Immunovant (NASDAQ:IMVT) Issues Earnings Results

Immunovant (NASDAQ:IMVT – Get Rating) issued its quarterly earnings data on Monday. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05), Briefing.com reports.

Immunovant Price Performance

Immunovant stock traded down $0.61 during trading hours on Wednesday, hitting $21.63. The stock had a trading volume of 260,241 shares, compared to its average volume of 1,005,707. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -12.64 and a beta of 0.97. Immunovant has a 1-year low of $3.14 and a 1-year high of $24.18. The stock’s fifty day moving average is $16.82 and its two-hundred day moving average is $16.50.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IMVT. Piper Sandler began coverage on Immunovant in a research note on Friday, March 31st. They set an “overweight” rating and a $28.00 price target for the company. Chardan Capital upped their price target on Immunovant from $21.00 to $32.00 in a research note on Monday. Bank of America upped their price target on Immunovant from $26.00 to $28.00 in a research note on Tuesday. Guggenheim upped their price target on Immunovant from $30.00 to $32.00 in a research note on Tuesday. Finally, SVB Leerink upped their price target on Immunovant from $14.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, February 6th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $24.77.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 3,395 shares of the company’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 sale, the chief executive officer now owns 1,234,369 shares of the company’s stock, valued at $18,848,814.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Eva Renee Barnett sold 3,423 shares of the firm’s stock in a transaction dated Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total transaction of $52,269.21. Following the sale, the chief financial officer now directly owns 352,588 shares in the company, valued at approximately $5,384,018.76. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Peter Salzmann sold 3,395 shares of the firm’s stock in a transaction dated Tuesday, April 18th. The shares were sold at an average price of $15.27, for a total value of $51,841.65. Following the sale, the chief executive officer now owns 1,234,369 shares in the company, valued at $18,848,814.63. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,871 shares of company stock valued at $135,979. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently modified their holdings of IMVT. Federated Hermes Inc. grew its stake in Immunovant by 281.2% during the 1st quarter. Federated Hermes Inc. now owns 1,903,894 shares of the company’s stock valued at $10,491,000 after purchasing an additional 1,404,404 shares in the last quarter. Perceptive Advisors LLC boosted its position in Immunovant by 761.2% during the 1st quarter. Perceptive Advisors LLC now owns 1,291,858 shares of the company’s stock valued at $20,037,000 after purchasing an additional 1,141,858 shares during the period. State Street Corp raised its stake in Immunovant by 27.5% during the 1st quarter. State Street Corp now owns 3,967,605 shares of the company’s stock valued at $61,538,000 after acquiring an additional 854,662 shares in the last quarter. Two Sigma Investments LP raised its stake in Immunovant by 172.5% during the 1st quarter. Two Sigma Investments LP now owns 972,870 shares of the company’s stock valued at $15,089,000 after acquiring an additional 615,833 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of Immunovant by 120.6% in the 1st quarter. Two Sigma Advisers LP now owns 840,100 shares of the company’s stock worth $13,030,000 after buying an additional 459,200 shares in the last quarter. 32.77% of the stock is currently owned by hedge funds and other institutional investors.

About Immunovant

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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.