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

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

Wall Street Analysts Forecast Growth

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

Immunovant Price Performance

The stock has a market capitalization of $4.63 billion, a P/E ratio of -9.30 and a beta of 0.56. The business’s 50 day simple moving average is $21.70 and its 200-day simple moving average is $18.02.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the prior year, the business earned ($0.74) earnings per share. Research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of Immunovant stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $49,382.85. Following the transaction, the insider directly owned 217,958 shares of the company’s stock, valued at $4,147,740.74. This trade represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Melanie Gloria sold 12,626 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at approximately $4,098,329.82. This represents a 6.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 57,847 shares of company stock worth $1,308,023 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. Two Seas Capital LP boosted its position in shares of Immunovant by 37.1% during the second quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock worth $36,044,000 after buying an additional 610,000 shares during the period. Capital Fund Management S.A. bought a new stake in Immunovant in the 2nd quarter valued at approximately $888,000. EFG Asset Management North America Corp. lifted its stake in Immunovant by 76.2% in the 1st quarter. EFG Asset Management North America Corp. now owns 130,356 shares of the company’s stock valued at $2,226,000 after acquiring an additional 56,375 shares in the last quarter. Woodline Partners LP boosted its position in Immunovant by 133.0% during the 1st quarter. Woodline Partners LP now owns 1,497,869 shares of the company’s stock worth $25,599,000 after acquiring an additional 855,143 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Immunovant by 9.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock worth $29,213,000 after acquiring an additional 153,012 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.