Immunovant (NASDAQ:IMVT) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Immunovant (NASDAQ:IMVT) posted its quarterly earnings results on Thursday. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.08, Briefing.com reports. During the same period last year, the business earned ($0.52) EPS.

Immunovant Stock Performance

Shares of IMVT stock opened at $14.80 on Thursday. Immunovant has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The company has a market cap of $2.51 billion, a PE ratio of -5.69 and a beta of 0.75. The stock’s fifty day moving average price is $15.15 and its two-hundred day moving average price is $20.71.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on IMVT shares. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Jefferies Financial Group initiated coverage on Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective for the company. Guggenheim reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. UBS Group restated a “neutral” rating and set a $17.00 target price (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, Bank of America cut their target price on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $38.33.

Insider Activity at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 1,925 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $28,470.75. Following the completion of the sale, the chief technology officer now directly owns 209,243 shares of the company’s stock, valued at approximately $3,094,703.97. The trade was a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 28,094 shares of the business’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total value of $364,941.06. Following the sale, the chief executive officer now directly owns 1,186,512 shares of the company’s stock, valued at $15,412,790.88. This represents a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 51,682 shares of company stock valued at $753,419 in the last 90 days. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after acquiring an additional 329,354 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after acquiring an additional 3,348 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Immunovant during the first quarter valued at about $27,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

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 target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.