Immunovant (NASDAQ:IMVT) Hits New 12-Month High After Strong Earnings

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $27.92 and last traded at $27.1690, with a volume of 109492 shares. The stock had previously closed at $27.05.

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. The Goldman Sachs Group upped 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. Truist Financial boosted their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Tuesday, January 6th. Finally, Guggenheim boosted their price objective on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.11.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $26.91, for a total value of $290,977.83. Following the transaction, the insider owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This trade represents a 6.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Melanie Gloria sold 12,626 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total value of $298,226.12. Following the sale, the chief operating officer owned 173,511 shares in the company, valued at $4,098,329.82. The trade was a 6.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 63,868 shares of company stock worth $1,538,470. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently modified their holdings of IMVT. Arizona State Retirement System increased its holdings in shares of Immunovant by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock worth $326,000 after acquiring an additional 430 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after purchasing an additional 900 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Immunovant by 14.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after purchasing an additional 904 shares during the period. Banque Pictet & Cie SA raised its holdings in shares of Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after buying an additional 993 shares during the last quarter. Finally, Geneos Wealth Management Inc. bought a new stake in shares of Immunovant during the fourth quarter valued at approximately $25,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Stock Up 1.6%

The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of -10.22 and a beta of 0.54. The company has a 50-day moving average price of $25.71 and a 200-day moving average price of $20.85.

Immunovant Company Profile

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.