Immunovant (NASDAQ:IMVT) Shares Up 8.2% – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s share price rose 8.2% during mid-day trading on Friday . The stock traded as high as $24.55 and last traded at $24.6990. Approximately 554,205 shares were traded during trading, a decline of 64% from the average daily volume of 1,551,130 shares. The stock had previously closed at $22.82.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IMVT shares. HC Wainwright reissued a “buy” rating and issued a $35.00 price target on shares of Immunovant in a report on Thursday, September 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. Truist Financial assumed coverage on shares of Immunovant in a report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 price target on the stock. Bank of America reduced their price objective on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. decreased their target price on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $28.78.

Immunovant Stock Performance

The business’s 50 day moving average is $18.54 and its two-hundred day moving average is $16.73. The firm has a market capitalization of $4.26 billion, a PE ratio of -8.56 and a beta of 0.60.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same period in the previous year, the company earned ($0.74) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, insider Michael Geffner sold 2,595 shares of the firm’s stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total value of $49,382.85. Following the completion of the transaction, the insider owned 217,958 shares in the company, valued at $4,147,740.74. This trade represents a 1.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,520 shares of Immunovant stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $47,955.60. Following the transaction, the chief technology officer directly owned 200,814 shares of the company’s stock, valued at $3,821,490.42. The trade was a 1.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 7,972 shares of company stock valued at $143,908. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the company. Strs Ohio bought a new position in Immunovant in the 1st quarter valued at $27,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Immunovant in the third quarter worth $33,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in Immunovant during the first quarter valued at $37,000. Farther Finance Advisors LLC grew its position in Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock worth $46,000 after buying an additional 2,855 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.