TakeoverPE & activists

IMVTImmunovant, Inc.

Biological Products, (no Diagnostic Substances) · $6.0B market cap

0.2×

Less likely than average to be taken private

Top 52% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • TSR below peersNo
    1 of 5 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    —
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    86% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    —
    Bottom quartile of its SIC industry
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $6.0B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    1 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $333M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Nov 27, 2019DEFM14AHealth Sciences Holdings, LLC$10.350.25%
Oct 2, 2019PREM14A—$9.960%

Key numbers

Revenue
—
Operating margin
—
EBITDA
—
Net debt / EBITDA
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Financials

MetricFY2022FY2023FY2024FY2025FY2026YoYTrend
Net income−$157M−$211M−$259M−$414M−$506M 22% FY2022: −$157MFY2023: −$211MFY2024: −$259MFY2025: −$414MFY2026: −$506M
Operating cash flow−$106M−$188M−$214M−$376M−$407M 8.4% FY2022: −$106MFY2023: −$188MFY2024: −$214MFY2025: −$376MFY2026: −$407M
Capex$254K$197K$360K$759K$8K 99% FY2022: $254KFY2023: $197KFY2024: $360KFY2025: $759KFY2026: $8K
Stock-based comp$34M$32M$41M$49M$56M 13% FY2022: $34MFY2023: $32MFY2024: $41MFY2025: $49MFY2026: $56M

13D filers

FiledFilerFormStakeIntent
Dec 12, 2025Roivant Sciences Ltd.SCHEDULE 13D/A55.9%Passive
Apr 21, 2025Roivant Sciences Ltd.SCHEDULE 13D/A56.9%Passive
Jan 15, 2025Roivant Sciences Ltd.SCHEDULE 13D/A56.9%Passive
Oct 4, 2023Roivant Sciences Ltd.SC 13D/A55.3%Passive
Aug 2, 2021Roivant Sciences Ltd.SC 13D/A63.8%Active
Mar 8, 2021Roivant Sciences Ltd.SC 13D/A57.5%Active
Sep 18, 2020Roivant Sciences Ltd.SC 13D/A57.6%Passive
Sep 4, 2020Roivant Sciences Ltd.SC 13D/A54.2%Passive
May 15, 2020Roivant Sciences Ltd.SC 13D/A62.1%Passive
Apr 17, 2020Roivant Sciences Ltd.SC 13D/A58.2%Passive

Insider trading

+$333Mnet buying by insiders, open market, last 12 months
Bought $350M · 1 tradeSold $17M · 62 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2026——155129
FY2025——10793
FY2024——20196
FY2023——9789
FY2022——3489