Immunovant (NASDAQ:IMVT) Reaches New 12-Month High – Still a Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $39.84 and last traded at $40.0560, with a volume of 350962 shares traded. The stock had previously closed at $38.60.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Truist Financial lifted their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. The Goldman Sachs Group upped their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, Citigroup increased their price objective on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.70.

Immunovant Price Performance

The stock has a market cap of $8.31 billion, a PE ratio of -14.56 and a beta of 0.76. The company has a 50-day simple moving average of $32.46 and a 200-day simple moving average of $28.29.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the firm posted ($0.64) EPS. On average, equities analysts expect that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Melanie Gloria sold 17,714 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the completion of the transaction, the chief operating officer directly owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This trade represents a 7.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tuyl Christopher Van sold 17,824 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $682,837.44. Following the completion of the transaction, the insider owned 180,597 shares of the company’s stock, valued at approximately $6,918,671.07. This represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 373,116 shares of company stock worth $12,592,990. 1.80% of the stock is owned by insiders.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. purchased a new position in Immunovant during the fourth quarter worth about $25,000. Strs Ohio acquired a new position in shares of Immunovant during the 1st quarter valued at about $27,000. PNC Financial Services Group Inc. increased its stake in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the last quarter. Quarry LP lifted its holdings in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after acquiring an additional 4,273 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.