Immunovant (NASDAQ:IMVT) Shares Up 4.1% – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) traded up 4.1% during mid-day trading on Tuesday . The company traded as high as $24.87 and last traded at $24.87. 67,350 shares traded hands during trading, a decline of 94% from the average session volume of 1,061,040 shares. The stock had previously closed at $23.88.

Analyst Ratings Changes

IMVT has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Raymond James reiterated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a research report on Friday, November 8th. Finally, Wells Fargo & Company cut their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $47.22.

Immunovant Stock Up 3.7 %

The company has a 50-day moving average price of $27.86 and a 200-day moving average price of $28.72. The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of -11.16 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the business posted ($0.45) EPS. Equities analysts expect that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Mark S. Levine sold 3,650 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the completion of the sale, the insider now owns 319,228 shares in the company, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the transaction, the chief executive officer now owns 1,003,884 shares in the company, valued at $29,674,811.04. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,659 shares of company stock worth $2,096,890 over the last ninety days. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IMVT. FMR LLC grew its holdings in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after buying an additional 2,053,688 shares during the period. Armistice Capital LLC grew its stake in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after acquiring an additional 1,232,909 shares in the last quarter. Baker BROS. Advisors LP lifted its position in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the last quarter. Finally, State Street Corp grew its position in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.