Immunovant (NASDAQ:IMVT) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

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

Immunovant Stock Performance

IMVT traded down $0.81 during mid-day trading on Wednesday, reaching $21.43. 232,645 shares of the stock were exchanged, compared to its average volume of 1,005,444. The company has a 50 day moving average price of $16.82 and a two-hundred day moving average price of $16.50. The stock has a market capitalization of $2.79 billion, a PE ratio of -13.01 and a beta of 0.97. Immunovant has a 1 year low of $3.14 and a 1 year high of $24.18.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 3,395 shares of the business’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 transaction, the chief executive officer now directly owns 1,234,369 shares of the company’s stock, valued at approximately $18,848,814.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Peter Salzmann sold 3,395 shares of the company’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 $51,841.65. Following the sale, the chief executive officer now directly owns 1,234,369 shares in the company, valued at $18,848,814.63. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Eva Renee Barnett sold 3,423 shares of the company’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 $52,269.21. Following the sale, the chief financial officer now owns 352,588 shares in the company, valued at $5,384,018.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 8,871 shares of company stock valued at $135,979. 3.00% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its stake in Immunovant by 27.5% in the first quarter. State Street Corp now owns 3,967,605 shares of the company’s stock worth $61,538,000 after buying an additional 854,662 shares in the last quarter. BlackRock Inc. boosted its stake in Immunovant by 0.9% in the first quarter. BlackRock Inc. now owns 3,353,866 shares of the company’s stock worth $18,479,000 after buying an additional 28,865 shares in the last quarter. Federated Hermes Inc. boosted its stake in Immunovant by 281.2% in the first quarter. Federated Hermes Inc. now owns 1,903,894 shares of the company’s stock worth $10,491,000 after buying an additional 1,404,404 shares in the last quarter. Perceptive Advisors LLC boosted its stake in Immunovant by 761.2% in the first quarter. Perceptive Advisors LLC now owns 1,291,858 shares of the company’s stock worth $20,037,000 after buying an additional 1,141,858 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Immunovant by 11.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,058,459 shares of the company’s stock worth $5,906,000 after buying an additional 112,979 shares in the last quarter. Hedge funds and other institutional investors own 32.77% of the company’s stock.

Analysts Set New Price Targets

IMVT has been the topic of a number of analyst reports. Chardan Capital increased their price objective on shares of Immunovant from $21.00 to $32.00 in a research note on Monday. Stifel Nicolaus initiated coverage on shares of Immunovant in a report on Wednesday, March 29th. They issued a “buy” rating and a $28.00 price objective for the company. Piper Sandler began coverage on shares of Immunovant in a report on Friday, March 31st. They set an “overweight” rating and a $28.00 price target for the company. Bank of America lifted their price objective on shares of Immunovant from $26.00 to $28.00 in a research note on Tuesday. Finally, Citigroup started coverage on shares of Immunovant in a research note on Tuesday, April 25th. They issued a “buy” rating and a $28.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.77.

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.