Immunovant (NASDAQ:IMVT) Reaches New 12-Month High Following Earnings Beat

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week high during 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 traded. The stock had previously closed at $27.05.

The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same period last year, the business posted ($0.76) EPS.

Wall Street Analysts Forecast Growth

A number of analysts have commented on IMVT shares. Truist Financial increased their price target on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research note on Tuesday. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 6th. The Goldman Sachs Group upped their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Finally, Guggenheim lifted their target price on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $31.11.

Insider Buying and Selling

In other news, Director Andrew J. Fromkin sold 22,249 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.25, for a total transaction of $517,289.25. Following the transaction, the director owned 85,852 shares in the company, valued at approximately $1,996,059. This trade represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Melanie Gloria sold 12,626 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total value of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at $4,098,329.82. This trade represents a 6.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 63,868 shares of company stock valued at $1,538,470 in the last ninety days. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently modified their holdings of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Immunovant by 8.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares during the period. Strs Ohio bought a new position in shares of Immunovant during the first quarter worth approximately $27,000. Aberdeen Group plc raised its position in shares of Immunovant by 3.1% in the second quarter. Aberdeen Group plc now owns 844,705 shares of the company’s stock valued at $13,515,000 after buying an additional 25,228 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Immunovant by 5.5% in the second quarter. TD Asset Management Inc now owns 192,506 shares of the company’s stock valued at $3,080,000 after buying an additional 10,108 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Price Performance

The stock has a 50-day moving average of $25.80 and a 200-day moving average of $20.92. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of -9.92 and a beta of 0.54.

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.