Immunovant (NASDAQ:IMVT) Reaches New 12-Month High – Should You Buy?

Immunovant, Inc. (NASDAQ:IMVT) shares reached a new 52-week high on Wednesday . The company traded as high as $41.77 and last traded at $41.6220, with a volume of 44414 shares. The stock had previously closed at $40.93.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IMVT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Bank of America upped their target price on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. increased their price target on Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Truist Financial raised their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Finally, Sanford C. Bernstein raised Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Immunovant Stock Performance

The business’s 50-day moving average is $37.57 and its two-hundred day moving average is $30.82. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of -14.91 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. Analysts forecast that Immunovant, Inc. will post -2.72 EPS for the current year.

Insider Buying and Selling

In related news, Director Andrew J. Fromkin sold 221,951 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $33.51, for a total value of $7,437,578.01. Following the completion of the sale, the director owned 74,382 shares in the company, valued at $2,492,540.82. This represents a 74.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Tiago Girao sold 10,000 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.46, for a total value of $384,600.00. Following the sale, the chief financial officer directly owned 247,596 shares in the company, valued at $9,522,542.16. The trade was a 3.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 324,810 shares of company stock worth $11,350,166 over the last ninety days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new stake in Immunovant during the 4th quarter worth approximately $25,000. Strs Ohio acquired a new position in shares of Immunovant in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. boosted its holdings in shares of Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares during the period. Quarry LP boosted its holdings in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after acquiring an additional 780 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.