Immunovant (NASDAQ:IMVT) Shares Gap Up After Strong Earnings

Shares of Immunovant, Inc. (NASDAQ:IMVT) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $24.06, but opened at $26.88. Immunovant shares last traded at $25.4730, with a volume of 107,657 shares changing hands.

The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the firm posted ($0.76) EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on IMVT. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, January 6th. Guggenheim reiterated a “buy” rating and issued a $41.00 price objective on shares of Immunovant in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Truist Financial upped their target price on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.78.

Insider Activity at Immunovant

In related news, insider Tuyl Christopher Van sold 10,813 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the sale, the insider directly owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This represents a 6.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jay S. Stout sold 1,977 shares of the stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the transaction, the chief technology officer owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 63,868 shares of company stock valued at $1,538,470 over the last ninety days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. Deep Track Capital LP grew its holdings in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after purchasing an additional 228,845 shares during the period. Vanguard Group Inc. boosted its position in shares of Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after purchasing an additional 952,504 shares in the last quarter. Armistice Capital LLC grew its stake in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after buying an additional 636,000 shares during the last quarter. Two Seas Capital LP grew its stake in shares of Immunovant by 22.6% in the 3rd quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock worth $44,524,000 after buying an additional 509,268 shares during the last quarter. Finally, Alpine Global Management LLC increased its position in Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after buying an additional 128,039 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

The stock has a 50 day simple moving average of $25.61 and a 200-day simple moving average of $20.75. The firm has a market cap of $4.74 billion, a PE ratio of -9.52 and a beta of 0.54.

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.