Immunovant's Price-to-Book Ratio of 7.4x Raises Questions About Valuation

Immunovant's shares have rebounded 36.6% over the past three months, driven by reassessments of its autoimmune pipeline. Despite this, the company's price-to-book ratio of 7.4x is considered overvalued compared to the broader US biotech industry and its peer group. The premium valuation reflects high expectations for Immunovant's growth potential, but looming clinical trial setbacks or dilutive capital raises could challenge these expectations.