IMVT

Immunovant Inc

Healthcare, SPAC


Presented:09/01/2020
Price:$34.67
Cap:$2.84B
Current Price:$28.55
Cap:$4.18B

Presented

Date09/01/2020
Price$34.67
Market Cap$2.84B
Ent Value$1.45B
P/E RatioN/A
Book Value$3.31
Div Yield0%
Shares O/S81.81M
Ave Daily Vol453,797
Short Int2.69%

Current

Price$28.55
Market Cap$4.18B
Immunovant, Inc. is a clinical-stage biopharmaceutical company. It focuses on enabling normal lives for patients with autoimmune diseases. The company was founded in 2018 and is headquartered in New York, NY.

Publicly traded companies mentioned herein: Argenx SE (ARGX), Halozyme Therapeutics Inc (HALO), Horizon Therapeutics (HZNP), Immunovant Inc (IMVT), Johnson & Johnson (JNJ), 

Highlights

The presenter is long shares of Immunovant Inc (IMVT). The deal has already closed and the trade has worked a fair bit, but he is still bullish on this significantly derisked situation. In October 2019, it was announced that Health Sciences Acquisition Corp, an RTW investments-backed SPAC would merge with Immunovant, and the acquisition was completed in December 2019. The company is a clinical-stage biopharmaceutical company that is developing an anti-FcRn that targets autoimmune diseases. IMVT’s product is administered through a subcutaneous injection, which he believes is more efficient, and gives it the potential to be best in class. This new class of drugs will compete with IVIG drugs, and other fractions based on IVIG. There are already a number of very large indications including myasthenia gravis, thyroid eye disease, CIDP, and the company has mentioned there are potentially three others without disclosing those yet (these should be disclosed in the next 12 months). The presenter believes that this portfolio of products should be able to generate $3B - $4B in revenue, creating a clear pathway to $5B of equity value or $50/per share. 

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Idea Discussion

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