Immunovant (NASDAQ:IMVT) Shares Up 8.1% – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded up 8.1% during trading on Thursday . The stock traded as high as $25.16 and last traded at $25.4570. 892,268 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 1,524,638 shares. The stock had previously closed at $23.56.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IMVT. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Immunovant in a research report on Thursday, September 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Tuesday, October 14th. Truist Financial assumed coverage on Immunovant in a report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 price target for the company. Finally, JPMorgan Chase & Co. lowered their price target on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.78.

Immunovant Price Performance

The business’s 50 day moving average price is $21.35 and its 200 day moving average price is $17.88. The firm has a market cap of $4.34 billion, a PE ratio of -8.72 and a beta of 0.56.

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

Insider Activity

In other Immunovant news, Director Douglas J. Hughes sold 15,000 shares of Immunovant stock in a transaction on Monday, December 1st. The shares were sold at an average price of $23.24, for a total transaction of $348,600.00. Following the sale, the director owned 120,773 shares of the company’s stock, valued at $2,806,764.52. The trade was a 11.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $23.25, for a total transaction of $517,289.25. Following the sale, the director directly owned 85,852 shares of the company’s stock, valued at $1,996,059. The trade was a 20.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 57,847 shares of company stock valued at $1,308,023 in the last three months. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Immunovant by 3.9% in the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock worth $118,551,000 after acquiring an additional 257,445 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Immunovant by 11.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 626,612 shares of the company’s stock worth $10,709,000 after purchasing an additional 62,170 shares during the period. Deutsche Bank AG grew its holdings in shares of Immunovant by 147.2% during the 1st quarter. Deutsche Bank AG now owns 411,509 shares of the company’s stock worth $7,033,000 after purchasing an additional 245,037 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Immunovant during the 1st quarter worth about $51,000. Finally, Swiss National Bank raised its holdings in Immunovant by 30.6% in the 1st quarter. Swiss National Bank now owns 131,600 shares of the company’s stock valued at $2,249,000 after buying an additional 30,800 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.