Immunovant (NASDAQ:IMVT) Shares Gap Up Following Better-Than-Expected Earnings

Immunovant, Inc. (NASDAQ:IMVT) shares gapped up prior to trading on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.53, but opened at $33.32. Immunovant shares last traded at $34.4550, with a volume of 559,548 shares trading hands.

The company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.27. During the same quarter in the previous year, the company posted ($0.73) EPS.

Analyst Ratings Changes

IMVT has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. HC Wainwright restated a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. JPMorgan Chase & Co. lifted their price objective on Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Finally, Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a report on Wednesday, July 29th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.00.

Insider Buying and Selling

In other news, CFO Tiago Girão sold 6,606 shares of the stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $28.50, for a total value of $188,271.00. Following the completion of the sale, the chief financial officer owned 234,192 shares in the company, valued at approximately $6,674,472. This trade represents a 2.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Van Tuyl sold 1,327 shares of the business’s stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total value of $42,543.62. Following the transaction, the insider directly owned 175,218 shares in the company, valued at $5,617,489.08. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 24,430 shares of company stock valued at $787,852. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC grew its holdings in Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after purchasing an additional 381 shares in the last quarter. Corient Private Wealth LP lifted its holdings in Immunovant by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after buying an additional 442 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Immunovant by 63.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock worth $41,000 after buying an additional 476 shares in the last quarter. Kestra Advisory Services LLC boosted its position in Immunovant by 4.5% in the 3rd quarter. Kestra Advisory Services LLC now owns 17,273 shares of the company’s stock valued at $583,000 after buying an additional 751 shares during the last quarter. Finally, Swiss National Bank boosted its position in Immunovant by 0.7% in the 1st quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after buying an additional 1,100 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Trading Up 11.8%

The business’s 50-day simple moving average is $33.11 and its two-hundred day simple moving average is $32.11. The company has a market capitalization of $7.05 billion, a PE ratio of -12.10 and a beta of 0.95.

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.