Immunovant (NASDAQ:IMVT) Announces Quarterly Earnings Results

Immunovant (NASDAQ:IMVT – Get Rating) released its quarterly earnings results on Monday. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.05), Briefing.com reports.

Immunovant Price Performance

Shares of NASDAQ IMVT traded down $0.95 during midday trading on Wednesday, reaching $21.29. 156,984 shares of the stock traded hands, compared to its average volume of 1,004,203. The stock has a market capitalization of $2.77 billion, a PE ratio of -13.01 and a beta of 0.97. Immunovant has a one year low of $3.14 and a one year high of $24.18. The company’s 50 day moving average is $16.82 and its 200 day moving average is $16.50.

Insider Buying and Selling

In related news, CFO Eva Renee Barnett sold 3,423 shares of the firm’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total value of $52,269.21. Following the completion of the sale, the chief financial officer now directly owns 352,588 shares in the company, valued at $5,384,018.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Eva Renee Barnett sold 3,423 shares of the firm’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total value of $52,269.21. Following the completion of the sale, the chief financial officer now directly owns 352,588 shares in the company, valued at $5,384,018.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Peter Salzmann sold 3,395 shares of the firm’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total value of $51,841.65. Following the completion of the sale, the chief executive officer now owns 1,234,369 shares of the company’s stock, valued at $18,848,814.63. The disclosure for this sale can be found here. Insiders sold a total of 8,871 shares of company stock worth $135,979 over the last three months. 3.00% of the stock is owned by insiders.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ensign Peak Advisors Inc increased its stake in Immunovant by 72.6% in the third quarter. Ensign Peak Advisors Inc now owns 6,350 shares of the company’s stock worth $35,000 after purchasing an additional 2,670 shares during the period. UBS Group AG increased its stake in Immunovant by 205.7% in the third quarter. UBS Group AG now owns 6,978 shares of the company’s stock worth $39,000 after purchasing an additional 4,695 shares during the period. Principal Financial Group Inc. increased its stake in Immunovant by 17.6% in the second quarter. Principal Financial Group Inc. now owns 15,327 shares of the company’s stock worth $60,000 after purchasing an additional 2,293 shares during the period. Amundi purchased a new stake in Immunovant in the fourth quarter worth $64,000. Finally, Tower Research Capital LLC TRC increased its stake in Immunovant by 102.8% in the third quarter. Tower Research Capital LLC TRC now owns 11,683 shares of the company’s stock worth $65,000 after purchasing an additional 5,923 shares during the period. Hedge funds and other institutional investors own 32.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Piper Sandler assumed coverage on shares of Immunovant in a research report on Friday, March 31st. They set an “overweight” rating and a $28.00 price target for the company. Citigroup assumed coverage on shares of Immunovant in a research report on Tuesday, April 25th. They set a “buy” rating and a $28.00 price target for the company. Chardan Capital upped their price target on shares of Immunovant from $21.00 to $32.00 in a research report on Monday. HC Wainwright increased their target price on shares of Immunovant from $26.00 to $27.00 in a report on Tuesday. Finally, Cantor Fitzgerald began coverage on shares of Immunovant in a report on Wednesday, February 15th. They issued an “overweight” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and an average price target of $24.77.

Immunovant Company Profile

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Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia.