,813 | 290,943 | 4,034,127 | Form |
| 21 | Roivant, Sciences Ltd | Direct | Buy | 12122025 | 21.00 | 16,666,666 | 349,999,986 | 2,379,657,147 | Form | |
| 22 | Fromkin, Andrew J | Direct | Sell | 12032025 | 23.25 | 22,249 | 517,189 | 1,995,673 | Form | |
| 23 | Hughes, Douglas J | Direct | Sell | 12032025 | 23.24 | 15,000 | 348,665 | 2,807,291 | Form | |
| 24 | Gloria, Melanie | Chief Operating Officer | Direct | Sell | 11212025 | 23.62 | 12,626 | 298,237 | 4,098,483 | Form |
| 25 | Geffner, Michael | Chief Medical Officer | Direct | Sell | 10242025 | 19.03 | 2,595 | 49,383 | 4,147,741 | Form |
| 26 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 10242025 | 19.03 | 2,520 | 47,956 | 3,821,490 | Form |
| 27 | Geffner, Michael | Chief Medical Officer | Direct | Sell | 10102025 | 16.30 | 1,272 | 20,734 | 3,595,014 | Form |
| 28 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 10102025 | 16.30 | 1,585 | 25,836 | 3,314,344 | Form |
| 29 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 7252025 | 18.15 | 2,805 | 50,911 | 3,719,280 | Form |
| 30 | Geffner, Michael | Chief Medical Officer | Direct | Sell | 7252025 | 18.15 | 2,385 | 43,288 | 4,026,124 | Form |
| 31 | Geffner, Michael | Chief Medical Officer | Direct | Sell | 7112025 | 17.24 | 1,160 | 19,998 | 3,865,380 | Form |
| 32 | Stout, Jay S | Chief Technology Officer | Direct | Sell | 7112025 | 17.24 | 1,519 | 26,188 | 3,581,162 | Form |
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