Immunovant (NASDAQ:IMVT) Issues Quarterly Earnings Results, Beats Expectations By $0.33 EPS

Immunovant (NASDAQ:IMVT) announced its quarterly earnings data on Monday. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.74) by $0.33, FiscalAI reports.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $30.53 on Monday. Immunovant has a fifty-two week low of $21.43 and a fifty-two week high of $45.42. The stock has a market cap of $6.31 billion, a PE ratio of -10.83 and a beta of 0.95. The stock has a fifty day moving average of $33.11 and a 200-day moving average of $32.11.

Insider Buying and Selling at Immunovant

In related news, COO Melanie Gloria sold 2,241 shares of the stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total transaction of $71,846.46. Following the sale, the chief operating officer owned 217,060 shares of the company’s stock, valued at approximately $6,958,943.60. This represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,506 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $34.11, for a total value of $119,589.66. Following the completion of the transaction, the chief executive officer owned 257,075 shares of the company’s stock, valued at approximately $8,768,828.25. This represents a 1.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 24,430 shares of company stock worth $787,852 in the last three months. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. HC Wainwright restated a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Finally, Citigroup reaffirmed a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Immunovant currently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies.

The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.