Immunovant (NASDAQ:IMVT) Sets New 1-Year High – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s share price reached a new 52-week high during trading 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

Several equities analysts recently weighed in on the stock. Bank of America increased 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. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. upped their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Truist Financial lifted their price objective on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Trading Down 1.8%

The firm has a fifty day moving average of $37.98 and a two-hundred day moving average of $31.05. The company has a market capitalization of $8.64 billion, a PE ratio of -14.83 and a beta of 0.77.

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

Insider Activity at Immunovant

In related news, COO Melanie Gloria sold 17,714 shares of the firm’s stock in a transaction 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 sale, the chief operating officer owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Tiago Girao sold 10,000 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.46, for a total transaction of $384,600.00. Following the transaction, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $9,522,542.16. The trade was a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 324,810 shares of company stock valued at $11,350,166 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new stake in Immunovant during the fourth quarter worth about $25,000. Strs Ohio bought a new position in shares of Immunovant during the first quarter valued at approximately $27,000. Quantbot Technologies LP purchased a new position in shares of Immunovant during the second quarter valued at approximately $87,000. PNC Financial Services Group Inc. lifted its holdings in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares during the last quarter. Finally, Quarry LP boosted its position in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after purchasing an additional 1,461 shares in the last quarter. 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.