Immunovant (NASDAQ:IMVT) Sets New 12-Month High – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. The Goldman Sachs Group raised their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Bank of America upped their price target on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Monday. Truist Financial boosted their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Finally, Citigroup raised their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Immunovant presently has an average rating of “Hold” and a consensus target price of $39.70.

Immunovant Price Performance

The company has a 50 day simple moving average of $33.12 and a 200-day simple moving average of $28.57. The firm has a market cap of $8.28 billion, a PE ratio of -14.50 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the firm earned ($0.64) EPS. On average, sell-side analysts predict that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the transaction, the chief technology officer owned 211,685 shares in the company, valued at $8,109,652.35. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tuyl Christopher Van sold 17,824 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $682,837.44. Following the completion of the sale, the insider directly owned 180,597 shares of the company’s stock, valued at $6,918,671.07. This represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 349,097 shares of company stock worth $11,996,598 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently bought and sold shares of IMVT. RTW Investments LP purchased a new position in Immunovant in the 4th quarter worth approximately $80,781,000. Morgan Stanley boosted its stake in shares of Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after purchasing an additional 2,887,359 shares during the period. Jennison Associates LLC boosted its stake in shares of Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after purchasing an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC grew its holdings in shares of Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP grew its holdings in shares of Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after purchasing an additional 1,100,000 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.